Updated as of April 5, 14 banks have announced business plans for 2024. Up to now, no bank has expected profits to go backwards. Overall, this year's profit growth plan is much more positive than last year.
Currently, BVBank is the bank with the highest growth target. This bank expects pre-tax profit in 2024 to reach VND 200 billion, an increase of 179% compared to 2023.
Besides, BVBank also expects total assets to increase by 14% and reach VND 100,000 billion. Customer mobilization increased by about 10% to more than 74,000 billion VND. Outstanding credit balance increased by about 14% to nearly 66,000 billion VND. BVBank also said it will control the bad debt ratio below 3%. The bank plans to expand the number of business units from 116 units to 126 units.
Previously, BVBank's pre-tax profit in 2023 only reached 72 billion VND, down 84% compared to 2022 and did not complete the target of 502 billion VND.
BVBank's 2024 business plan
VPBank is the next bank with the goal of exponential profit growth. In the draft report submitted to VPBank's General Meeting of Shareholders, this bank set the target of consolidated pre-tax profit in 2024 to increase by 114% compared to 2023, equivalent to VND 23,165 billion.
Of which, the parent bank alone is expected to contribute 20,709 billion VND, VPBankS Securities Company contributes 1,902 billion VND and OPES insurance company contributes 873 billion VND to the total profit. Consumer finance company FE CREDIT will also be expected to have a strong return after two consecutive years of losses, with an expected consolidated pre-tax profit of VND 1,200 billion in 2024.
Two other banks that also have quite ambitious goals when planning profits to increase by nearly 100% are Eximbank and ABBank.
Eximbank recently announced the Board of Directors' proposal on the 2024 Business Plan to submit to the General Meeting of Shareholders for approval. Accordingly, in 2024, Eximbank continues to set a relatively ambitious target with pre-tax profit of VND 5,180 billion, 90.5% higher than the results achieved in 2023. Total assets are expected to increase further. 11%, up to 223,500 billion VND.
ABBank projects pre-tax profit in 2024 to reach 1,000 billion VND, an increase of 94.5% compared to 2023 performance. Regarding other indicators, ABBank projects that total assets by the end of this year are expected to be at 170,000 VND. billion VND, an increase of 5% compared to 2023. Mobilization from customers increased 13% to 113,349 billion VND. Credit balance increased by 13% to VND 116,272 billion. The bad debt ratio remains below 3% in accordance with the State Bank's regulations.
In addition to VPBank, other large banks such as MB, Techcombank, ACB,... all plan to have positive business growth this year.
MB expects pre-tax profit in 2024 to grow by 6 - 8%. With the level achieved in 2023 of VND 26,306 billion, MB's consolidated pre-tax profit in 2024 is expected to reach from VND 27,884 billion to VND 28,411 billion.
Currently, MB's profit target is the highest among the 14 banks that have announced business plans. However, the expected growth rate of 6-8% in 2024 that MB sets is still quite modest compared to the level achieved in 2023 (16%).
Techcombank, after recording a decline in profits in 2023, the bank expects growth to return in 2024. Specifically, the bank plans to grow credit by 16.2% (within the limit licensed by the State Bank); capital mobilization growth consistent with actual credit growth rate; Profit in 2024 is expected to grow by 18.4% to VND 27,100 billion.
ACB held its 2024 Annual General Meeting of Shareholders on April 4 and approved a pre-tax profit target of VND 22,000 billion, an increase of 10% compared to the previous year. Total assets increased by 12% to VND 805,050 billion. Customer deposits and valuable papers increased by 11% to VND 593,779 billion. Outstanding customer loans increased by 14% to VND 555,866 billion and complied with the credit growth limit assigned by the State Bank. Bad debt ratio controlled below 2%.
According to the results of the survey of business trends of credit institutions in the second quarter of 2024 conducted by the Statistics Department of the State Bank, the overall business situation and pre-tax profit of the banking system in the first quarter of 2024 has not yet been resolved. was as assessed and expected by credit institutions in the previous survey.
Credit institutions expect the business situation to be better in the second quarter of 2024 but are still cautious in their expectations for the whole year 2024 with 70.9-72.7% of credit institutions expecting the business situation to be better. further improvement in the second quarter and the whole of 2024.
Credit institutions expect pre-tax profits to recover from the second quarter of 2024 with 57.3% of credit institutions expecting pre-tax profits to grow compared to the first quarter of 2024, 30.9% of organizations Credit expectations are "unchanged" and 11.8% of credit institutions are concerned about a decline in business results.
In 2024, 86.2% of credit institutions expect pre-tax profit to grow positively compared to 2023. In addition, 10.1% of credit institutions still fear negative profit growth in 2024. and 3.7% profit estimates were unchanged.
