ACB Bank has reported its business results for the first 6 months of 2023, according to which, by the end of June 2023, ACB had a credit scale of more than 434,000 billion VND. In the second quarter, the bank's credit scale increased by nearly 23,000 billion VND compared to the first quarter, equivalent to 5.5%.
The bank's profit reached VND10,000 billion, equivalent to 50% of the plan in 2023. The major driving force for ACB's profit growth came from non-interest income, up 28% year-on-year. The contribution of non-interest income to revenue continuously increased from 19% to 22%, reducing pressure on interest income. In particular, card services, foreign currency trading and investment activities contributed greatly to income growth in the first 6 months of the year.
ACB Bank had a profit of 10,000 billion VND in the first 6 months of the year. (Photo: BL)
In the first 6 months of the year, ACB has lent more than VND20,000 billion at preferential interest rates of up to 3% compared to the interest rate schedule. The rate of non-term deposits in banks (CASA), although still low compared to the beginning of the year, has shown positive signs when it increased again after a continuous decline since the second quarter of 2022. The CASA rate has increased to 20.9%, while this figure at the end of the first quarter was 19.8%.
According to ACB Bank, the high interest rate level since the end of 2022 has put pressure on customers' ability to repay debts. This has contributed to the increase in bad debt ratios at banks. ACB's bad debt was also affected by the general market situation, increasing to 1.07%. However, ACB is still one of the banks with the lowest bad debt ratio in the market.
ACB Bank's employee income is also improving, reaching an average of VND466 million/year, an increase of 12% per year over the past 5 years. Thus, each employee will have an average income of about VND38.8 million/month. This income level ranks fourth in the group of banks with the best income on the market.
On average, the revenue an employee brings in each year increases by 15%, while each year ACB only increases the number of employees by 5%.
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