According to the analysts, as provision costs have decreased from a record high, VietinBank's pre-tax profit will increase by 20-22 per cent in Q3 2023. Although VPBank's Q3 2023 profit recorded a decline, SSI assessed that a bright spot in the bank’s Q3 2023 business picture was positive results from its subsidiary FE Credit. Meanwhile, the decrease in profits of TPBank in Q3 2023 was mainly due to the high base level of last year. Specifically, the bank’s pre-tax profit is expected to reach about VNĐ1.45-1.60 trillion, down 25-32 per cent over the same period last year. TPBank’s NIM decline and the burden of provisioning are said to be the reasons why the bank’s pre-tax profit declined in Q3 2023.

Source: Viet Nam News October 17, 2023 02:58 UTC