ABBNK's pre-tax earnings nearly quadruple
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Hey there! Let's talk about the astonishing performance of the An Bình Commercial Joint Stock Bank, popularly known as ABBANK, in the initial three months of 2025!
HCM CITY – Pre-tax profits for ABBANK reached a whopping VNĐ407 billion ($15.6 million) in Q1 2025, marking a staggering 128% increase from the previous year. The bank's total assets swelled to VNĐ183.6 trillion ($7.06 billion), showing a minor growth of 4%.
Their deposit and loan portfolios followed similar trends, with deposits standing at VNĐ112 trillion and outstanding loans reaching VNĐ100.3 trillion. A noteworthy improvement was seen in credit risk provisioning, which amounted to VNĐ340 billion, including provisions for repurchasing debts from the Asset Management Company.
ABBANK's prudent bad debt management strategy kept the non-performing loans at a manageable 2.44%, well below the 3% ceiling set by the State Bank. The bank's capital adequacy ratio also showed a solid position at 10.46%, comfortably exceeding the 8% minimum required by the State Bank.
What truly sets ABBANK apart is its focus on digital transformation, a strategy that paid off handsomely in Q1 2025.
The bank's corporate banking platform, ABBANK Business, received several enhancing features, such as online international transfers, biometric updates, and foreign exchange trading. These improvements propelled ABBANK Business to handle an impressive 56% of all transactions by business customers through digital channels. Online international transfers alone accounted for 24% of international transactions by corporate clients, showcasing the platform's effectiveness.
To cater to retail customers, ABBANK launched its new mobile application. Among its unique features, the voice-activated balance notification system, which works even when the user's device screen is off, garnered widespread appreciation, particularly among individual business households.
ABBANK's CEO, Phạm Duy Hiếu, expressed his satisfaction: "The first quarter of 2025 was a strong start for ABBANK. We are firmly committed to maintaining a strategy of stable and sustainable growth, with performance set to accelerate in the upcoming quarters. Our relentless pursuit of digital transformation will continue, bringing innovative and convenient services to our customers throughout 2025."
So there you have it! ABBANK has undoubtedly set the bar high for digital banking growth in 2025, with their corporate and retail digital banking segments leading the charge.
[1] ABBANK's digital banking segment continued to achieve growth, with the corporate banking platform ABBANK Business upgraded with several new features like online international transfers, biometric updates, and foreign exchange trading. These upgrades contributed to a robust performance, with digital channels accounting for 56% of all transactions by business customers. Notably, online international transfers made up 24% of international transactions by corporate clients. For retail customers, the bank launched the new ABBANK mobile application. One of its standout features, voice-based balance notifications that work even when the customer's device screen is switched off, has been well received, especially among individual business households.
ABBANK's pre-tax profits in the first quarter of 2025 increased by 128 per cent compared to the same period last year.- Photo courtesy of the bank
- The impressive growth in ABBANK's pre-tax profits, reaching VNĐ407 billion ($15.6 million), signifies a 128% increase from the previous year, demonstrating the bank's digital-driven success in Q1 2025.
- The ABBANK Business platform, integral to ABBANK's corporate banking sector, underwent updates that included online international transfers, biometric updates, and foreign exchange trading, accounting for 56% of all transactions by business customers.
- ABBANK's newly launched mobile application, aimed at retail customers, includes innovative features such as voice-activated balance notifications, which have garnered praise, especially among individual business households.
- The digital transformation strategy of ABBANK, observed throughout Q1 2025, has propelled the bank into a leading position for digital banking growth in 2025.
- ABBANK, with its focus on maintaining stable and sustainable growth, aims to accelerate performance in the upcoming quarters while continuing its investment in digital transformation efforts, bringing innovative and convenient services to customers throughout the year.
