Since July 2024, Lê Quang Vinh has led Vietcombank, maintaining its position as Vietnam’s profit leader. In Q3 2024, the bank reported a pre-tax profit of 10.699 trillion VND, an 18% increase year-on-year, largely due to reduced credit risk provisions. However, outside-lending income sources fell, including a 15% decline in foreign exchange trading and a 13% drop in securities income. In Q4 2024, pre-tax profit decreased by 9% compared to the previous year, reaching 10.702 trillion VND. Although net interest income rose 8%, service income halved, impacting overall growth. For 2024, Vietcombank achieved over 42.236 trillion VND in pre-tax profit, a 2% rise year-on-year, solidifying its status as the highest-earning bank. It also plans to issue shares for dividends and has merged with CBBank to ensure market stability. Vinh is expected to play a crucial role in the bank’s development strategy.
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