Nam A Bank reaches 55% of profit target

Nam A Commercial Joint Stock Bank (Nam A Bank - HoSE: NAB) has just announced its consolidated financial report for the second quarter of 2024, with total assets recorded at nearly VND 228,917 billion, an increase of 14.3% over the beginning of the year.

Of which, deposits at the State Bank of Vietnam (SBV) decreased by 31% to VND11,235 billion. Deposits and loans to other credit institutions (CIs) increased by 38% to VND31,263 billion. Loans to bank customers increased by 10.6% compared to the beginning of the period to VND154,676.

On the other side of the balance sheet, customer deposits at Nam A Bank also increased by 5% compared to the beginning to VND 153,186 billion.

During the period, Nam A Bank recorded an 85.6% increase in net interest income compared to the second quarter of 2023 to nearly VND 2,209 billion. Pre-tax profit reached nearly VND 1,217 billion, an increase of 59.8% over the same period in 2023.

Non-interest income increased and decreased inconsistently with net profit from service activities decreasing by 61.3% to VND93.6 billion. The foreign exchange business segment caused Nam A Bank to lose VND7.5 billion while in the same period it earned VND22 billion.

In contrast, net profit from investment securities increased by 71.5% year-on-year to VND10.5 billion.

Other activities also brought in profits 40 times higher than last year, reaching VND10.8 billion.

Thanks to net interest income and growth in some non-interest items, although the bank's operating expenses increased by 11.7% to VND1,719 billion and risk provision expenses increased by 5% to VND242 billion, Nam A Bank still had a profit after tax of VND972 billion, up 60%.

In the first 6 months of 2024, Nam A Bank reported pre-tax profit of nearly VND 2,217 billion and after-tax profit of nearly VND 1,770 billion, an increase of 45.6% compared to the first 6 months of 2023.

In 2024, Nam A Bank set a pre-tax profit target of VND 4,000 billion. Thus, by the end of the second quarter of 2024, the bank had achieved more than 55% of the set target.

In a recent development, Nam A Bank successfully issued 264.5 million shares to increase equity capital from owner's equity for 5,336 shareholders.

The issuance ratio is 100:25, meaning that shareholders owning 100 shares will receive 25 new shares. After the issuance, Nam A Bank's charter capital increased to VND 13,225.5 billion.

Source: https://www.nguoiduatin.vn/nam-a-bank-can-moc-55-muc-tieu-loi-nhuan-no-chinh-phu-va-nhnn-tang-manh-204240801210525842.htm