Impressive credit and profit growth
Specifically, in 2024, Nam A Bank's total assets will reach more than VND 245,000 billion, an increase of nearly 16.8% over the same period in 2023. Capital mobilization will reach nearly VND 179,000 billion, an increase of more than 9% over the same period in 2023.
In 2024, Nam A Bank's credit activities will reach nearly VND 168,000 billion, an increase of 18.34% over the beginning of the year.
The growth of these indicators contributes to helping Nam A Bank's pre-tax profit in 2024 reach more than VND 4,545 billion (exceeding the assigned target by 13.6% and growing nearly 38% over the same period in 2024).
Nam A Bank's NIM ratio continued to improve to 3.5% (compared to 3.3% in the same period in 2023).
The ROE (return on equity) ratio remained at 20%, ROA was 1.5%, showing that the Bank not only grew in scale and achieved profitability, but also improved its operational quality.
Effective risk management
By the end of December 31, 2024, Nam A Bank's bad debt will be at 2.1%, the Bank will also increase its provisions to cover bad debt to 60%. The consolidated capital adequacy ratio (CAR) will reach 12.46% (the minimum level prescribed by the State Bank is 8%).
Last year, the State Bank of Vietnam adjusted the credit growth target for credit institutions (CIs) twice according to specific principles, ensuring publicity and transparency. In addition, the State Bank of Vietnam requested CIs to strictly implement instructions on monetary and credit activities, regulations on credit granting to improve business efficiency, ensure system safety and stabilize the monetary market; increase credit growth safely, effectively, and healthily, limit the increase and occurrence of bad debts, and ensure the safety of CIs' operations.
Together with joint stock commercial banks to promptly implement the above policies, Nam A Bank proactively reviews and adjusts credit policies, ensuring compliance with market developments and minimizing potential risks. Liquidity indicators are always kept at a safe level with the LDR ratio (loan to deposit) reaching 80.64%, while the ratio of short-term capital for medium and long-term loans remains at around 21.41%.
Nam A Bank's risk management system is continuously upgraded according to international standards on Basel II and Basel III, Basel Reform... In 2024, Nam A Bank also completed financial reporting according to international standards (IFRS). Pioneering the application of the above international practices helps the Bank improve risk management and financial management in banking operations. At the same time, the transparency of financial reporting information when applying international standards contributes to enhancing the reputation and position of Nam A Bank in the domestic and international markets.
From 2020, Nam A Bank will strongly transform digitally and expand its operations across provinces and cities nationwide. In 2024 alone, Nam A Bank will open and put into operation 5 more branches, 3 new transaction offices and expand ONEBANK digital transaction points to 14 points.
Positive reviews from credit rating agencies
2024 is also the year that Nam A Bank receives positive recognition from international and domestic credit rating organizations.
Moody's upgraded Nam A Bank's credit rating in two categories: asset quality from B3 to B2 and profit and profitability indicators from B2 to B1, while rating the issuer with a "stable" outlook.
Nam A Bank was also honored with many prestigious awards last year such as: Global Banking and Finance Review (GBAF) honored as the Best Risk Management Bank in Vietnam; Best Green Bank in Vietnam voted by Global Brands, Excellent Enterprise in Asia 2024 voted by Enterprise Asia; Ranked seventh at the Ceremony to announce the Top 50 Most Effective Business Companies in Vietnam in 2024 organized by Nhip Cau Dau Tu Magazine; Top 100 Golden Stars of Vietnam organized by the Central Committee of the Vietnam Youth Union, the Central Committee of the Vietnam Young Entrepreneurs Association, etc.
