During the first quarter of the year, deposit balances from the State Treasury at VietinBank and BIDV more than doubled, each recording over 45,000 billion VND. State-owned banks, including Vietcombank, VietinBank, and BIDV, recently released their first-quarter financial statements, showing a significant increase in the State Treasury’s deposit balances. VietinBank saw a deposit balance of 45,445 billion VND at the end of the first quarter, more than double the amount at the end of 2023. Similarly, BIDV reported a deposit balance of 40,000 billion VND in term deposits and over 5,500 billion VND in demand deposits, doubling its balance from the previous year. Vietcombank had the lowest balance among the three banks, exceeding 3,300 billion VND, which was still more than four times higher than the beginning of the year.
The State Treasury’s idle funds are currently deposited for a term at commercial banks to maximize benefits. These funds are used for various priority purposes, such as lending to the State budget, repaying principal, and making advances when necessary. By the end of 2023, nearly 7.8 million VND of idle funds from the State Treasury had been deposited at commercial banks, earning an interest of 25,100 billion VND. In terms of first-quarter business results, Vietcombank saw a slight decrease in profit, while BIDV and VietinBank both recorded an increase. Vietcombank maintained the lead with a pre-tax profit of over 10,700 billion VND, down slightly from the previous year. BIDV reported a pre-tax profit of nearly 7,400 billion VND, up 7% from the first quarter of 2023, while VietinBank recorded a pre-tax profit of 6,200 billion VND, up 4% from the previous year.
Overall, the State Treasury’s deposit balances at state-owned banks have significantly increased in the first quarter, showcasing positive financial performance from the banking sector.