According to its Q4 2024 financial report, Eximbank’s net interest income reached VND5,923 billion ($231.7 million), a 29% increase compared to 2023.
Pre-tax profit saw a 54% year-on-year (YoY) rise, with after-tax profit also reaching VND3,326 billion ($130.1 million)—a 54% increase from the previous year.
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Employees at an Eximbank branch. Photo courtesy of Eximbank |
The bank attributes its strong performance to restructuring its loan portfolio with a focus on safety and efficiency, particularly in the SME, individual, and consumer lending segments.
Over the past year, interest rates were adjusted across various terms, and Eximbank introduced multiple savings products, including Customer Gratitude Program, Eximbank VIP Savings, Elective Term Savings, and Online Savings. Additionally, it launched Visa Direct, a service aimed at improving cross-border financial transactions.
Beyond traditional credit services, Eximbank has diversified its revenue streams, expanding into payment services, foreign exchange trading, gold trading, and improved debt recovery.
By the end of 2024, the bank’s total assets grew by 18.9% to VND239,532 billion ($9.37 billion), while outstanding credit increased by 19.72%. Net service income rose by 110.1% YoY to VND1,080 billion ($42.25 million), and foreign exchange trading income grew by 38.7%, reaching VND674 billion ($26.36 million).
Eximbank maintained compliance with State Bank of Vietnam (SBV) regulations, ensuring operational stability despite economic fluctuations. Key safety indicators included: Short-term funds used for medium- and long-term loans, which was maintained at 24-25%, below the 30% SBV limit; Loan-to-Deposit Ratio (LDR) of between 82% and 84%, under the 85% SBV cap; and Capital Adequacy Ratio (CAR) which was maintained at 12-13%, exceeding the 8% regulatory minimum.
Rather than relying solely on preferential credit programs, Eximbank has adjusted its asset and capital structure to optimize its Net Interest Margin (NIM). This strategy aims to enhance efficiency, profitability, and risk management while ensuring financial stability for both customers and the banking system.
Strategy focused on import-export
As a bank specializing in import-export financial services, Eximbank’s profit growth reflects the increasing demand for international trade financing.
To support businesses, the bank launched Eximbank EBiz, a digital platform that allows SMEs to request online guarantees with automated security optimization, reducing financial strain.
Recognizing the challenges faced by import-export enterprises amid market volatility, Eximbank introduced a preferential USD loan interest rate program. New corporate customers with no prior Eximbank credit relationship enjoy interest rates from 3.7% per year, while interest rates for existing credit clients start at 3.8% per year.
These initiatives aim to help businesses enhance competitiveness, optimize financial costs, and boost trade activities.
Technology as a driving force
Since 2023, Eximbank has increased investment in technology to build a modern, secure, and efficient banking system. The bank has focused on deploying digital projects across operations and management, optimizing business processes to improve service quality, and developing new financial products to meet customer demand.
Eximbank continues to expand its digital banking services, enhancing customer experience and growing its user base. The introduction of new digital products, coupled with system upgrades, marks progress in its digital transformation strategy.
Expansion and future growth
In 2024, the State Bank of Vietnam approved Eximbank’s charter capital increase to VND18,688 billion ($731 million), strengthening its financial foundation and operational capacity.
Additionally, the bank marked a significant milestone by paying dividends for the first time in a decade and announcing plans to expand into northern Vietnam, broadening its nationwide reach.
By adopting comprehensive and flexible business solutions, the bank aims to capitalize on emerging opportunities, enhance competitiveness, and improve operational efficiency and transparency.
