Top 10 banking profit list sees places change
By Nguyen Quy February 4, 2021 | 01:30 pm GMT+7
A woman rides a bicycle past a logo of Vietcombank, in front of the State Bank building in central Hanoi. Photo by Reuters/Kham
While the list of the 10 most profitable banks remained unchanged last year, the impact of Covid-19 caused major changes in rankings.
Vietcombank, the biggest lender by market cap, did not see its profits increase, but with VND23 trillion ($995 million) it remained on top of the list, a position it has held for the last few years.
VietinBank, Vietnam s third largest bank by assets, rose from fourth place to second as profits surged 40 percent to VND16.4 trillion.
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Instant grandmaster
As Diana Mihajlova’s thorough profile of Wang Hao (part one is here; part two is here) stated, Hao jumped from untitled to grandmaster “bypassing both the FM and IM titles.” Becoming a grandmaster at age 16 was a high point in Hao’s already impressive junior chess career. For example, at age 14, Hao won team gold and an individual gold as China’s first board in the Under-16 Olympiad.
2019 Grand Swiss
Wang Hao qualified for the 2020 Candidates Tournament by winning the 2019 FIDE Chess.com Grand Swiss with 8 out of 11, on tiebreak over 2018 World Championship Challenger Fabiano Caruana and ahead of World Champion Magnus Carlsen, who tied for third place with 7.5.
Diversifying local consumer finance
For the first time in a decade, Vietnamâs consumer finance market saw a single-digit growth rate
FE Credit, the biggest consumer finance player in Vietnam and a subsidiary of VPBank, is said to be preparing for its initial public offering (IPO) in the third quarter of 2021.
VPBankâs Board of Directors forecasts that a successful IPO could triple FE Creditâs share price compared to the book value after the equitisation, according to brokerage SSI.
Currently, the Vietnamese market boasts 16 consumer finance companies, of which six are subsidiaries of major local lenders, including HD Saison of HDBank, SHB Finance of SHB, MCredit of MB, and Post and Telecommunication Finance Co., Ltd. (PTF) of SeABank.
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