The banking industry may have a hard time reaching its 2022 profit growth targets, but share valuations have dropped significantly to attractive prices.
Customers at Vietcombank (VCB) branch in the Central Highlands province of Kon Tum (Photo: VNA)
Hanoi (VNS/VNA) 🐠- The banking industry may have a hard time reaching its 2022profit growth targets, but share valuations have dropped significantly toattractive prices.
In the past three months, banking shares witnessed sharpdeclines and were among the most negatively impacted on the stock market.Most banking stocks decreased by over 30% and there was no single bank seeingpositive growth. The decline was attributed to stricter control of credit flows,increasing bad debts mainly caused by real estate businesses, corporate bondinspection at banks and inflationary pressure which have affected investorsentiment. However, after a series of deep declines, many banking stocksare rebounding strongly in recent sessions. This brings hope to many investorsin this industry group. In a newly released report, FiinGroup said that the totaloperating income of 27 listed banks in the first quarter of 2022 increased by8.2% compared to the previous quarter. Compared to the same period last year,total operating income increased by 22.2% and only three banks recorded adecline, the others grew positively. Net income from services decreased by 12.1% compared to theprevious quarter after increasing sharply in Q4 of 2021, but still up by 14%compared to Q1 of 2021. The high quarter-on-quarter growth of the remainingactivities came from other activities ( 83.3%), foreign exchange ( 21.7%),while income from securities dropped sharply (-52.7%). Profit after tax of 27 listed banks increased by 51% compared tothe previous quarter and up by 31% compared to the same period in 2021. Non-performing loans are gradually increasing and may continueto rise in the coming quarters as banks gradually shift restructured debts tothe right debt groups. FiinGroup believes that this will put pressure on somebanks, especially those with low NPL coverage ratios and not enoughprovisioning. Meanwhile, banks that have actively made provisions with a highNPL coverage ratio will not be of concern./.
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Customers at Vietcombank (VCB) branch in the Central Highlands province of Kon Tum (Photo: VNA) 
