In the first quarter of 2023, the State Treasury deposit balances at three state-owned banks more than doubled compared to the end of 2023. VietinBank and BIDV each recorded over 45,000 billion VND in deposits, while Vietcombank had over 3,300 billion VND. The State Treasury comprises all cash at Treasury units and funds available in Treasury accounts opened at the State Bank and commercial banks. Idle state funds are used for lending to the State budget, repaying principal, and making advances before being deposited for a term at commercial banks through a bidding process for interest rates and term repurchase of Government bonds.
In terms of business results for the first quarter of 2023, Vietcombank’s profit slightly decreased compared to the same period in 2023, while BIDV and VietinBank saw increases. Vietcombank maintained its lead with a pre-tax profit of over 10,700 billion VND despite a slight decrease compared to the same period last year. BIDV reported an increase in pre-tax profit of nearly 7% compared to the first quarter of 2023 due to revenue from foreign exchange trading doubling. VietinBank recorded a net interest income increase of over 15,100 billion VND while operating costs rose by 10%.
At the end of the first quarter of 2023, nearly 7.8 million VND of idle money from the State Treasury was deposited for a term at commercial banks, earning interest worth around VND