All four state-owned Big4 banks have released their Q2 2025 financial reports, showing increased profits across the board. However, only Agribank managed to reduce its non-performing loans (NPL), while one bank executed a record headcount cut.

Vietcombank: Profit leader of the system

Vietcombank recorded the highest pre-tax profit in the banking system for Q2 with VND 10.762 trillion (approximately USD 424 million), up 9.59% year-over-year.

Cumulatively, in the first half of 2025, Vietcombank achieved a new record pre-tax profit of VND 21.339 trillion (USD 840 million), a 5.59% increase compared to the same period last year, retaining its top position in sector profitability.

However, Vietcombank has the lowest outstanding customer loans among the Big4, totaling VND 1.541 quadrillion (USD 60.7 billion) as of June 30, marking a 7% rise from the beginning of the year.

Its bad debt ratio remains low at 1%, slightly up from 0.97% at the start of the year.

Credit risk provisioning for the first half was VND 1.5 trillion (USD 59 million), just half of last year's figure for the same period.

As of June 30, customer deposits reached VND 1.59 quadrillion (USD 62.7 billion), up 5% from the end of 2024. Vietcombank’s current account savings account (CASA) balance was nearly VND 553 trillion (USD 21.8 billion), accounting for 35% of total deposits - unchanged from December 31, 2024, but still the highest in the Big4.

Its workforce stood at 23,347, a reduction of 191 employees from the end of 2024.

Notably, Vietcombank’s average monthly employee income surpassed VND 42 million (USD 1,650) for the first time, up VND 4 million from 2024. Only Techcombank and Sacombank also exceeded this income threshold.

VietinBank: Sharp workforce reduction

VietinBank’s Q2 report revealed the most significant staff reduction, with 2,224 employees cut in just six months, making it the most aggressive downsizer not only among the Big4 but across all banks.

As of June 30, its workforce dropped to 22,507 - the smallest among the Big4.

Despite the trimming, average monthly income per employee rose by VND 1 million to VND 38 million (USD 1,490).

Q2 pre-tax profit surged to VND 11.398 trillion (USD 449 million), up 77% year-on-year. Half-year profit reached VND 17.435 trillion (USD 687 million), a 43% increase - the highest growth rate among the Big4.

Total customer loans as of June 30 stood at VND 1.884 quadrillion (USD 74.3 billion), up 10% from end-2024. NPL ratio slightly increased to 1.31% from 1.24%.

Customer deposits hit VND 1.717 quadrillion (USD 67.7 billion), a 7.08% rise. CASA made up 24% of total deposits.

BIDV: Lending and deposits surpass VND 2 quadrillion

For the first time, BIDV’s customer loans and deposits each exceeded VND 2 quadrillion, positioning the bank as the system leader in both lending and capital mobilization.

As of June 30, customer loans totaled VND 2.135 quadrillion (USD 84.2 billion), up 6% year-to-date. However, NPLs rose to 1.94% from 1.37% at the end of 2024.

Customer deposits also rose 6% to VND 2.051 quadrillion (USD 80.9 billion), with CASA reaching VND 406 trillion (USD 16 billion), accounting for 20% of the total.

Q2 pre-tax profit reached VND 8.24 trillion (USD 324 million), while the half-year total hit VND 15.259 trillion (USD 602 million), up 6.07% and 2.6% year-over-year, respectively.

The bank added 606 employees in the first half, bringing its total staff to 26,675 - the only Big4 bank to increase its workforce.

However, average employee income dropped VND 2 million to VND 35 million/month (USD 1,370) compared to 2024.

Agribank: Significant NPL reduction

While the other three Big4 banks saw NPLs rise, Agribank recorded a decline to 1.44% at the end of Q2, down from 1.68% at the end of 2024. This was driven by effective debt recovery efforts in the first half.

Agribank’s credit risk provisioning soared 61% to VND 17.825 trillion (USD 703 million), which explains its modest profit growth.

According to its standalone report, Agribank posted a pre-tax profit of VND 13.026 trillion (USD 514 million) for the first half of 2025.

Customer loans stood at VND 1.851 quadrillion (USD 73 billion), up 8% since the beginning of the year.

Deposits reached a record VND 2.043 quadrillion (USD 80.6 billion), up 7% year-to-date, crossing the VND 2 quadrillion mark for the first time.

Agribank reduced its workforce by nearly 300 employees. Despite being the largest bank by branch network, with a focus on agriculture and rural development, it remains the biggest employer with 40,691 staff.

Average employee income fell by VND 3 million to VND 30.3 million/month (USD 1,190).

Tuan Nguyen