Big profits, how do banks and securities companies contribute to the state budget?

Each representative in the top 5 contributes more than 3,000 billion VND in June 2022. In which, VPBank takes the lead and is also the only unit to pay a budget exceeding the whole year of 2021.

By the end of the first half of 2022, a series of banks have announced their contribution to the State budget. According to our statistics based on financial data published by 13 banks, this figure totals more than 32,000 billion VND.

VPBank topped the banks that pay the most taxes in the joint stock commercial banks with nearly 5,400 billion dong, up 188% over the same period. In which, this bank pays more than 4,700 billion VND in CIT and 204 billion VND in VAT. Notably, this number exceeded VPBank’s contribution last year (contributing more than VND 4,500 billion).

In the third period of 2019-2021, the bank has paid nearly VND 10,669 billion to the state budget.

Strong growth in business results made VPBank the champion in contributing to the budget in the banking group in 6 months. Specifically, VPBank’s half-year profit reached more than VND 15.3 trillion, exceeding 50% of the year plan, becoming the second most profitable bank in the whole system in the first half of the year. This bank is currently one of the largest joint stock commercial banks in Vietnam with a capitalization equivalent to VND 137,173 billion.

In 2022, VPBank plans to raise large capital with the goal of expanding its business. Accordingly, the bank will increase its charter capital from VND 45,057 billion to VND 79,334 billion, from equity capital at the rate of 50% and private placement of 15% of charter capital to foreign investors. The bank expects to pay a stock dividend at the end of the third quarter, and the private placement is expected to be completed this year.

Following in second place is Vietcombank with VND 4,400 billion contributing to the State budget, of which paying CIT of more than VND 3,000 billion.

Techcombank, MBBank, and Vietinbank are the next three representatives of the group of joint stock commercial banks participating in the top 5 with great contributions to the budget. Specifically, Techcombank was in third place with more than 3,500 billion dong, MBBank was in fourth place with 3,300 billion dong, Vietinbank paid 3,200 billion dong.

Paying taxes in the range of 2-3 trillion VND are BIDV, Agribank and ACB, respectively. Particularly, ACB’s contribution of VND 2,200 billion was nearly equal to last year (VND 2,700 billion).

VIB, HDBank in half a year pay taxes around 1,200 billion. Some remaining banks, although paying less than 1 trillion VND, have almost reached the contribution level of the whole year 2021.

Besides banks, the group of securities companies also recorded a significant contribution to the annual budget. Statistics for the first 6 months of 2022, VPS Securities is the largest tax payer with more than 1,200 billion VND, of which the CIT alone is approximately 1,100 billion VND. SSI Securities contributed VND 997 billion to the budget, equal to 70% of the whole year of 2021.

At the end of the second quarter of 2022, VPS Securities and SSI continued to be the two leading faces in the stock brokerage market share on HOSE.

VNDirect followed with a tax rate of VND 738 billion, of which the largest contribution was PIT paid to 3rd parties.

Fluctuating at 4-500 billion dong are Viet Capital Securities (VCI) and Ho Chi Minh City Securities. VCI alone also recorded a contribution equal to 70% of the whole year of 2021 after only 6 months.

Previously, statistics for the whole year of 2021 showed that securities companies contributed nearly VND 11,000 billion to the budget, double that of VND 5,200 billion in 2020.

Nhuan Hoa/Market life