VPBank 2023: Navigating Challenges and Achieving Growth Amidst Market Pressures
In 2023, VPBank demonstrated resilience and financial growth despite a challenging market environment. The bank achieved a significant increase in its semi-annual profit, up by 19% from the previous year, reaching approximately 637.5 billion VND (converted from CHF 25.5 million). This growth is notable, especially considering the increase was 35% higher than in the second half of 2022. VPBank's operating income also saw a significant rise, increasing by 17% to approximately 4,707.5 billion VND (converted from CHF 188.3 million). The positive market environment in the first half of the year contributed to a 2% increase in client assets under management, reaching CHF 47.2 billion. However, the bank experienced some challenges, including forced outflows due to adjustments in client portfolios, particularly noting a new money outflow of CHF 0.3 billion from clients connected to Russia. Despite these challenges, net new money inflow was positive, at CHF 0.1 billion. Operational expenses