BCPT 1

PHNG PHN TCH
NGNH NGN HNG
Ngy 24, thng 07, nm 2008
BO CO PHN TCH NGNH NGN HNG

Ri ro v C hi
NI DUNG CHNH
THNG TIN NGNH
Hot ng ngn hng truyn thng c tim nng tng trng n nh.
Tc tng trng hot ng tn dng v huy ng tin gi giai on 2002 2007 bnh qun t trn 35%/nm. T l tn dng/GDP v tin gi/GDP tng
nhanh tuy nhin vn mc thp so vi trung bnh trong khu vc. D bo
trong thi gian ti tc tng trng hot ng ny s chm li nhng vn
mc cao gp 2 ln so vi tc tng GDP thc t.
Hot ng ngn hng bn l v ngn hng u t c tim nng tng
trng mnh. Mc s dng sn phm dch v ngn hng c nhn ti Vit
Nam cn thp; th trng vn cha pht trin y ; nn kinh t c tc
tng trng nhanh l nhng yu t quan trng cho s pht trin mnh m ca
hot ng ngn hng bn l v ngn hng u t.
Ngnh c mc cnh tranh cao. p lc cnh tranh gia khi Ngn hng
TMQD v khi Ngn hng TMCP ang tng ln mnh m v c s chuyn
dch th phn kh nhanh t khi NHTMQD sang khi NHTMCP trong thi
gian gn y. Mc cnh tranh gia cc ngn hng, c bit i vi hot
ng ngn hng truyn thng s gia tng mnh.
Hiu qu hot ng ca cc ngn hng khng ng u. Khi NHTMCP
c hiu qu hot ng tt hn cc NHTMQD v cao hn mc trung bnh
trong khu vc. Khi NHTMQD c hiu qu hot ng thp hn tuy nhin
cht lng ti sn ang c ci thin ng k.
Ngnh ngn hng hin ang phi i mt vi nhiu loi ri ro gm ri ro
tn dng, ri ro thanh khon, ri ro li sut v ri ro hot ng u t. Nhng
ri ro ny c bit c nh hng ln ti cc Ngn hng c quy m nh vi c
cu ti sn nhiu ri ro.
Quan im u t. Ngnh ngn hng hin gp nhiu kh khn, tuy nhin xt

v di hn ngnh c tim nng tng trng n nh. c bit, mt s ngn
hng c quy m ln, hiu qu hot ng v cht lng ti sn tt, c chin
lc pht trin r rng ang c li th bt ph. Gi c phiu ca mt s ngn
hng thuc nhm c tim nng pht trin hin mc hp l cho mc ch
u t di hn.
T l tn dng/GDP, 2006
Korea
160%
Taiwan
143%
Hongkong
134%
China
131%
Malaysia
113%
Singapore
95%
Thailand
77%
Vietnam
71%
India
57%
Philippi
Indonesia
35%
25%
T l tin gi/GDP, 2006

Hongkong
322%
Taiwan
216%
China
152%
Korea
133%
Malaysia
120%
Singapore
118%
Thailand
79%
Vietnam
78%
India
75%
Philippines
41%
Indonesia
37%
T l tin mt/Tng PTTT, 2006

Vietnam
18%
India
15%
Philippi
11%
Indonesia
11%
Thailand
10%
China
8%
Singapore
6%
Malaysia
Taiwan
Hongkong
Korea
5%
3%
3%
2%
MT S CH TIU TNG TRNG NGNH NGN HNG

n v: nghn t VND
2002
2003
2004
2005
2006
2007E
CAGR
2012F
CAGR
GDP danh ngha
536
613
715
839
974
1.144
16,4%
2.119
13,1%
Tng d n tn dng
231
297
420
553
694
1.069
35,8%
2.331
16,9%
Tng tin gi
255
321
423
559
764
1.146
35,1%
2.754
19,2%
Tng trng tn dng
22%
28%
42%
32%
25%
54%
Tng trng tin gi
19%
26%
32%
32%
37%
50%
Ngun: IMF, ADB, BMI, BVSC

c k khuyn co ti trang cui bo co phn tch ny
24/7/2008
MC LC
I. TIM NNG TNG TRNG NGNH NGN HNG
1. S pht trin ngnh ngn hng
2. Tim nng tng trng
II. PHN TCH CNH TRANH
- Quy m v nng lc ti chnh
- Th phn hot ng
- Mng li hot ng
- Chin lc pht trin
- Kh nng thm nhp th trng ca cc i th mi
10
III. HIU QU HOT NG CA H THNG NGN HNG
12
IV. PHN TCH RI RO
14
1. Ri ro thanh khon
15
2. Ri ro tn dng
16
3. Ri ro li sut
17
4. Ri ro hot ng u t v kinh doanh chng khon
18
V. QUAN IM U T
19
PH LC: BO CO TI CHNH CA CC NGN HNG
22
Danh mc bng
Danh mc biu
Bng 1: S lng Ngn hng giai on 1991 - 2007
Biu 1: Tng trng tn dng v tin gi giai on 2002 2007
Bng 2: D bo tng trng tn dng v huy ng vn n nm 2012
Biu 2: So snh t l tn dng/tin gi vi cc nc trong khu vc
Bng 3: Mt s Cng ty chng khon thuc Ngn hng
Biu 3: So snh t l tn dng/GDP v tin gi/GDP nm 2006
Bng 4: T l CAR ca mt s ngn hng
Biu 4: T trng thu nhp dch v trong tng thu nhp 2007
Bng 5: Th phn cho vay giai on 2000 2007
Biu 5: Tng trng thu nhp dch v nm 2007 so vi 2006
Bng 6: Th phn huy ng giai on 2000 2007
Biu 6: T l Tin mt/Tng PTTT (M2) v so snh trong khu vc
Bng 7: i tc chin lc ca mt s NHTMCP ti Vit Nam
Biu 7: Tng trng tng ti sn 2007
Bng 8: Mt s ch tiu ti chnh khi NHTMQD
Biu 8: Tng trng vn iu l 2007
Bng 9: Mt s ch tiu ti chnh khi NHTMCP
Biu 9: So snh s lng chi nhnh mt s ngn hng 2007
Bng 10: T l cho vay/huy ng tin gi mt s Ngn hng
Biu 10: GDP - CPI v thm ht thng mi
Bng 11: T l cho vay/tng ti sn mt s Ngn hng
Biu 11: Tng trng Tn dng - M2 - CPI giai on 2002 2007
Bng 12: c im cc nhm ngn hng
Biu 12: Din bin li sut trung bnh giai on 2003 2009
Bng 13: So snh cc ch tiu nh gi vi cc ngn hng trong

khu vc
Biu 13: C cu u t v kinh doanh chng khon

Biu 14: Din bin ch s VnIndex v li sut tri phiu
24/7/2008
I. TIM NNG TNG TRNG NGNH NGN HNG

1. S pht trin ngnh ngn hng
S lng ngn hng tng nhanh tp
trung vo 2 khi ngn hng TMCP v
chi nhnh ngn hng nc ngoi cho
thy sc hp dn ca lnh vc ngn
hng Vit Nam.
Trong thi gian qua, Ngnh ngn hng c s tng trng nhanh
chng c v s lng v quy m. S lng ngn hng tng t 9 ngn
hng trong nm 1991 ln 80 ngn hng vo nm 2007. S lng ngn
hng tng thm tp trung vo 2 khi ngn hng thng mi c phn v
chi nhnh ngn hng nc ngoi cho thy sc hp dn ca ngnh Ngn
hng Vit Nam i vi cc nh u t trong nc cng nh cc t
chc ti chnh quc t.
Bng 1: S lng ngn hng giai on 1991 2007
Ngn hng TMQD

Ngn hng TMCP
Chi nhnh NHNN
Ngn hng lin doanh
Tng s ngn hng
1991
4
4
0
1
9
1993
4
41
8
3
56
1995
4
48
18
4
74
1997
5
51
24
4
84
1999
5
48
26
4
83
2001
5
39
26
4
74
2005
5
37
29
4
75
2006
5
37
31
5
78
2007
5
37
33
5
80
Ngun: SBV, Deutsche bank, BVSC

Bn cnh s tng trng v s lng, quy m hot ng ca h thng ngn
hng cng tng trng mnh m. Nm 2007, tng ti sn ton h thng
tng ln hn 1.500 ngn t ng tng ng hn 130% GDP 2007. S
tng trng h thng tp trung vo 2 mng hot ng truyn thng l cho
vay v huy ng. Tc tng trng hot ng tn dng v huy ng tin
gi mc rt cao, t trung bnh trn 35%/nm trong sut giai on 2002 2007. c bit trong nm 2007, tng trng tn dng tr nn qu nng khi
t tc tng 54% do nhu cu tn dng trong nn kinh t tng cao trong
bao gm c nhu cu vn u t chng khon v bt ng sn.
Biu 1: Tng trng tn dng v tin gi giai on 2002 - 2007
Tc tng trng tn dng v tin
gi cao hn nhiu ln so vi tc
tng trng GDP thc t.
54%
42%
32%
28%
2002
50%
25%
22%
19%
7%
37%
32%
32%
26%
7%
8%
8%
8%
2003
2004
2005
2006
Tng trng tn dng
Tng trng tin gi
8%
2007E
Tng trng GDP
Ngun: IMF, Tng cc thng k, BVSC

Tng trng tn dng nhanh khin ngnh ngn hng c nguy c i
mt vi ri ro ln hn khi t l tn dng/tin gi ton ngnh lun
mc trn 90%, cao hn mc trung bnh trong khu vc (khong 83%).
3
24/7/2008
Biu 2: So snh t l tn dng/tin gi vi cc nc trong khu vc

T l tn dng/tin gi ca Vit Nam
cao hn mc trung bnh trong khu
vc.
T l tn dng/tin gi, 2002 - 2007
2007E
2006
Korea
93%
99%
2004
2002
121%
Thailand
91%
2005
2003
So snh trong khu vc Asia, 2006
99%
93%
91%
98%
Malaysia
95%
Vietnam
91%
China
86%
Philippines
85%
Singapore
81%
India
Indonesia
Taiwan
Hongkong
76%
68%
66%
42%
Ngun: ADB, BVSC

su ti chnh cng c s thay i ng k khi cc t l tn
dng/GDP v tin gi/GDP ca Vit Nam tng nhanh qua cc nm v t
ln lt 71% v 78% vo cui nm 2006. iu ny cho thy mc pht
trin rt nhanh chng ca h thng ngn hng Vit Nam. Tuy nhin, t l
ny vn mc thp hn so vi mc trung bnh trong khu vc.
Biu 3: So snh t l tn dng/GDP v huy ng/GDP nm 2006
Mc d t tc tng trng nhanh
nhng cc ch tiu tn dng/GDP v
huy ng/GDP ca Vit Nam vn thp
hn mc trung bnh trong khu vc
Tn dng/GDP, 2006
Korea
Taiwan
Hongkong
China
Malaysia
Singapore
Thailand
Vietnam
India
Philippines
Indonesia
160%
143%
134%
131%
113%
95%
77%
71%
57%
35%
25%
Tin gi/GDP, 2006

Hongkong
Taiwan
China
Korea
Malaysia
Singapore
Thailand
Vietnam
India
Philippines
Indonesia
322%
216%
152%
133%
120%
118%
79%
78%
75%
41%
37%
Ngun: ADB, BVSC

Cc ch tiu ny cho thy h thng Ngn hng vn c tim nng tng trng
tuy nhin tc tng trng trong nhng nm ti s gim xung, ng thi
h thng Ngn hng s phi tp trung hn vo vic tng nng lc ti chnh v
nng cao cht lng tn dng nhm m bo an ton h thng.
Ngoi 2 mng hot ng truyn thng l tn dng v huy ng vn,
mng hot ng dch v cng c s pht trin mnh m. Cng vi vic
u t mnh vo cng ngh, c s vt cht v a dng ho cc sn
phm dch v, nhng nm va qua thu nhp t cc mng hot ng
ny cng tng mnh.
24/7/2008
Biu 4: T trng thu nhp dch v trong tng thu nhp 2007
4.6%
8.0%
9.0%
9.2%
9.9%
1.6%
3.2%
7.9%
1.3%
7.1%
1.2%
6.9%
11.7%
SEAB
ABB
MHB
AGRI
VP
VIB
EIB
STB
BIDV
ACB
MB
VCB
HBB
14.6%
TCB
22.2%
EAB
Ngun: Tng hp t BCTC cc Ngn hng

Biu 5: Tng trng thu nhp dch v nm 2007 so vi 2006
11%
36%
59%
62%
63%
64%
74%
83%
-19%
9%
87%
SEAB
ABB
VCB
AGRI
BIDV
STB
VIB
EIB
TCB
ACB
MB
109%
EAB
157%
HBB
246%
337%
VP
MHB

Nm 2007, tng trng thu nhp thun hot ng dch v trung bnh t 92%
so vi nm 2006. i vi nhng ngn hng thc hin chin lc pht trin
hot ng dch v th thu nhp t hot ng ny cng chim t trng ngy
cng cao trong tng thu nhp. Nhng ngn hng c v th hng u v hot
ng dch v bao gm: VCB, BIDV, ACB, STB, EAB, TCB.
2. Tim nng tng trng
D bo tc tng trng hot ng tn
dng v huy ng vn s chm li so vi
giai on 2002 - 2007, tuy nhin vn
mc cao gp hn 2 ln tc tng GDP
thc t.
Hot ng Ngn hng truyn thng c d bo s tng trng

chm li. Mc d gp nhiu kh khn trong nm 2008 nhng nn kinh
t Vit Nam vn c nhiu t chc nh gi c tc tng trng tt
trong nhng nm ti. Theo d bo ca BMI, tc tng trng GDP
trong nm 2008 s gim xung 7% tuy nhin vn t mc bnh qun
8% trong giai on 2008 - 2012. y l yu t quan trng cho s pht
trin ca h thng Ngn hng.
Trn c s nhng nh gi v kh nng nng trng ca nn kinh t v cc
mng hot ng chnh nh tn dng v huy ng vn trong tng quan so
snh vi cc nc trong khu vc, BVSC d bo mt s ch tiu tng trng
i vi mng hot ng tn dng v huy ng vn n nm 2012 nh sau:
Bng 2: D bo tng trng tn dng v huy ng vn n nm 2012
n v: nghn t VND
GDP danh ngha
Tng tn dng
Tng tin gi
Tn dng/GDP
Tin gi/GDP
Tn dng/Tin gi
Tng trng tn dng
Tng trng tin gi
2002
536
231
255
43%
48%
91%
22%
19%
2003
613
297
321
48%
52%
93%
28%
26%
2004
715
420
423
59%
59%
99%
42%
32%
2005
839
553
559
66%
67%
99%
32%
32%
2006
974
694
764
71%
78%
91%
25%
37%
2007E
1.144
1.069
1.146
93%
100%
93%
54%
50%
CAGR
16,4%
35,8%
35,1%
2012F
2.119
2.331
2.754
110%
130%
85%
CAGR
13,1%
16,9%
19,2%
Ngun: ADB, BMI, BVSC
24/7/2008
Cc sn phm, dch v ngn hng bn l c tim nng tng trng

mnh cng vi s tng trng kinh t. Theo IMF, s lng ti khon
ngn hng ti Vit Nam trong nm 2006 c tnh ch mc hn 8 triu
ti khon chim khong 9,4% dn s v tp trung ch yu vo nhng i
tng c thu nhp cao ti cc khu th v cc doanh nghip. Phng
thc thanh ton tin mt vn l phng thc thanh ton kh ph bin.
Mc d t l Tin mt/Tng phng tin thanh ton (M2) c xu hng
gim dn nhng t l ny ca Vit Nam vn l cao nht trong khu vc.
iu ny m ra tim nng ngnh Ngn hng khi cc sn phm, dch v
thanh ton tng i hon thin ng thi Chnh ph c ch trng
y mnh thanh ton qua Ngn hng.
Biu 6: T l Tin mt/Tng PTTT (M2) v so snh trong khu vc
T l Tin mt/Tng PTTT (M2) mc
d c xu hng gim tuy nhin vn
mc cao nht so vi cc nc trong
khu vc.
T l tin mt/M2, 2002 - 2006
2006
2005
2004
18%
19%
20%
2003
22%
2002
23%
So snh vi cc nc trong khu vc

Vietnam
India
Philippines
Indonesia
Thailand
China
Singapore
Malaysia
Taiwan
Hongkong
Korea
18%
15%
11%
11%
10%
8%
6%
5%
3%
3%
2%
Ngun: ADB, BVSC

Trong tng lai hot ng ngn hng
u t s mang li nhiu c hi pht
trin cho cc ngn hng, tuy nhin y
cng l mng s chu s cnh tranh
ln t pha cc Ngn hng nc
ngoi.
Hot ng Ngn hng u t hin ang giai on u ca s pht

trin. Cc NHTM ti Vit Nam hin nay ch yu tp trung vo cc mng
nghip v NHTM truyn thng nh huy ng vn v cho vay, cc nghip
v Ngn hng u t nh mi gii, t vn, bo lnh pht hnh v cc
nghip v chng khon phi sinh ch yu c thc hin ti cc Cng ty
chng khon. Tuy nhin, mt s ngn hng ln vi nh hng pht trin
thnh tp on ti chnh c nh hng pht trin mng hot ng ny
thng qua vic thnh lp cc Cng ty chng khon trc thuc Ngn hng.
Bng 3: Mt s Cng ty chng khon thuc s hu ca Ngn hng
Cng ty chng khon

Cng ty chng khon Ngn hng Nh H Ni
Cng ty chng khon Ngn hng Ngoi thng
Cng ty chng khon Thng Long
Cng ty chng khon Ngn hng Cng thng
Cng ty chng khon Ngn hng ng
Cng ty chng khon Ngn hng u t Pht trin
Cng ty chng khon Ngn hng Nng nghip Vit Nam
Cng ty chng khon ACB
Cng ty chng khon Ngn hng Si gn Thng tn
Vn iu l
150
200
300
500
500
700
700
1,000
1,100
% S hu
100%
100%
83.3%
100%
100%
100%
100%
100%
100%
Ngn hng m
HBB
VCB
MB
ICB
EAB
BIDV
AGRI
ACB
STB
Ngun: HASTC, HOSE, BVSC

6
24/7/2008
II. PHN TCH CNH TRANH TRONG NGNH NGN HNG

Th trng ngn hng c s phn ha r nt gia cc khi ngn hng:
Hin c 80 ngn hng ang hot ng ti Vit Nam bao gm 5 ngn
hng thng mi quc doanh, 37 ngn hng thng mi c phn, 33
chi nhnh ngn hng nc ngoi v 5 ngn hng lin doanh. Gia cc
nhm ngn hng ny c s phn ha r nt v quy m, th phn, i
tng khch hng cng nh chin lc pht trin.
Quy m ti sn v vn ch s hu ca cc ngn hng Vit Nam trong
nhng nm qua c s tng trng mnh tuy nhin cn thp hn nhiu
so vi mc trung bnh trong khu vc. Khi NHTMQD c quy m vt
tri, tuy nhin tc tng trng chm hn so vi khi NHTMCP.
Quy m v nng lc ti chnh
Biu 7: Tng trng tng ti sn 2007 (VT 1.000 t VND)

350.0
300.0
250.0
200.0
150.0
100.0
50.0
-
452%
327
205
157%
17
26
79%
18
ABB
SEAB
VP
128%
105%
128%
40
84%
34
65
TCB
EIB
STB
101%
24
27
28
39
HBB
EAB
MB
VIB
400%
196
300%
161%
138%
85
500%
200%
91%
47%
28
ACB
MHB BIDV
27%
17%
33%
VCB
AGRI
100%
0%
Tng ti sn
Tng trng tng ti sn
Ngun: Bo co ti chnh cc ngn hng

Biu 8: Tng trng vn iu l 2007 (VT 1.000 t VND)
12.0
10.0
8.0
6.0
4.0
2.0
.0
500%
167%
103%
100%
82%
91%
100%
68%
3
ABB
SEAB
VP
HBB
EAB
MB
VIB
TCB
Vn iu l
131%
113%
139%
1%
1
2%
4
62%
11
EIB
STB
ACB
MHB
BIDV
VCB
AGRI
89%
600%
500%
400%
300%
200%
100%
0%
Tng trng vn iu l
Ngun: Bo co ti chnh cc ngn hng

T l an ton vn ti thiu (CAR) l ch
tiu quan trng phn nh nng lc ti
chnh ca Ngn hng. Ch tiu ny
c dng xc nh kh nng ca
Ngn hng trong vic thanh ton cc
khon n c thi hn v i mt vi cc
ri ro khc nh ri ro tn dng, ri ro
vn hnh.
S tng trng nhanh v quy m vn gip cc Ngn hng ci thin ng

k nng lc ti chnh. H s an ton vn (CAR) trung bnh ca cc
NHTMQD tng t 7% trong nm 2006 ln 9% trong nm 2007, t l ny
ca cc NHTMCP bnh qun trn 12%. Trong khi , t l ny ca khu
vc Chu Thi Bnh Dng l 13,1%, ca khu vc ng l 12,3%.
Theo quy nh ca SBV n nm 2008, CAR ca cc ngn hng phi t
ti thiu l 8%. Do , trong nhng nm ti xu hng tng vn ca cc
Ngn hng s tip tc din ra c bit l i vi khi NHTMQD.
24/7/2008
Bng 4: T l CAR ca mt s ngn hng

AGRI
VCB
BIDV
ICB
MHB
ACB
STB
EAB
2005
0,41
7,27
3,97
4,36
10,19
12,1
15,4
8,94
2006
4,97
9,57
4,82
5,18
9,31
10,89
11,82
13,57
2007
7,2
N/A
11
N/A
9,44
16,19
11,07
14,36
Ngun: BVSC tng hp
Th phn gia cc khi ngn hng c s chuyn dnh mnh t
Th phn hot ng
khi NHTMQD sang khi NHTMCP trong nhng nm gn y, c

bit l hai nm 2006 v 2007.
Bng 5: Th phn cho vay giai on 2000 - 2007
2000
2001
2002
2003
2004
2005
2006
2007E
Ngn hng TMQD
77%
79%
80%
79%
77%
73%
65%
55%
Ngn hng TMCP
9%
9%
10%
11%
12%
15%
21%
29%
12%
10%
9%
9%
10%
10%
9%
9%
2%
2%
2%
2%
2%
2%
5%
7%
CN Ngn hng NN & LD

T chc ti chnh khc
Ngun: ADB
Bng 6: Th phn huy ng giai on 2002 2007
2000
2001
2002
2003
2004
2005
2006
2007E
Ngn hng TMQD
77%
80%
79%
78%
75%
75%
69%
59%
Ngn hng TMCP
11%
9%
10%
11%
13%
16%
22%
30%
CN Ngn hng NN & LD
10%
10%
9%
9%
10%
8%
8%
9%
1%
1%
1%
1%
2%
2%
1%
2%
T chc ti chnh khc
Ngun: ADB
Khi NHTMQD: hin vn ang chim th phn chi phi trn cc mng
hot ng chnh. Tuy nhin th phn ca khi ny ang c xu hng thu
hp do s cnh tranh mnh m t khi NHTMCP v NHNN&LD. Trong
2 nm 2006 - 2007, th phn ca khi ny gim mnh l do cc
NHTMQD khng tp trung nhiu vo tng trng hot ng m tp trung
vo vic tng cng nng lc ti chnh cng nh qun l cht lng tn
dng chun b cho qu trnh c phn ha.
Khi NHTMCP: th phn tng nhanh c bit trong nm 2006 v
2007 cho thy s pht trin nhanh chng v sc cnh tranh ngy cng
mnh m ca khi ny trn th trng.
Khi NHNN&LD: y l khi c s tng trng nhanh v kh u
n v s lng ngn hng. Th phn hot ng ca khi CN NHNN &
LD kh n nh nguyn nhn l do khi ny chu quy nh hn ch i
vi vic huy ng vn bng ng VND t khch hng c nhn, kh
nng m rng th phn b hn ch.
24/7/2008
Mt trong nhng li th cnh tranh quan trng ca khi NHTMQD so vi
Mng li hot ng
NHTMCP v NHNN&LD chnh l mng li hot ng. H thng

mng li ca cc NHTMQD c pht trin t lu v bao ph khp
trn c nc. c bit l h thng chi nhnh ca Ngn hng Nng nghip
v pht trin nng thn c mt n tng x trn cc a bn. Cng vi
thng hiu ln, h thng mng li ca cc NHTMQD gip cc ngn
hng ny duy tr th phn chi phi trn cc mng hot ng chnh nh huy
ng vn v tn dng trong thi gian qua.
Biu 9: So snh s lng chi nhnh ca mt s ngn hng nm 2007
2,000
832
36
50
56
HBB SEAB ABB
64
65
82
EIB
MB
VIB
107
126
EAB ACB
211
150
204
412
128
130
VP
TCB STB MHB VCB BIDV ICB AGRI
Ngun: BVSC tng hp

Cc NHTMCP ang n lc trong vic m rng mng li, c bit l
cc ngn hng ng u nh ACB, STB, TCB, Tc pht trin
mng li ca cc ngn hng ny rt nhanh v c trng im. Mng
li ca cc NHTMCP tp trung ch yu ti cc thnh ph ln, cc
khu th c mc sng cao do cc chi nhnh ny thng c hiu
qu tt ngay t khi i vo hot ng.
Chin lc pht trin
Khi NHTMQD: Cc NHTMQD ang trong qu trnh ti cu trc

thc hin c phn ha. Hin nay, Vietcombank tin hnh IPO ln
u thnh cng v chnh thc chuyn sang m hnh NHTMCP trong
nm 2008. Cc ngn hng cn li u c l trnh c phn ha n
nm 2010. Chin lc pht trin ca khi NHTMQD sau c phn ha
l pht trin thnh cc tp on ti chnh a nng cung cp y cc
sn phm dch v ti chnh cho khch hng. Hin nay cc ngn hng
ny u c cng ty chng khon, cng ty cho thu ti chnh, cng ty
qun l qu,
Vi v th dn u v quy m v th phn, khi NHTMQD tp trung
khai thc i tng khch hng l cc doanh nghip ln, cc tp on
kinh t v u t d n.
Khi NHTMCP: Hu ht cc NHTMCP u c chin lc pht trin tp
trung vo th trng ngn hng bn l. Mt s NHTMCP dn u nh
ACB, STB c nh hng m rng thnh cc tp on ti chnh a nng
trong ngn hng thng mi l ct li. i tng khch hng ch yu
ca khi ny l cc doanh nghip va v nh v khch hng c nhn.
24/7/2008
Cc NHTMCP vi s nng ng v kh nng qun tr tt to p lc

cnh tranh ln i vi khi NHTMQD v NHNN&LD trong nhng
nm va qua. Cc NHTMCP hp dn cc nh u t nc ngoi bi s
tng trng nhanh chng v kh nng sinh li cao. Mt s ngn hng
c phn thc hin bn c phn cho i tc chin lc l cc Ngn
hng ln trn th gii nhm mc ch nng cao nng lc ti chnh v
qun tr.
Bng 7: i tc chin lc ca mt s NHTMCP ti Vit Nam
Ngn hng
Nh u t chin lc
ACB
Standard Chartered Bank
15
Sacombank
ANZ
10
Techcombank
HSBC
15
Eximbank
Sumitomo Mitsui bank
15
Oricombank
BNP Paribass
10
Southern Bank
United Overseas bank
10
VP Bank
OCBC
10
Habubank
Deutsche Bank AG
10
Ngun: Fitch
Khi NHNN&LD. Cc ngn hng nc ngoi c mt ti Vit Nam hin

ti u l nhng tn tui nm trong Top 100 ngn hng ln nht th gii
nh Citibank, HSBC, ANZ, Cc ngn hng ny c chin lc tp trung
vo i tng khch hng c th l cc doanh nghip 100% vn nc
ngoi, cng ty lin doanh, cc doanh nghip Quc doanh ln v cc khch
hng c nhn nc ngoi. Ngoi ra, mt s ngn hng ln c mt ti
Vit Nam t lu nh HSBC, ANZ, Citibank cng hng n cc i
tng khch hng c nhn c thu nhp cao. Cc ngn hng ny trin
khai nhiu sn phm ngn hng bn l hin i nhm thu ht khch hng
nh dch v cho vay qua mng, qua in thoi di ng, ti tr mua nh v
cc sn phm th tn dng quc t.
Kh nng thm nhp th trng
ca cc i th mi.
Nhiu iu kin cp php mi c p dng. K t ngy 01/04/2007,

theo cam kt gia nhp WTO, Vit Nam chnh thc cho php thnh lp ngn
hng 100% vn nc ngoi. Ngnh ngn hng l ngnh c tnh c th v
c nh gi l c mc cnh tranh cao nn vic thnh lp ngn hng
mi phi p ng nhng quy nh kht khe. Ngn hng mi thnh lp phi
c vn iu l ti thiu 1.000 t ng v phi t 3.000 t ng vo nm
2010. Room i vi nh u t nc ngoi vn hn ch mc 30%. Cc c
ng chin lc nc ngoi ch c nm gi ti a 20% vn iu l v
cc t chc ny phi c tng ti sn ti thiu 20 t USD.
10
24/7/2008
Tuy nhin, sc hp dn v tim nng tng trng v li nhun ca

ngnh ngn hng khin nhiu t chc trong v ngoi nc tham gia
thnh lp ngn hng mi.
i vi cc t chc trong nc. Trong nm 2007, c hn 30 h s v
ngh xin thnh lp ngn hng mi t cc doanh nghip ln nh: Tp
on Bo him Bo Vit, Tp on Bu chnh Vin thng, Tp on
Du kh, Tp on Dt may, Tng cng ty Sng , Tng cng ty
Thp, Tng cng ty Bia ru H Ni v.v... Hin nay, NHNN cp
php hot ng cho Ngn hng Lin Vit (vn iu l 3.000 t VND)
v Ngn hng Tin Phong (vn iu l 1.000 t VND), ng thi cng
chp thun nguyn tc i vi Ngn hng Bo Vit v Ngn hng Du
kh. i vi ngh ca cc t chc khc nhiu kh nng s kh thc
hin do Chnh ph lo ngi v vic u t dn tri sang lnh vc khc
ca cc Tp on kinh t.
i vi cc t chc nc ngoi. Tnh n cui nm 2007, Ngn hng
nh nc tip nhn 5 h s xin thnh lp ngn hng con 100% vn
nc ngoi v 19 h s xin cp php thnh lp chi nhnh ngn hng
nc ngoi ti Vit Nam. Trong s c 3 h s xin thnh lp chi
nhnh c chp thun nguyn tc l Commonwealth Bank
(Australia), IBK (Hn Quc) v Fubon (i Loan).
Nh vy, mc d ro cn ra nhp th trng ngn hng rt kht khe
nhng th trng ngn hng vn thu ht s tham gia ca nhiu t chc
ln, c bit l cc t chc nc ngoi vi tim lc ti chnh mnh,
cng ngh ngn hng hin i v thng hiu quc t. Do trong
thi gian ti s cnh tranh trn th trng ngn hng s ngy cng gay
gt. Xu hng mua bn v sp nhp trong ngnh c th s xy ra. S
lng ngn hng va v nh s gim ng k. Sp nhp gip cc ngn
hng nng cao hiu qu hot ng, duy tr mc li nhun v gim c
cnh tranh trong ngnh.
S cnh tranh tim tng t cc t chc ti chnh khc. Hot ng
ca cc ngn hng hin chu s cnh tranh nh t cc t chc ti chnh
khng phi l ngn hng nh cc Cng ty ti chnh, c bit l cc
cng ty ti chnh thuc cc Tp on, Tng cng ty (i vi hot ng
thu xp vn vay, tn dng, huy ng vn); cc cng ty Chng khon c
quy m ln (i vi cc hot ng ngn hng u t nh bo lnh pht
hnh, t vn sp nhp, u t ). Tuy nhin trong tng lai nu cc
m hnh ny thnh cng, y s l nhng i th cnh tranh trc tip
vi cc ngn hng trn tng mng hot ng, c bit l s cnh tranh
t cc cng ty Chng khon c lp c quy m ln ln hot ng ngn
hng u t.
11
24/7/2008
III. HIU QU HOT NG CA H THNG NGN HNG

Hiu qu hot ng ca cc NHTM
c nng cao trong nm 2007, c
bit l khi NHTMCP.
H thng ngn hng Vit Nam c s tng trng rt nhanh trong

nhng nm qua vi tc tng trng bnh qun 35%/nm. Bn cnh
s tng trng, hiu qu hot ng ca cc ngn hng thng mi
cng c nng ln r rt, c bit l khi NHTMCP. Nm 2007, t l
ROAA trung bnh ca ton h thng t 1,51%, ROAE t 16,42% so
vi mc trung bnh trong khu vc ln lt l 1,18% v 16,47%.
T l n xu (impaired loans) ca ton h thng ngn hng trong
gim t 14% trong nm 2006 xung 3% trong nm 2007, tnh theo
chun Quc t (IFRS) t l ny ln lt l 30% nm 2006 v 6% nm
2007. Tuy t l n xu (impaired loans) gim mnh nhng hin vn
cao hn nhiu so vi cc chi nhnh Ngn hng nc ngoi ti Vit
Nam.
Thi gian qua, tc tng trng ca khi NHTMQD chm hn kh
nhiu so vi cc NHTMCP. Nguyn nhn l do khi ny tp trung vo
vic ti cu trc v x l n xu nhm mc tiu lnh mnh ha ti
chnh chun b cho qu trnh c phn ha.
Khi NHTM Quc doanh
Cc ch tiu sinh li ROAA, ROAE ca cc Ngn hng Quc doanh cn

thp. Trong khi, ch c Vietcombank c cc ch tiu sinh li ROAA,
ROAE vt tri cao hn mc trung bnh trong khu vc v tng ng
vi mc sinh li ca cc NHTMCP hng u nh ACB, STB.
Bng 8: Mt s ch tiu ti chnh ca khi NHTMQD
VCB
2007
BIDV
ICB
2007
AGRI
2006
2007
2006
2006
195,964
166,952
204,511
161,223
135,363
Vn CSH
13,235
11,127
11,635
7,551
D n tn dng
95,909
67,743
131,984
TT tn dng
41.6%
11.0%
33.8%
2007
MHB
TBnh
2006
2007
2006
2007
2006
326,897
246,530
27,532
18,734
188,726
145,760
5,607
15,343
10,380
1,069
929
10,320
7,119
98,639
80,152
251,710
188,501
13,925
10,113
123,382
89,030
15.5%
7.4%
33.5%
18.2%
37.7%
19.9%
36.7%
14.4%
Quy m v tng trng

Tng ti sn
Kh nng sinh li
ROAA
1.2%
1.9%
0.8%
0.7%
0.5%
0.6%
0.4%
0.6%
0.5%
0.8%
0.8%
ROAE
17.9%
29.4%
16.0%
10.4%
11.3%
12.9%
9.0%
14.0%
8.3%
15.2%
13.7%
2.3%
2.6%
2.8%
2.5%
3.0%
4.4%
4.2%
2.7%
2.8%
3.0%
3.0%
30.9%
23.1%
30.5%
34.5%
46.9%
42.7%
47.6%
64.6%
64.9%
42.2%
43.4%
40.6%
64.5%
61.2%
59.2%
77.0%
76.5%
50.6%
54.0%
60.3%
58.3%
9,6%
11.0%
4,8%
5,2%
7,2%
5,0%
9.4%
9.3%
9.2%
6.8%
2.7%
4.8%
11.9%
1.4%
1.9%
4.7%
4.7%
4.5%
2.2%
2.2%
1.5%
0.1%
1.1%
1.2%
1.4%
1.8%
1.2%
NIM
Chi ph/D.Thu
Kh nng thanh khon

CV/Tng TS
48.9%
CAR
Cht lng ti sn
NPL
DPRRTD/D n
2.1%
1.8%
Ngun: BCTC cc ngn hng
12
24/7/2008
So vi cc ngn hng TMQD th kh nng sinh li ca cc ngn hng
Khi NHTM c phn
thng mi c phn tt hn mc d chi ph vn ca khi ny cao hn

do li sut huy ng cao hn so vi cc ngn hng quc doanh. ROAA
v ROAE trung bnh ca cc ngn hng thng mi c phn nm 2007
t ln lt 1,9% v 18,4%. Vt tri trong khi v kh nng sinh li
l ACB, STB v TCB.
Bng 9: Mt s ch tiu ti chnh cc NHTMCP
Tng TS
VCSH
D n tn dng
Tng trng TD
ROAA
ROAE
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
2007
2006
ABB
17,174
3,114
2,479
1,190
6,858
1,131
506.4%
178.3%
1.6%
3.1%
8.8%
8.4%
SEAB
26,241
10,200
3,366
1,056
11,041
3,363
228.3%
153.3%
1.6%
1.2%
13.5%
14.6%
VP
18,137
10,111
2,181
836
13,287
5,007
165.4%
51.9%
1.6%
1.4%
15.0%
19.5%
HBB
23,519
11,685
3,179
1,756
9,419
5,983
57.4%
79.7%
2.1%
2.2%
14.8%
17.2%
EAB
27,425
12,040
3,229
1,531
17,809
7,971
123.4%
33.7%
1.7%
1.6%
14.0%
14.3%
MB
27,777
13,529
3,337
1,366
10,386
5,906
75.9%
37.3%
1.7%
1.9%
15.3%
21.1%
VIB
39,305
16,527
2,183
1,190
16,744
9,137
83.3%
73.1%
1.1%
1.1%
18.3%
16.4%
TCB
39,542
17,326
3,573
1,762
20,603
8,811
133.8%
63.8%
1.8%
1.8%
19.1%
18.5%
EIB
33,710
18,327
6,295
1,947
18,452
10,207
80.8%
47.5%
1.8%
1.7%
11.2%
18.6%
STB
64,573
24,776
7,350
2,870
35,378
14,394
145.8%
70.8%
3.1%
2.4%
27.4%
19.8%
ACB
85,392
44,645
6,258
1,654
31,811
17,014
87.0%
81.3%
2.7%
1.5%
44.5%
34.5%
TBnh
36,618
16,571
3,948
1,560
17,435
8,084
153.4%
79.2%
1.9%
1.8%
18.4%
18.5%

NIM
Chi ph/Dthu
CV/TngTS
2007
2006
2007
2006
2007
2006
ABB
3.3%
4.1%
34.7%
21.9%
39.9%
SEAB
2.8%
2.5%
18.8%
26.6%
VP
3.5%
3.0%
48.5%
HBB
3.7%
2.7%
26.1%
EAB
3.0%
3.1%
40.7%
MB
3.1%
4.0%
32.3%
VIB
2.7%
3.3%
39.1%
TCB
3.4%
3.4%
EIB
3.1%
STB
CAR
2007
T l NPL
2007
2006
2007
2006
36.3%
2.0%
3.9%
0.8%
1.3%
42.1%
33.0%
N/A
0.2%
0.4%
0.3%
44.9%
73.3%
49.5%
26.0%
N/A
0.6%
0.0%
0.3%
28.1%
40.1%
51.2%
14.0%
2.5%
2.6%
1.4%
1.1%
45.4%
64.9%
66.2%
13.6%
0.4%
0.8%
0.4%
0.2%
26.1%
37.4%
43.7%
1.1%
2.8%
1.4%
2.8%
40.8%
42.6%
55.3%
0.8%
0.9%
35.1%
36.7%
52.1%
50.9%
1.4%
3.1%
0.6%
1.3%
2.8%
34.8%
31.3%
54.7%
55.7%
0.9%
0.8%
0.4%
0.4%
3.2%
4.4%
30.4%
38.4%
54.8%
58.1%
11.1%
11.8%
0.2%
0.7%
0.5%
0.6%
ACB
2.3%
2.7%
26.6%
38.9%
37.3%
38.1%
16.2%
10.9%
0.1%
0.2%
0.4%
0.4%
TBnh
3.1%
3.3%
33.4%
34.5%
49.0%
48.9%
14.5%
15.3%
1.1%
1.6%
0.6%
0.9%
21.0%
14.4%
2006
DPRR/D n
10.0%
1.2%
N/A

Cht lng tn dng ca cc ngn hng thng mi c phn c nh
gi kh tt theo chun mc k ton chung, vi t l n xu nm 2007
l khong 1,5%, thp hn so vi cc ngn hng Quc doanh (t l n
xu ca cc ngn hng quc doanh khong 4%). H s an ton vn ti
thiu ca cc ngn hng thng mi c phn cng t yu cu ti thiu
khi a phn cc ngn hng c t l CAR > 8%.
13
24/7/2008
IV. PHN TCH RI RO

Trong nm 2007 v nhng thng u nm 2008, nn kinh t Vit Nam
gp nhiu kh khn do lm pht tng cao, thm ht thng mi mc
k lc khin cho tc tng trng GDP c xu hng chm li. Trong
bi cnh , vn ri ro i vi h thng Ngn hng l vn c
nhiu t chc, c nhn quan tm.
Biu 10: GDP - CPI v Thm ht thng mi
GDP - CPI
GDP
9.500%
7.100%
4.100%
2002
7.300%
8.400%
7.800%
2003
2004
Thm ht thng mi
CPI
Xut khu
12.600%
8.200%
8.500%
16.7
6.800%
2.900%
(VT: T USD)
2005
2006
2002
-19.7
Nhp khu
32.4
26.5
20.1
2003
-25.3
Thm ht thng mi
48.4
39.6
2004
2005
-32
2006
-37
2007
-44.8
2007
-60.8
Ngun: BMI, BVSC

Mt trong nhng nguyn nhn chnh dn n t l lm pht tng cao
trong nm 2007 l do mc tng cung tin trong nn kinh t. Trong giai
on 2002 - 2007, cng vi tng trng hot ng tn dng, tng
phng tin thanh ton trong nn kinh t (M2) cng tng trung bnh
29%/nm, c bit trong nm 2007 mc tng ny l 45%.
Biu 11: Tng trng Tn dng - M2 - CPI giai on 2002 - 2007
Tng PTTT tng nhanh l mt trong
nhng nguyn nhn chnh dn n
lm pht cao trong thi gian qua.
Tng trng tn dng
Tng trng tng PTTT
Tng CPI
54%
42%
28%
22%
18%
2002
29%
25%
4%
34%
30%
25%
10%
3%
2003
32%
2004
45%
8%
2005
13%
7%
2006
2007
Ngun: ADB, BVSC

Trc bi cnh lm pht tng cao, Ngn hng nh nc thc hin
nhiu bin php tht cht tin t nhm khng ch mc tng cung tin
nh: tng t l d tr bt buc ln 11%, tng li sut c bn, pht hnh
tn phiu bt buc, Nhng bin php ny c nh hng trc tip n
tnh thanh khon, mc ri ro cng nh kh nng sinh li ca h
thng ngn hng.
14
24/7/2008
1. Ri ro thanh khon
Mt s ngn hng c kh nng i
mt vi ri ro thanh khon do t l cho
vay/huy ng tin gi mc trn
100%.
Trong bi cnh Ngn hng nh nc thc hin chnh sch tht cht
tin t, c du hiu ca ri ro thanh khon trn h thng ngn hng.
Hin tng li sut huy ng tin gi v li sut trn th trng lin
ngn hng lin tc tng nhanh cho thy r iu ny. S thiu ht thanh
khon xut pht t mt s ngn hng cho vay vt qu kh nng huy
ng tin gi cho thy nhng ngn hng ny ang ph thuc kh nhiu
vo lng vn vay trn th trng lin ngn hng.
Bng 10: T l cho vay/huy ng tin gi ca mt s ngn hng
2006
2007
Q1/2008
119.2%
109.4%
115.7%
VCB
56.6%
66.0%
N/A
BIDV
92.6%
97.5%
N/A
INCOMBANK
80.4%
95.8%
N/A
MHB
202.0%
140.1%
151.5%
Trung bnh nhm NHTMQD
110.2%
101.8%
N/A
ACB
50.6%
57.5%
64.2%
SACOMBANK
82.2%
80.0%
79.0%
TECHCOM
92.1%
84.2%
81.9%
EAB
86.0%
123.9%
121.4%
MB
56.6%
57.5%
61.3%
VIB
93.1%
94.7%
104.5%
EXIMBANK
77.7%
80.6%
N/A
HABUBANK
133.4%
111.2%
129.5%
VP
88.9%
104.1%
93.2%
ABB
72.9%
101.2%
101.0%
145.4%
102.8%
N/A
89.0%
90.7%
N/A
AGRIBANK
SEABANK
Trung bnh nhm NHTMCP
Ngun: Tng hp t BCTC cc ngn hng

T l cho vay/huy ng tin gi
Vit Nam hin ang mc 107%,
cao hn kh nhiu so vi mc trung
bnh trong khu vc Chu l 83%.
Mc d li sut huy ng tng cao nhng tc huy ng vn ca cc ngn

hng vn ang chm li. y l nguyn nhn dn n cng thng ngun vn
v thanh khon cc b mt s ngn hng. Theo s liu ca NHNN, tnh
n ht thng 5/2008, huy ng tin gi trn ton h thng ngn hng ch
tng 4,1% trong khi d n tn dng tng 19,13% so vi cui nm 2007. Vi
tc tng tin gi mc rt thp y t l cho vay/huy ng ca ton h
thng ln mc 107% e da n tnh thanh khon ca ton h thng, c bit
l cc ngn hng ang c t l cho vay/huy ng tin gi trn 100% v phi
phc thuc nhiu vo ngun vn vay trn th trng lin ngn hng. Nguy c
ri ro thanh khon s khin cc Ngn hng phi tp trung hn vo vic huy
ng vn ng thi hn ch cho vay ra a t l cho vay/huy ng tin
gi tr v mc an ton hn.
15
24/7/2008
2. Ri ro tn dng
T l cho
bnh qun
ngn hng
ph thuc
dng.
vay/ tng ti sn mc
trn 50% cho thy cc
thng mi c mc
cao vo hot ng tn
Hin nay hot ng cho vay vn l mng hot ng chnh ti cc

NHTM Vit Nam vi mc bnh qun chim hn 50% tng ti sn.
Bng 11: T l cho vay/Tng ti sn ca mt s ngn hng
AGRIBANK
VCB
BIDV
INCOMBANK
MHB
Trung bnh nhm NHTMQD
ACB
SACOMBANK
TECHCOM
EAB
MB
VIB
EXIMBANK
HABUBANK
VP
ABB
SEABANK
Trung bnh nhm NHTMCP
2006
2007
Q1/2008
76.5%
40.6%
61.2%
59.2%
54.0%
58.3%
38.1%
58.1%
50.9%
66.2%
43.7%
55.3%
55.7%
51.2%
49.5%
36.3%
33.0%
48.9%
77.0%
48.9%
64.5%
N/A
50.6%
60.3%
37.3%
54.8%
52.1%
64.9%
37.4%
42.6%
54.7%
40.1%
73.3%
39.9%
42.1%
49.0%
78.3%
N/A
N/A
N/A
48.1%
63.2%
40.5%
55.1%
55.2%
72.9%
45.5%
54.6%
N/A
56.2%
72.0%
44.2%
N/A
55.1%
Ngun: Tng hp t BCTC cc ngn hng

Hot ng tn dng c nguy c ri ro
cao khi th trng bt ng sn v th
trng chng khon st gim mnh.
Ri ro i vi hot ng cho vay u t, kinh doanh bt ng sn:

hot ng cho vay ca cc ngn hng vn ch yu da vo ti sn m
bo l bt ng sn. Thng tin t Ngn hng Nh nc cho bit, thi
im u nm 2008, gi tr ti sn m bo l bt ng sn chim
khong 50% tng ti sn ca h thng ngn hng; d n cho vay bt
ng sn chim khong 135.000 t chim khong 10,8% tng d n
ton h thng. y l mt trong nhng nguy c tim n ri ro ln i
vi h thng Ngn hng, tuy nhin cha c c s nh gi chnh
xc mc ri ro ca hot ng ny.
Ri ro i vi hot ng cho vay cm c chng khon: d n cho vay
cm c chng khon tng nhanh trong nm 2006 2007 cng vi s bng n
ca TTCK, thm ch ti mt s ngn hng c phn t l cho vay cm c
chng khon tng ln mc 40% -50% d n cho vay. Trc tnh trng ,
Ngn hng Nh nc ban hnh Quyt nh 03 khng ch mc cho vay
cm c chng khon khng vt qu 20% vn iu l ca Ngn hng. Theo
thng tin t Ngn hng Nh nc, d n cho vay kinh doanh chng khon
gim xung mc 9.000 t, chim di 1% tng d n cho vay ca h thng
ngn hng. y cng l mt nguy c ri ro n xu tim n i vi h thng
Ngn hng trong bi cnh TTCK st gim.
16
24/7/2008
T l n xu (impaired loans) tuy c ci thin song vn mc

cao so vi mt bng chung trong khu vc. T l n xu (impaired
loans) ca ton h thng ngn hng trong gim t 14% trong nm
2006 xung 3% trong nm 2007. Tuy nhin y l mc c tnh theo
chun k ton Vit Nam (VAS), nu tnh theo chun k ton Quc t
(IFRS) th t l ny ln lc l 30% nm 2006 v 6% nm 2007 cao
hn so vi cc chi nhnh Ngn hng nc ngoi ti Vit Nam. Trong
nm 2008, t l n xu ca h thng Ngn hng d bo s tng ln do
chu nh hng ca chnh sch tht cht tin t v s st gim ca th
trng bt ng sn v th trng chng khon.
3. Ri ro li sut
Ti cc Ngn hng, thng c s chnh lch k hn ti nh gi gia ti
sn n v ti sn c. Do , khi mc li sut trn th trng thay i s
nh hng n ngun thu t cc ti sn sinh li cng nh chi ph t huy
ng vn, t nh hng ti li nhun ca ngn hng. Trong nhng
thng u nm 2008, Ngn hng Nh nc 2 ln thc hin tng li
sut c bn t 8,75% ln 12% v 14%. Cc ngn hng thng mi lun
trong tnh trng chy ua v li sut nhm ht tin gi to nn cuc ua
li sut v lm tng nguy c ri ro li sut trong h thng Ngn hng.
Theo d bo ca EIU, li sut huy ng v cho vay bnh qun trong nm
2008 mc rt cao ln lt l 20,8% v 15,3%.
Biu 12: Din bin li sut trung bnh giai on 2003 - 2009
Mt bng li sut c xu hng tng v
tng mnh trong nm 2008 gy kh
khn cho nn kinh t ni chung v h
thng Ngn hng ni ring.
Li sut cho vay trung bnh
Li sut tin gi trung bnh

20.8%
9.5%
9.7%
11.0%
11.2%
11.4%
15.3%
6.6%
2003
17.3%
6.1%
7.1%
7.6%
7.9%
2004
2005
2006
2007
2008F
12.3%
2009F
Ngun: Economist Intelligence Unit

T l s dng vn ngn hn cho vay di hn ca cc Ngn hg
thng mi chim khong 40% ngun vn ngn hn. Do , mt bng
li sut tng cao l mt nguyn nhn chnh buc cc NHTM phi iu
chnh k hoch li nhun cho nm 2008 ny. Hin nay, mt s ngn
hng thc hin iu chnh li nhun k hoch nh ACB iu chnh
k hoch t 2.800 t xung 2.500 t; Eximbank iu chnh k hoch t
1.500 t ng xung 1.300 t ng; ABB iu chnh li nhun k
hoch t 555 t ng xung 500 t ng. So vi k hoch d kin ban
u, li nhun iu chnh trong nm 2008 ca mt s ngn hng
gim xung khong 10% - 20%.
17
24/7/2008
4. Ri ro hot ng u t v kinh doanh chng khon

Hot ng u t chng khon l mt trong nhng hot ng nhm mc
ch a dng ho danh mc ti sn, to tnh thanh khon v sinh li cho
Ngn hng. Hot ng ny c bit si ng trong giai on 2006 - 2007
cng vi s bng n ca th trng chng khon Vit Nam. Trong nm
2007, t trng chng khon kinh doanh v u t trong tng ti sn ca
khi NHTMQD v NHTMCP ln lt l 18% v 14,5%; t trng thu
nhp t hot ng ny trong tng thu nhp tng ng l 2,2% v 14%.
Biu 13: C cu hot ng u t v kinh doanh chng khon
50%
41.1%
40%
33.1%
30%
21.1%
20%
10%
0.3%
1.2%
2.0%
AGRI
HBB
BIDV
6.7%
8.1%
11.1%
5.6%
10.8%
3.7%
5.0%
10.2%
2.8%
MHB
VCB
SEAB
EIB
TCB
VIB
MB
VP
EAB
0%
Thu nhp t mua bn CK/Tng thu nhp
ABB
STB
ACB
Chng khon u t, kinh doanh/Tng TS

Chim a phn trong danh mc chng khon u t ca cc Ngn hng
thng l Tri phiu Chnh ph v Tri phiu ca cc Tp on ti chnh.
Tuy nhin, k t u nm 2008 n nay, th trng chng khon st gim
mnh (ch s VnIndex gim hn 50%). ng thi, li sut th trng
cng tng nhanh khin li tc tri phiu tng mnh (li sut tri phiu
tng khong 10%). y l nhng yu t gy nh hng n danh mc
chng khon u t v kinh doanh ca cc ngn hng cng nh li nhun
t hot ng mua bn chng khon.
Biu 14: Din bin ch s VnIndex v li sut tri phiu
Biu VnIndex
Biu li sut tri phiu Chnh ph

Yield 5 nm
1000
800
20%
600
15%
400
10%
200
5%
0
01/02/2008
Yield 2 nm
25%
0%
02/21/2008
04/03/2008
05/22/2008
01/09/2008
03/17/2008
5/5/2008
6/17/2008
Ngun: BVSC tng hp
18
24/7/2008
V. QUAN IM U T
Trn c s nhng phn tch, nh gi tim nng tng trng, mc ri ro
v hiu qu hot ng ca h thng ngn hng, chng ti cho rng hin nay
l thi im c th tham gia u t vo cc Ngn hng thng mi ti Vit
Nam. Tuy nhin, mc u t tu thuc vo tng nhm ngn hng khc
nhau. Xt v quy m, tc tng trng v kh nng cnh tranh ca cc
Ngn hng, chng ti chia cc Ngn hng thng mi trong nhm so snh
thnh 4 nhm vi mc khuyn ngh u t nh sau:
Bng 12: Cc nhm Ngn hng
Nhm
Ngn hng
Agribank, BIDV,
c im
-
VCB, ICB
C quy m vn, tng ti sn v mng li hot ng ln nht trong

h thng Ngn hng thng mi Vit Nam.
ACB, STB, TCB
Quan im u t
u t VCB mc
gi hin ti.
Tc tng trng n nh.
Nm gi th phn chi phi trn cc mng nghip v chnh.
C quy m vn, tng ti sn, mng li hot ng ln nht trong
u t vi mc gi
khi Ngn hng thng mi c phn ti Vit Nam
th trng hin ti
Tc tng tng ti sn, doanh thu, li nhun mc cao v n nh.
Cc ch tiu sinh li cao, v ri ro thp.
C s h tr ca cc i tc chin lc l cc tp on ti chnh ln
trn th gii.
EAB, MB, EIB,
VIB
C quy m vn, tng ti sn mc trung bnh trong nhm Ngn hng
u t vi mc gi
thng mi c phn so snh.
th trng hin ti
Tc tng trng tng ti sn, doanh thu, li nhun nhanh.
Kh nng sinh li v mc ri ro mc trung bnh trong khi

Ngn hng thng mi c phn ti Vit Nam.
C k hoch bn c phn cho i tc chin lc nc ngoi hoc

c i tc chin lc nc ngoi.
VPBank,
HBB,
ABB, Seabank
C quy tng ti sn mc thp hn trung bnh nhm Ngn hng thng
Cha u t
mi c phn so snh.
-
Tc tng trng tng ti sn, doanh thu, li nhun nhanh nhng

khng n nh.
Kh nng sinh li mc thp v mc ri ro cao so vi mc trung

bnh nhm Ngn hng thng mi c phn so snh.
C k hoch bn c phn cho i tc chin lc nc ngoi hoc

c i tc chin lc nc ngoi.
Ngun: BVSC
19
24/7/2008
Bng 13: So snh cc ch tiu nh gi vi cc ngn hng trong khu vc

n v: 1 USD
Vn ha th trng
ROAA (%)
ROAE (%)
60.201.899.016
1,03
19,57
18,12
3,10
4,18
Ind & Comm Bk Of China - H
259.999.686.366
1,01
16,23
19,15
3,03
4,38
China Construction Bank-H
209.815.057.026
1,15
18,39
18,02
3,19
4,33
Bank Of China Ltd - H
156.336.195.039
0,99
14,00
13,77
1,94
2,93
Bank Of Communications Co-H
61.108.839.999
1,06
18,16
18,66
3,07
4,19
China Merchants Bank
44.710.603.082
1,36
24,76
19,97
4,77
5,68
China Citic Bank - H
30.306.137.842
0,97
14,38
17,65
1,92
3,64
Industrial Bank Co Ltd
18.246.170.550
1,17
31,17
14,29
3,42
3,26
Shanghai Pudong Devel Bank-A
16.686.279.822
0,69
20,74
20,84
4,29
3,12
China Minsheng Banking-A
14.995.798.750
0,83
22,65
14,79
2,18
2,43
Bank Of Beijing Co Ltd
12.048.958.307
1,07
18,34
21,05
3,29
6,02
Shenzhen Development Bank-A
6.257.651.497
0,86
27,04
14,72
3,50
2,23
Huaxia Bank Co Ltd-A
5.380.614.036
0,40
16,71
17,56
2,95
1,56
Bank Of Ningbo Co Ltd -A
3.965.131.425
1,44
16,96
25,28
3,60
8,11
Bank Of Nanjing Co Ltd
2.969.462.484
1,36
14,47
17,87
2,18
6,66
India
4.486.754.832
1,09
17,00
12,73
1,69
1,42
State Bank Of India
15.444.835.835
0,97
17,27
6,25
1,01
0,58
Icici Bank Ltd
15.184.378.239
0,77
9,84
18,66
1,38
0,98
Hdfc Bank Limited
8.212.079.398
1,42
17,72
21,63
2,86
2,57
Axis Bank Limited
5.122.815.873
1,16
17,44
19,47
2,35
2,18
Punjab National Bank
2.678.099.845
1,04
15,56
7,12
1,06
0,95
Bank Of India
2.624.298.500
1,22
23,47
5,44
0,99
0,68
Centurion Bank Of Punjab Ltd
1.936.541.438
0,81
10,43
50,47
4,67
3,83
Bank Of Baroda
1.698.334.426
0,94
15,30
4,75
0,60
0,48
Canara Bank
1.656.047.400
1,03
16,64
4,00
0,62
0,40
Union Bank Of India
1.212.486.817
1,22
22,13
3,79
0,66
0,46
Indian Overseas Bank
958.799.513
1,30
27,07
3,47
0,79
0,44
Corporation Bank
853.500.979
1,11
14,23
4,93
0,98
0,97
Yes Bank Ltd
745.594.547
1,24
13,88
15,54
3,94
4,00
Indonesia
3.282.267.635
1,79
16,00
19,57
2,54
2,38
Bank Rakyat Indonesia
7.428.333.499
2,70
26,64
13,33
3,28
2,59
Bank Central Asia Pt
6.894.078.810
2,27
23,32
13,80
2,95
3,23
Bank Mandiri
6.185.762.521
1,48
15,64
12,05
1,85
0,04
Bank Danamon Pt
2.698.219.216
2,47
20,88
11,24
2,22
1,66
Bank Internasional Indone Pt
2.496.939.282
0,75
7,64
46,18
4,47
3,46
Bank Negara Indonesia Pt
2.056.679.877
0,51
5,61
28,62
1,27
0,96
Bank Pan Indonesia Tbk Pt
1.778.133.103
1,81
12,08
18,94
2,16
3,22
Bank Niaga Tbk Pt
1.248.199.250
1,52
15,42
14,44
2,12
1,91
Lippo Bank Tbk Pt
1.169.337.208
2,04
20,41
15,62
2,85
2,67
866.993.585
2,39
12,31
21,43
2,20
4,05
China
Bank Uob Buana Tbk Pt
P/E
P/B
P/S
20
n v: 1 USD
24/7/2008
Vn ha th trng
ROAA (%)
ROAE (%)
6.045.667.441
1,16
17,54
11,06
2,06
2,29
Public Bank Bhd-Foreign Mkt
11.009.255.456
1,32
23,12
14,47
3,81
3,51
Public Bank Bhd
10.901.322.358
1,32
23,12
14,33
3,78
3,47
Malayan Banking Bhd
10.516.107.636
1,32
17,63
10,40
1,70
2,21
Bumiputra-Commerce Hldgs Bhd
7.725.997.783
1,64
20,32
9,26
1,56
1,97
Hong Leong Bank Berhad
2.776.518.822
0,94
13,80
10,69
1,70
2,22
Rhb Capital Bhd
2.698.173.737
0,68
11,91
10,82
1,19
1,39
Hong Leong Financial Group
1.460.611.472
0,68
13,64
8,12
1,13
1,21
Alliance Financial Group Bhd
1.277.352.262
1,41
16,77
10,41
1,58
2,34
Philippines
1.851.387.397
1,64
13,62
13,11
1,52
2,44
Bank Of Philippine Islands
2.567.936.530
1,64
14,89
13,61
1,67
2,47
Banco De Oro Unibank Inc
2.033.145.896
1,05
11,68
13,99
1,41
1,71
China Banking Corporation
953.079.767
2,22
14,28
11,73
1,48
3,13
Singapore
20.169.922.827
1,19
13,28
12,43
1,58
3,30
Dbs Group Holdings Ltd
21.005.341.177
1,06
11,67
11,78
1,38
2,78
United Overseas Bank Ltd
20.852.837.435
1,25
13,00
13,54
1,75
3,37
Oversea-Chinese Banking Corp
18.651.589.867
1,27
15,18
11,98
1,62
3,76
Thailand
5.255.713.546
1,37
15,06
7,49
1,35
1,89
Bangkok Bank Public Co Ltd
6.566.672.450
1,25
12,23
10,86
1,21
2,03
Kasikornbank Pcl
4.904.083.094
1,55
15,94
3,39
1,46
2,04
Siam Commercial Bank Pub Co
4.296.385.095
1,31
17,02
8,22
1,39
1,59
470.648.299
1,89
20,96
9,49
1,64
4,24
1.020.089.733
1,20
17,90
7,72
2,08
2,73
Asia Commercial Bank
779.454.145
2,71
44,49
6,04
2,67
4,26
Sacombank
606.656.455
3,13
27,36
7,03
1,64
4,10
Techcombank
382.016.364
1,79
19,13
12,35
2,00
5,18
Exim Bank
407.272.727
1,78
11,25
14,50
1,14
6,76
East Asia Bank
242.424.242
1,68
13,96
12,04
1,38
4,70
Military Bank
169.696.970
1,74
15,27
7,80
0,96
3,54
Vietnam International Bank
157.575.758
1,11
18,31
8,42
1,24
2,62
12.720.532.624
1,40
16,63
13,00
1,93
2,77
Malaysia
Vietnam
Vietcombank
Trung bnh khu vc
P/E
P/B
P/S
Ngun: Bloomberg, BVSC (D liu cc Ngn hng trong khu vc c ly vo ngy 03/07/2008)
Ngn hng
Gi
Ngn hng
Gi
Ngn hng TMCP Ngoi thng

(Vietcombank)
38.000
Ngn hng TMCP XNK Vit Nam

(Eximbank)
24.000
Ngn hng TMCP Chu (ACB)
48.900
Ngn hng TMCP ng (EAB)
25.000
Ngn hng TMCP Si Gn Thng

tn (Sacombank)
22.500
Ngn hng TMCP Qun i (MB)
14.000
Ngn hng TMCP K thng Vit

Nam (Techcombank)
25.000
Ngn hng TMCP Quc t Vit Nam (VIB)
13.000
Ngun: Gi tham kho trn bo u t chng khon ngy 01/07/2008

21
24/7/2008
Ngn hng TMCP An Bnh (ABB)

BO CO KT QU KINH DOANH
n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
18.637
120.647
421.545
Tng ti sn c
679.708
3.113.898
17.174.117
Thu nhp li thun
18.633
75.602
324.363
Tin mt, vng bc, qu
5.819
33.195
149.751
(357)
5.114
5.587
Tin gi ti NHNN
37.546
31.323
365.006
193
245
2.515
Gi, cho vay TCTD khc
146.941
1.536.087
5.643.866
(12.936)
Chng khon kinh doanh
35.519
Li/ l thun t mua bn CKT
168
212
102.043
Cho vay khch hng
405.440
1.116.500
6.800.285
Li/ l thun t hot ng khc
39.474
(27)
Chng khon u t
76.023
343.436
3.659.331
Tng CP hot ng
8.157
26.414
146.269
Ti sn c nh hu hnh
1.828
6.664
61.984
Chi ph tin lng
3.710
10.114
49.909
Ti sn c nh v hnh
17.889
267
663
7.667
6.111
46.693
440.486
4.180
15.637
88.693
491.632
1.923.624
14.694.917
10.480
94.233
275.276
35.000
22.966
217.172
13.473
44.510
Tin gi v vay TCTD khc
241.224
297.686
7.268.987
10.480
80.760
230.766
Tin gi ca khch hng
209.317
1.551.159
6.776.279
Thu TNDN
3.201
22.613
69.017
Cc cng c ti chnh khc
366
Li nhun sau thu
7.279
58.147
161.749
Vn ti tr, u thc u t
16.191
11.164
Pht hnh giy t c gi
204.949
6.091
35.622
216.000
Li/ l thun t H dch v

Li/ l thun t KD ngoi hi
Li/ l thun t mua bn CKKD
Chi ph khu hao

Chi ph hot ng khc
Li nhun thun t HKD
Chi ph DP RRTD
Tng li nhun trc thu
Mt s ch tiu ti chnh
Ti sn C khc
Tng n phi tr
N Chnh ph v NHNN
EPS
N/A
971
1.219
ROAA
N/A
3,07%
1,59%
Tng vn ch s hu
188.076
1.190.274
2.479.200
ROAE
N/A
8,44%
8,82%
Vn ca TCTD
178.860
1.131.951
2.300.001
NIM
N/A
4,09%
3,33%
Qu ca TCTD
618
16.527
39.187
43,77%
21,89%
34,70%
8.598
41.796
140.012
N/A
3,88%
2,05%
679.708
3.113.898
17.174.117
Chi ph H/Thu nhp H

NPL
Cc khon n khc
Li nhun cha phn phi

Tng n phi tr v VCSH
22
24/7/2008
Ngn hng TMCP ng Nam (Seabank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
76.870
195.846
552.333
Tng ti sn c
6.124.937
10.200.417
26.241.087
Thu nhp li thun
81.026
176.147
469.015
Tin mt, vng bc, qu
54.504
72.765
119.369
1.980
8.236
6.692
Tin gi ti NHNN
73.895
214.772
511.669
(6.287)
(12.986)
1.421
2.658.972
3.317.688
8.584.977
24.442
27.524
263.488
759.110
479
22
Cho vay khch hng
1.347.680
3.353.999
10.994.813
(328)
47.659
Chng khon u t
1.218.342
2.040.000
3.968.000
Tng CP hot ng
26.231
52.126
103.921
Gp vn, u t di hn
22.000
27.500
44.900
Li nhun thun t HKD
50.639
143.720
448.412
Ti sn c nh hu hnh
14.064
24.700
29.260
6.843
39.658
Ti sn c nh v hnh
7.937
35.796
50.639
136.877
408.754
Ti sn C khc
735.480
877.568
1.193.193
38.326
109.906
Tng n phi tr
5.833.161
9.144.882
22.874.629
Li nhun sau thu
50.635
98.551
298.848
2.805.478
4.834.294
9.504.696
Li ch ca c ng thiu s
10.532
Tin gi ca khch hng
2.312.406
3.511.683
10.744.178
Li nhun thun trong nm
40.103
98.551
298.848
Vn ti tr, u thc u t
30
Pht hnh giy t c gi
2.000.000
Cc khon n khc
715.277
798.905
625.725
Tng vn ch s hu
291.776
1.055.535
3.366.458

Thu nhp t gp vn, mua c phn
Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Mt s ch tiu ti chnh
EPS
N/A
2.638
2.098
ROAA
1,20%
1,21%
1,64%
ROAE
22,34%
14,63%
13,52%
Vn ca TCTD
250.054
950.054
3.046.300
2,19%
2,48%
2,84%
Qu ca TCTD
1.571
6.930
21.310
34,12%
26,62%
18,81%
40.151
98.551
298.848
N/A
0,16%
N/A
6.124.937
10.200.417
26.241.087
NIM
Chi ph H/Thu nhp H
NPL
Li nhun cha phn phi

N phi tr v VCSH
23
24/7/2008
Ngn hng TMCP cc doanh nghip ngoi quc doanh (VPBank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
164.337
305.076
659.800
Tng ti sn c
6.090.163
10.111.216
18.137.433
Thu nhp li thun
145.353
231.240
466.001
Tin mt, vng bc, qu
83.253
100.330
284.091
6.217
8.746
30.288
Tin gi ti NHNN
105.234
1.306.886
1.211.821
(9.718)
(2.583)
6.538
583.582
1.136.655
693.862
71.146
132.427
22.485
65.822
82.315
Cho vay khch hng
3.295.408
4.993.976
13.287.472
1.851
3.512
Chng khon u t
1.778.125
2.091.813
1.678.327
Tng CP hot ng
81.043
136.831
320.296
Gp vn, u t di hn
13.082
32.489
50.971
Chi ph tin lng
32.726
56.659
128.566
Ti sn c nh
32.794
129.345
270.417
Chi ph khu hao
2.943
8.296
25.742
Ti sn C khc
198.685
319.722
528.045
Chi ph hot ng khc
45.374
71.876
165.988
Tng n phi tr
5.761.898
9.275.597
15.956.599
Li nhun thun t HKD
83.294
168.245
339.504
N Chnh ph v NHNN
30.000
7.085
11.437
25.981
2.398.230
3.386.736
2.439.615
Tng li nhun trc thu
76.209
156.808
313.523
Tin gi ca khch hng
3.209.771
5.630.373
12.764.366
Thu TNDN
20.626
43.388
86.802
38.826
244.021
Li nhun sau thu
55.583
113.420
226.721
Cc khon n khc
123.897
219.662
508.597
2.446
2.447
1.763
Tng vn ch s hu
328.265
835.619
2.180.834
ROAA
1,09%
1,40%
1,61%
Vn ca TCTD
309.611
756.160
2.018.660
ROAE
21,07%
19,49%
15,03%
Qu ca TCTD
3.882
25.428
57.037
2,99%
3,02%
3,53%
14.772
54.031
105.137
49,32%
44,85%
48,54%
6.090.163
10.111.216
18.137.433

Chi ph DP RRTD
EPS
NIM
Chi ph H/Thu nhp H
Vn ti tr, u thc u t
Li nhun cha phn phi

Tng n phi tr v VCSH
24
24/7/2008
Ngn hng TMCP Nh H Ni (Habubank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
177.153
387.903
737.941
Tng ti sn c
Thu nhp li thun
97.406
221.827
622.955
15.627
33.503
86.038
3.556
1.367
2.718
7.485
9.074
58.487
114.628
550
8.037
4.356
1.527
1.056
12.800
Gp vn, u t di hn
Tng CP hot ng
59.273
108.831
192.263
Ti sn c nh hu hnh
Chi ph tin lng
22.401
46.213
88.890
Ti sn c nh v hnh
Chi ph khu hao
6.190
9.719
19.310
30.682
52.899
84.063
117.880
279.072
545.678
14.783
31.025
84.923
103.097
248.047
460.755
Thu TNDN
27.907
62.854
95.123
Li nhun sau thu
75.190
185.193
365.632
Tng TN hot ng

Thu nhp t gp vn, mua CP
Chi ph hot ng khc

LN thun t HKD
Chi ph DP RRTD
Tng LN trc thu
2006
2007
5.524.791
11.685.318
23.518.684
Tin mt, vng bc, qu
48.740
82.547
154.802
Tin gi ti NHNN
56.782
131.298
37.763
1.109.794
3.603.660
10.894.263
5.343
68.324
Cho vay khch hng
3.293.681
5.915.744
9.285.862
Chng khon u t
890.324
1.559.234
2.411.833
129.515
267.975
28.734
40.356
93.054
3.043
7.518
5.186
Bt ng sn u t
10.557
8.004
Ti sn C khc
83.136
202.099
299.622
5.133.327
9.928.937
20.339.339
343.826
193.271
307.434
1.462.284
4.857.999
10.805.535
Tin gi ca khch hng
3.096.275
4.484.804
8.467.382
46.618
67.736
97.964
131.292
292.021
Cc khon n khc
184.324
193.835
369.003
Tng vn ch s hu
391.464
1.756.381
3.179.345
Tng n phi tr
N Chnh ph v NHNN
Vn ti tr, u thc u t
Pht hnh giy t c gi
Mt s ch tiu ti chnh
EPS
2005
2.097
2.379
2.229
ROAA
1,63%
2,15%
2,08%
ROAE
23,31%
17,24%
14,82%
Vn ca TCTD
300.000
1.569.386
2.820.386
2,18%
2,68%
3,68%
Qu ca TCTD
20.949
30.224
64.267
33,46%
28,06%
26,05%
Li nhun cha phn phi
70.515
156.771
294.692
N/A
2,62%
2,49%
5.524.791
11.685.318
23.518.684
NIM
Chi ph H/Thu nhp H
NPL
Tng n phi tr v VCSH
25
24/7/2008
Ngn hng TMCP ng (EAB)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
296.227
431.450
850.321
Tng ti sn c
8.515.913
12.040.339
27.424.673
Thu nhp li thun
207.885
271.606
511.380
Tin mt, vng bc, qu
531.010
1.121.209
1.956.523
76.264
90.293
188.418
Tin gi ti NHNN
408.186
486.526
1.930.541
6.988
28.977
16.285
752.965
1.231.689
3.056.832
17.677
94.236
1.110
Cho vay khch hng
5.947.768
7.956.946
17.744.809
942
16.232
27.144
Chng khon u t
462.116
1.078.018
4.148
6.665
12.858
Gp vn, u t di hn
178.993
53.510
138.220
140.780
196.040
346.133
Ti sn c nh hu hnh
151.354
236.270
342.560
Chi ph tin lng
50.011
68.549
139.179
Ti sn c nh v hnh
306
18.904
Chi ph khu hao
15.758
28.072
49.033
545.637
491.767
1.157.156
Chi ph hot ng khc
75.011
99.419
157.921
Tng n phi tr
7.804.155
10.509.128
24.195.455
155.447
235.410
504.188
N Chnh ph v NHNN
17.001
24.618
50.122
622.900
621.086
6.070.570
138.446
210.792
454.066
Tin gi ca khch hng
6.513.795
9.271.350
14.372.879
37.604
50.840
121.801
Vn ti tr, u thc u t
183.812
204.989
200.736
100.842
159.952
332.265
Pht hnh giy t c gi
1.055.508
Cc khon n khc
483.648
411.703
2.495.758
Tng vn ch s hu
711.758
1.531.211
3.229.218


Tng CP hot ng
Li nhun thun t HKD

Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Li nhun sau thu
Mt s ch tiu ti chnh
Ti sn C khc
ROAA
1,35%
1,56%
1,68%
ROAE
16,20%
14,26%
13,96%
Vn ca TCTD
500.476
880.480
2.828.479
3,28%
3,15%
3,01%
Qu ca TCTD
70.653
447.651
79.860
47,52%
45,44%
40,71%
140.629
203.080
320.879
N/A
0,77%
0,45%
8.515.913
12.040.339
27.424.673
NIM
Chi ph H/Thu nhp H
NPL
Li nhun cha phn phi

Tng n phi tr v VCSH
26
24/7/2008
Ngn hng TMCP Qun i (MB)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
299.992
512.257
791.449
Tng ti sn c
8.214.933
13.529.356
27.776.962
Thu nhp li thun
239.917
390.407
599.623
Tin mt, vng bc, qu
89.390
156.984
351.050
22.107
39.045
73.184
Tin gi ti NHNN
118.460
307.699
191.318
3.154
6.635
21.172
2.951.282
5.716.246
12.223.312
17.601
51.746
477.933
251.791
4.659
32.359
29.256
Cho vay khch hng
4.218.138
5.742.942
10.242.553
30.155
26.210
16.468
Chng khon u t
667.928
3.061.490
Tng CP hot ng
74.908
133.905
255.752
Gp vn, u t di hn
123.302
334.025
1.137.949
Chi ph tin lng
27.061
49.969
96.113
Ti sn c nh
107.508
163.697
182.574
Chi ph khu hao
10.528
17.282
36.718
Ti sn C khc
128.920
188.044
386.716
Chi ph hot ng khc
37.319
66.654
122.921
Tng n phi tr
7.578.335
12.163.702
24.439.479
225.084
378.352
535.697
N Chnh ph v NHNN
226.701
30.000
68.547
76.469
125.463
84.561
1.049.186
1.171.230
4.587.035
148.615
252.889
451.136
Tin gi ca khch hng
6.069.812
10.440.190
18.062.619
39.570
41.468
91.989
82.013
88.042
75.836
109.045
211.421
359.147
220.000
1.220.000
3.463
2.293
Cc khon n khc
150.623
214.240
425.442
Tng vn ch s hu
636.598
1.365.654
3.337.483

Li nhun thun t HKD

Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Li nhun sau thu
EPS
Vn ti tr, u thc u t
Pht hnh giy t c gi
ROAA
1,48%
1,94%
1,74%
ROAE
19,50%
21,12%
15,27%
Vn ca TCTD
473.975
1.102.796
2.815.946
3,58%
3,96%
3,14%
Qu ca TCTD
57.273
75.590
111.439
24,97%
26,14%
32,31%
105.350
187.268
410.098
N/A
2,82%
1,13%
8.214.933
13.529.356
27.776.962
NIM
Chi ph H/Thu nhp H
NPL
Li nhun cha phn phi

Tng n phi tr v VCSH
27
24/7/2008
Ngn hng TMCP Quc t (VIBank)

BNG CN I K TON
n v: triu ng
2005
2006
2007
n v: triu ng
Tng TN hot ng
207.987
519.894
993.410
Tng ti sn c
Thu nhp li thun
190.315
389.073
709.182
Tin mt, vng bc, qu
19.313
41.876
68.171
Tin gi ti NHNN
(3.490)
13.714
2005
2006
2007
8.967.681
16.526.623
39.305.035
98.124
309.483
383.038
263.134
561.462
1.211.629
2.209.059
3.249.317
12.846.626
4.787
44.141
80.642
Cho vay khch hng
5.255.206
9.058.234
16.611.779
(1.641)
42.021
104.329
Chng khon u t
627.684
2.587.467
6.676.432
6.273
17.372
Gp vn, u t di hn
87.045
30.056
210.806
Tng CP hot ng
102.517
212.251
387.957
Ti sn c nh hu hnh
32.156
74.260
129.591
Chi ph tin lng
39.550
84.018
174.368
Ti sn c nh v hnh
1.828
57.568
83.145
Chi ph khu hao
5.307
17.675
33.175
Ti sn C khc
393.445
598.776
1.147.202
Chi ph hot ng khc
57.660
110.558
180.414
Tng n phi tr
8.374.894
15.336.692
37.122.502
Li nhun thun t HKD
105.470
307.643
605.453
N Chnh ph v NHNN
66.657
Chi ph DP RRTD
10.206
107.637
179.754
Tin gi vay TCTD khc
2.916.487
5.045.454
12.018.720
Tng li nhun trc thu
95.264
200.006
425.699
Tin gi ca khch hng
5.268.617
9.813.515
17.686.761
Thu TNDN
25.983
53.916
116.877
Vn ti tr, u thc u t
63.615
50.903
95.638
Li nhun sau thu
69.281
146.090
308.822
Pht hnh giy t c gi
1.538.739
Cc khon n khc
189.790
360.163
5.782.644
Mt s ch tiu ti chnh
EPS
N/A
2.447
2.510
Tng vn ch s hu
592.787
1.189.931
2.182.533
ROAA
1,06%
1,15%
1,11%
Vn ca TCTD
510.000
1.020.547
2.065.142
ROAE
15,91%
16,39%
18,31%
Qu ca TCTD
12.141
18.066
32.140
NIM
3,08%
3,27%
2,69%
Chnh lch t gi hi oi
1.571
Chi ph H/Thu nhp H
49,29%
40,83%
39,05%
Li nhun cha phn phi
70.646
151.318
83.680
NPL
N/A
N/A
N/A
N phi tr v VCSH
8.967.681
16.526.623
39.305.035
28
24/7/2008
Ngn hng TMCP K Thng (Techcombank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
443.297
611.359
1.216.008
10.666.106
17.326.353
39.542.496
Thu nhp li thun
351.266
457.447
925.274
Tin mt, vng bc, qu
162.311
203.940
496.173
66.846
101.476
176.936
Tin gi ti NHNN
326.114
409.281
1.298.682
1.872
7.491
24.583
2.632.576
4.458.308
9.303.685
5.065
81.761
Cho vay khch hng
5.293.062
8.696.101
20.486.131
22.764
39.156
4.462
549
724
2.992
Chng khon u t
1.942.620
2.876.804
6.842.172
154.835
224.180
427.216
Gp vn, u t di hn
11.838
30.783
36.930
Chi ph tin lng
65.734
97.835
182.240
Ti sn c nh
148.652
338.301
436.970
Chi ph khu hao
7.695
12.249
23.535
Ti sn C khc
148.933
312.835
641.753
81.406
114.096
221.441
Tng n phi tr
9.656.701
15.564.666
35.969.080
288.462
387.179
788.792
N Chnh ph v NHNN
150.102
57.883
301.993
2.395
30.657
79.052
2.903.954
5.070.852
8.458.903
286.067
356.522
709.740
Tin gi ca khch hng
6.195.072
9.566.043
24.476.576
79.911
99.616
199.356
Vn ti tr, u thc u t
110.877
277.307
161.170
206.156
256.906
510.384
Pht hnh giy t c gi
192.242
1.750.715
2.892
2.452
296.696
400.339
819.723
ROAA
2,25%
1,84%
1,79%
1.009.405
1.761.687
3.573.416
ROAE
27,05%
18,54%
19,13%
Vn ca TCTD
831.266
1.504.313
2.998.458
4,00%
3,43%
3,40%
Qu ca TCTD
50.343
86.253
146.322
34,93%
36,67%
35,13%
127.796
171.121
428.636
N/A
3,11%
1,39%
10.666.106
17.326.353
39.542.496

Tng CP hot ng
Chi ph hot ng khc

Li nhun thun t HKD
Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Li nhun sau thu
EPS
NIM
Chi ph H/Thu nhp H
NPL
Tng ti sn c
Cc khon n khc
Tng vn ch s hu
Li nhun cha phn phi

Tng n phi tr v VCSH
29
24/7/2008
Ngn hng TMCP xut nhp khu Vit Nam (Eximbank)

n v: triu ng
BNG CN I K TON
2005
2006
2007
Tng TN hot ng
357.720
590.000
1.016.602
Thu nhp li thun
215.872
351.550
684.629
25.374
44.100
72.169
54.544
75.453
139.257
85
41.222
5.924
n v: triu ng
2005
2006
2007
11.369.233
18.327.479
33.710.424
Tin mt, vng bc, qu
645.391
2.898.007
1.850.102
Tin gi ti NHNN
105.646
374.378
825.202
1.981.350
2.535.139
4.746.967
7.580
57.190
Cng c ti chnh khc
14.477
76.661
41.536
Cho vay khch hng
6.914.365
10.164.975
18.378.610
56.006
1.014
21.736
Chng khon u t
1.103.084
1.587.239
6.076.844
Tng CP hot ng
117.085
184.677
353.629
Gp vn, u t di hn
39.866
92.493
690.538
Li nhun thun t HKD
240.635
405.323
662.973
Ti sn c nh hu hnh
91.385
145.425
183.624
Chi ph DP RRTD
212.078
46.736
34.126
Ti sn c nh v hnh
55.793
79.569
346.514
28.557
358.587
628.847
Ti sn C khc
432.353
435.777
604.443
7.456
100.118
165.430
Tng n phi tr
10.533.694
16.380.812
27.415.481
21.101
258.469
463.417
N Chnh ph v NHNN
329.248
433.582
28.059
1.571.646
2.128.517
1.214.024
Tin gi ca khch hng
8.352.111
13.141.175
22.906.123
3.393
56.072
40.170
25.255
326.339
8.445
Cc khon n khc
224.617
311.029
3.230.182
Tng vn ch s hu
835.539
1.946.667
6.294.943
Vn ca TCTD
715.396
1.688.273
5.789.858
Qu ca TCTD
105.790
56.903
107.047
14.353
201.491
398.038
11.369.233
18.327.479
33.710.424
Tng li nhun trc thu

Thu TNDN
Li nhun sau thu
Mt s ch tiu ti chnh
EPS
N/A
1.604
2.379
ROAA
N/A
1,74%
1,78%
ROAE
N/A
18,58%
11,25%
4,27%
2,84%
3,06%
32,73%
31,30%
34,79%
N/A
0,85%
0,88%
NIM
Chi ph H/Thu nhp H
NPL
Tng ti sn c
Cng c ti chnh khc

Vn ti tr, u thc u t
Pht hnh giy t c gi
Li nhun cha phn phi

Tng n phi tr v VCSH
30
24/7/2008
Ngn hng TMCP Si gn thng tn (Sacombank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
596.563
1.062.495
2.441.583
Tng ti sn c
14.454.338
24.776.182
64.572.875
Thu nhp li thun
435.009
680.366
1.151.872
Tin mt, vng bc, qu
1.370.108
2.827.452
3.335.063
71.026
119.665
193.398
Tin gi ti NHNN
408.685
993.590
3.878.785
25.417
4.178
100.815
1.447.211
2.019.529
4.656.456
19.532
7.471
599.873
96.602
263.631
4.142.069
135.954
208.599
Cng c ti chnh khc
1.060
4.911
23.798
10.590
3.536
Cho vay khch hng
8.379.335
14.312.895
35.200.574
21.781
104.271
183.490
Chng khon u t
1.514.919
2.065.024
9.173.801
Tng CP hot ng
260.307
408.265
741.225
Gp vn, u t di hn
316.988
780.577
1.495.608
Chi ph tin lng
119.701
187.462
345.942
Ti sn c nh hu hnh
329.776
416.535
590.400
Chi ph khu hao
21.164
34.617
47.551
17.812
22.831
Chi ph hot ng khc
119.442
186.186
347.732
60.014
273.866
406.582
Li nhun thun t HKD
336.256
654.230
1.700.358
530.700
804.211
1.665.795
23.449
42.902
118.387
12.566.658
21.905.836
57.223.216
312.807
611.328
1.581.971
N Chnh ph v NHNN
170.370
107.000
750.177
74.383
141.200
184.074
502.400
815.473
4.508.977
238.424
470.128
1.397.897
10.467.158
17.511.580
44.231.944
Vn ti tr, u thc u t
163.630
374.668
1.003.293
Pht hnh giy t c gi
956.546
2.529.299
5.197.380
Cc khon n khc
306.554
567.816
1.531.445
Tng vn ch s hu
1.887.680
2.870.346
7.349.659
Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Li nhun sau thu
Mt s ch tiu ti chnh
EPS
Ti sn c nh thu ti chnh
Ti sn c nh v hnh
Ti sn C khc
Tng n phi tr
Tin gi ca khch hng
N/A
2.226
3.983
ROAA
1,92%
2,40%
3,13%
ROAE
16,70%
19,76%
27,36%
Vn ca TCTD
1.250.948
2.248.726
5.662.485
4,24%
4,37%
3,19%
Qu ca TCTD
457.844
185.474
452.645
43,63%
38,43%
30,36%
Li nhun cha phn phi
178.888
436.146
1.234.529
N/A
0,72%
0,23%
14.454.338
24.776.182
64.572.875
NIM
Chi ph H/Thu nhp H
NPL
Tng n phi tr v VCSH
31
24/7/2008
Ngn hng TMCP Chu (ACB)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
692.693
1.190.240
3.020.822
Tng ti sn c
24.272.864
44.645.039
85.391.681
Thu nhp li thun
514.265
820.572
1.311.106
TM, vng bc, qu
1.532.492
2.284.848
4.926.850
97.208
148.335
271.215
Tin gi ti NHNN
988.784
1.562.926
5.144.737
39.601
70.320
155.140
6.535.305
16.401.829
29.164.968
2.626
31.520
344.990
39.218
640.195
501.293
65.757
896.792
Cho vay khch hng
9.360.692
16.954.114
31.676.320
7.014
15.597
4.926
Chng khon u t
4.823.767
4.228.621
9.132.829
31.979
38.139
36.653
Gp vn, u t di hn
136.716
443.458
762.469
Tng CP hot ng
288.942
462.424
804.650
Ti sn c nh hu hnh
257.880
574.440
514.109
Chi ph tin lng
108.538
197.211
392.062
Ti sn c nh v hnh
12.470
17.133
40.638
Chi ph khu hao
25.520
47.509
72.655
585.540
1.537.475
3.527.468
Chi ph hot ng khc
154.884
217.704
339.933
22.989.658
42.948.524
79.133.832
Li nhun thun t HKD
403.751
727.816
2.216.172
967.312
941.286
654.630
12.201
40.597
89.357
1.123.576
3.249.941
6.994.030
391.550
687.219
2.126.815
19.984.920
33.606.013
55.283.104
92.349
181.643
366.807
265.428
288.532
322.512
299.201
505.576
1.760.008
1.650.069
11.688.796
148
215
648.422
3.212.683
4.190.760
299.201
505.428
1.759.793
3.811
4.527
8.095
1.283.206
1.653.987
6.257.849
ROAA
1,51%
1,47%
2,71%
Vn ca TCTD
948.316
1.100.047
2.630.060
ROAE
30,02%
34,43%
44,49%
Qu ca TCTD
138.973
187.727
2.192.037
2,85%
2,70%
2,29%
Li nhun cha phn phi
195.917
366.213
1.435.752
41,71%
38,85%
26,64%
42.528
0,30%
0,20%
0,08%
24.272.864
44.645.039
85.391.681
Chi ph DP RRTD
Tng li nhun trc thu
Thu TNDN
Li nhun sau thu
EPS
NIM
Chi ph H/Thu nhp H
NPL
Ti sn C khc
Tng n phi tr
N Chnh ph v NHNN
Tin gi ca khch hng
Vn ti tr, u thc u t
Pht hnh giy t c gi
Cc khon n khc
Tng vn ch s hu
N phi tr v VCSH
32
24/7/2008
Ngn hng Nh ng bng sng Cu Long (MHB)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
Tng TN hot ng
346.973
436.457
645.821
Tng ti sn c
Thu nhp li thun
346.098
428.742
593.858
Tin mt, vng bc, qu
(71)
2.293
10.026
Tin gi ti NHNN
(91)
1.910
17.411
7.875
10.313
1.037
3.512
6.338
2005
2006
2007
12.629.825
18.734.297
27.531.552
97.144
115.918
227.510
145.379
261.926
402.160
1.990.291
3.535.194
4.678.099
550.601
Cho vay khch hng
8.344.174
9.976.585
13.756.662
Chng khon u t
1.703.076
4.302.163
7.148.641
36.000
Gp vn, u t di hn
Tng CP hot ng
241.218
283.048
417.073
Ti sn c nh hu hnh
107.245
97.977
128.178
Chi ph tin lng
119.224
146.450
239.764
Ti sn c nh v hnh
75.060
73.992
104.219
Chi ph khu hao
22.904
24.947
24.029
167.456
334.542
535.482
Chi ph hot ng khc
99.090
111.651
153.280
Tng n phi tr
11.779.714
17.805.270
26.436.061
105.755
153.409
228.748
N Chnh ph v NHNN
337.008
941.965
447.494
Chi ph DP RRTD
32.808
50.503
33.923
4.330.067
7.299.442
8.170.080
Tng li nhun trc thu
72.947
102.906
194.825
Tin gi ca khch hng
5.802.422
5.005.864
9.939.911
Thu TNDN hin hnh
20.425
28.814
49.900
992.126
725.342
998.919
Thu TNDN hon li
4.606
3.380.989
6.022.464
Li nhun sau thu
52.522
74.092
140.319
2.294
52.522
74.092
ROAA
0,50%
ROAE
NIM
Li nhun thun t HKD
Chi ph H/Thu nhp H
Ti sn C khc
Vn ti tr, u thc u t
Pht hnh giy t c gi
Cc khon n khc
318.091
451.668
857.193
Tng vn ch s hu
850.111
929.027
1.069.197
138.025
Vn ca TCTD
850.111
803.591
810.191
0,47%
0,61%
Qu ca TCTD
124.598
239.113
6,39%
8,33%
14,04%
Li nhun cha phn phi
838
19.893
3,45%
2,83%
2,70%
26.294
69,52%
64,85%
64,58%
Tng n phi tr v VCSH
12.629.825
18.734.297
27.531.552
33
24/7/2008
Ngn hng cng thng Vit Nam (VietinBank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2004
2005
2006
Tng TN hot ng
3.023.986
3.808.236
4.575.900
Tng ti sn c
Thu nhp li thun
2.712.439
3.286.651
3.556.978
178.627
206.578
272.684
55.235
43.116
60.002
(194)
22.765
77.685
230.691
598.833
41.394
64.638
1.361.927
1.790.546
2.146.995
Chi ph tin lng
482.827
863.131
1.113.722
Chi ph khu hao
256.937
218.725
275.233
Ti sn C khc
Chi ph hot ng khc
622.163
708.690
758.040
Tng n phi tr
Li nhun thun t HKD
1.662.059
2.017.690
2.428.905
N Chnh ph v NHNN
Chi ph DP RRTD
1.409.035
1.492.506
1.651.137
253.024
525.184
46.155
206.869


Tng CP hot ng
Tng li nhun trc thu

Thu TNDN
Li nhun sau thu
2004
2005
2006
93.270.804
115.765.970
135.363.026
Tin mt, vng bc, qu
1.250.758
1.177.131
1.436.603
Tin gi ti NHNN
5.260.666
8.020.515
5.620.312
10.535.552
14.384.495
26.229.341
472.737
867.393
Cho vay khch hng
64.159.522
74.449.345
80.091.149
Chng khon u t
8.155.053
13.586.843
17.394.049
261.576
329.137
445.380
Ti sn c nh hu hnh
1.001.652
958.538
Ti sn c nh v hnh
130.368
159.898
2.645.505
2.213.747
2.160.363
88.362.031
110.766.131
129.756.004
1.105.411
265.239
372.898
12.642.276
4.756.672
5.042.207
777.768
Tin gi ca khch hng
64.701.713
84.387.013
99.683.408
102.091
178.129
Vn ti tr, u thc u t
19.196.691
21.525.679
423.093
599.639
Pht hnh giy t c gi
4.252.876
Cc khon n khc
5.659.755
2.160.516
3.131.812
Tng vn ch s hu
4.908.773
4.999.839
5.607.022
Mt s ch tiu ti chnh
Gp vn, u t di hn
ROAA
0,40%
0,48%
N/A
Vn ca TCTD
3.327.888
3.864.202
3.974.522
ROAE
8,54%
11,31%
N/A
Qu ca TCTD
1.374.016
1.031.264
1.479.443
NIM
3,30%
3,31%
2,97%
Chnh lch t gi hi oi
57.433
61.139
45,04%
47,02%
46,92%
Li nhun cha phn phi
206.869
46.940
91.918
N/A
N/A
N/A
93.270.804
115.765.970
135.363.026
Chi ph H/Thu nhp H

NPL
Tng n phi tr v VCSH
34
24/7/2008
Ngn hng u t v pht trin Vit Nam (BIDV)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
4.098.343
4.740.071
7.810.904
Tng ti sn c
121.403.327
161.223.083
204.511.148
Thu nhp li thun
2.929.368
3.350.841
4.856.449
Tin mt, vng bc, qu
1.184.082
1.383.221
1.975.966
246.598
392.994
624.190
Tin gi ti NHNN
4.576.418
17.688.317
8.758.166
44.224
107.725
139.647
17.648.290
22.739.128
25.933.731
499
221.513
159.830
14.304
45.152
781.686
599.579
31.644
253.549
633.803
1.977.437
Cho vay khch hng
82.716.548
97.201.778
129.079.350
24.526
33.195
53.351
Chng khon u t
12.271.390
15.055.520
27.811.804
1.325.777
1.634.088
2.384.821
Gp vn, u t di hn
438.152
800.231
2.251.228
Chi ph tin lng
530.649
749.954
1.290.968
Ti sn c nh hu hnh
638.750
839.378
900.599
Chi ph khu hao
161.196
220.398
273.626
Ti sn c nh thu ti chnh
430.179
496.694
Chi ph hot ng khc
633.932
663.736
820.227
Ti sn c nh v hnh
189.353
286.644
355.931
Li nhun thun t HKD
2.772.566
3.105.983
5.426.083
Ti sn C khc
1.726.040
4.753.535
6.134.349
Chi ph DP RRTD
2.031.687
1.993.491
3.397.837
Tng n phi tr
114.872.466
153.671.725
192.534.745
Tng li nhun trc thu
740.879
1.112.492
2.028.246
N Chnh ph v NHNN
15.955.376
16.781.239
18.229.032
Thu TNDN
180.886
110.779
496.830
2.060.888
2.674.663
7.886.843
Li nhun sau thu
559.993
1.001.713
1.531.416
85.746.724
106.495.878
135.335.702
1.907
602
559.993
1.001.713
1.529.509
8.142.448
16.172.559
18.088.670
7.115.749
6.521.758
2967030
4.431.035
6.472.740
Tng vn ch s hu
6.530.861
7.551.358
11.634.793

Tng CP hot ng
Cng c ti chnh khc

Tin gi ca khch hng
Cng c ti chnh khc
Vn ti tr, u thc u t
Pht hnh giy t c gi
Mt s ch tiu ti chnh
ROAA
N/A
0,71%
0,84%
ROAE
N/A
10,44%
15,96%
5,00%
2,48%
2,82%
Vn ca TCTD
4.712.982
5.477.423
9.114.040
32,35%
34,47%
30,53%
Qu ca TCTD
1.652.057
1.410.543
1.207.185
11,92%
4,80%
50.859
54.897
55.181
16.137
114.963
592.358
1.258.387
341.610
121.403.327
161.223.083
204.511.148
NIM
Chi ph H/Thu nhp H
NPL
Cc khon n khc
Chnh lch t gi hi oi
Chnh lch nh gi li TS
Li nhun cha phn phi
Tng n phi tr v VCSH
35
24/7/2008
Ngn hng TMCP Ngoi thng Vit Nam (Vietcombank)

n v: triu ng
BNG CN I K TON
n v: triu ng
2005
2006
2007
2005
2006
2007
Tng TN hot ng
4.286.351
5.281.403
6.167.000
Tng ti sn c
136.720.611
166.952.020
195.964.160
Thu nhp li thun
3.311.099
3.884.298
3.981.000
Tin mt, vng bc, qu
2.006.412
2.418.207
3.202.800
447.559
548.252
610.000
Tin gi ti NHNN
6.336.385
11.848.460
11.662.018
192.780
274.052
394.000
42.383.516
52.234.769
41.777.580
18.921
100.776
228.000
Cho vay khch hng
59.701.251
66.252.049
93.901.561
270.856
313.899
621.000
Chng khon u t
23.563.816
31.116.572
39.034.537
45.136
160.126
333.000
Gp vn, u t di hn
476.181
964.687
1.646.523
1.188.783
1.219.508
1.905.000
Ti sn c nh hu hnh
939.992
955.458
598.524
Chi ph tin lng
395.362
448.882
713.000
Ti sn c nh v hnh
154.819
191.373
216.630
Chi ph khu hao
231.734
314.495
332.000
Ti sn C khc
1.158.239
970.445
3.923.987
Chi ph hot ng khc
561.687
456.131
860.000
Tng n phi tr
128.097.841
155.749.678
182.729.226
Li nhun thun t HKD
3.097.568
4.061.895
4.262.000
N Chnh ph v NHNN
171.671
5.878.041
19.961.442
Chi ph DP RRTD
1.337.685
168.227
1.233.000
15.853.159
23.083.960
12.685.256
Tng li nhun trc thu
1.759.883
3.893.668
3.029.000
Tin gi ca khch hng
109.637.231
119.778.871
145.437.503
467.330
1.016.647
848.000
Vn ti tr, u thc u t
191.033
1.292.553
2.877.021
2.181.000
Pht hnh giy t c gi
3.840.742
2.344
1.858
Cc khon n khc
2.435.780
3.168.064
4.453.992
1.290.209
2.875.163
2.181.000
Tng vn ch s hu
8.416.426
11.127.248
13.234.934
Vn ca TCTD
5.455.546
5.537.564
5.641.233
Qu ca TCTD
2.812.846
5.331.561
2.459.564
Li nhun cha phn phi
148.034
258.123
5.134.137
206.344
75.094
136.720.611
166.952.020
195.964.160
Tng CP hot ng
Thu TNDN
Li nhun sau thu
Mt s ch tiu ti chnh
ROAA
1,01%
1,89%
1,20%
ROAE
16,57%
29,44%
17,90%
2,68%
2,65%
2,29%
27,73%
23,09%
30,89%
Tng n phi tr v VCSH
NIM
Chi ph H/Thu nhp H
36
24/7/2008
Ngn hng Nng nghip v pht trin Nng thn Vit Nam (Agribank)
n v: triu ng
BNG CN I K TON
n v: triu ng
2006
2007
2006
2007
10.971.313
15.848.490
Tng ti sn c
246.529.869
326.896.862
9.013.985
11.892.975
Tin mt, vng bc, qu
4.579.435
5.812.128
368.981
503.036
Tin gi ti NHNN
14.428.361
17.628.700
127.608
67.384
13.602.228
12.139.626
89.401
312.147
53.235
Cho vay khch hng
186.348.408
247.092.135
1.133.285
3.286.796
Chng khon u t
19.931.658
32.972.471
15.307
45.064
409.104
678.777
Tng chi ph hot ng
5.222.982
6.769.483
Ti sn c nh hu hnh
1.856.525
2.234.051
Chi ph tin lng
2.314.829
3.676.307
Ti sn c nh v hnh
166.539
312.160
475.523
662.618
5.207.611
7.937.413
Chi ph hot ng khc
2.432.630
2.430.558
Tng n phi tr
236.150.245
311.377.456
Li nhun thun t HKD
5.748.331
9.079.007
N Chnh ph v NHNN
21.150.840
25.984.841
Chi ph DP RRTD
4.499.879
6.782.200
18.356.474
17.815.726
Tng li nhun trc thu
1.248.452
2.296.807
Tin gi ca khch hng
158.159.599
230.003.049
Thu TNDN
346.961
640.236
Vn ti tr, u thc u t
13.966.338
12.529.661
Li nhun sau thu
901.491
1.656.571
Pht hnh giy t c gi
17.312.729
15.007.516
163
7.204.265
10.036.663
901.491
1.656.408
10.379.624
15.342.903
Vn ca TCTD
6.954.871
10.734.214
Qu ca TCTD
2.393.662
3.936.610
Tng TN hot ng
Thu nhp li thun
Chi ph khu hao
Mt s ch tiu ti chnh
Gp vn, u t di hn
Ti sn C khc
Cc khon n khc
Tng vn ch s hu
ROAA
0,40%
0,58%
ROAE
9,02%
12,88%
Chnh lch t gi hi oi
26.448
26.631
NIM
4,22%
4,37%
Li nhun cha phn phi
1.004.643
645.448
47,61%
42,71%
176.503
N/A
1,90%
Tng n phi tr v VCSH
246.529.869
326.896.862
Chi ph H/Thu nhp H

NPL
37
24/7/2008
Trang ny c trng
38
24/7/2008
KHUYN CO S DNG
Tt c nhng thng tin nu trong bo co ny c xem xt cn trng, tuy nhin Cng ty C phn Chng
khon Bo Vit (BVSC) khng chu bt k mt trch nhim no i vi tnh chnh xc ca nhng thng tin
c cp n trong bo co ny. Cc quan im, nhn nh, nh gi trong bo co ny l quan im c
nhn ca cc chuyn vin phn tch m khng i din cho quan im ca BVSC.
Bo co ch nhm mc tiu cung cp thng tin m khng hm khuyn ngui c mua, bn hay nm gi
chng khon. Ngi c ch nn s dng bo co phn tch ny nh mt ngun thng tin tham kho.
BVSC c th c nhng hot ng hp tc kinh doanh vi cc i tng c cp n trong bo co ny.
Ngi c cn lu rng BVSC c th c nhng xung t li ch i vi cc nh u t khi thc hin bo
co phn tch ny.
CNG TY C PHN CHNG KHON BO VIT

Tr s chnh
Chi nhnh H Ch Minh
a ch:
S 8 L Thi T, Hon Kim, H Ni
a ch:
Tel:
84-4-928 8080
Fax:
84-4-928 9899
Tel:
84-8-821 8564
Email:
research@bvsc.com.vn
Fax:
84-8-914 7477
11 & 72 Nguyn Cng Tr, Qun I, TP

H Ch Minh
B PHN PHN TCH NGNH

PH TRNG PHNG PHN TCH
Nguyn Lng Tn
tannguyen@bvsc.com.vn
V Th Thanh Quyn
Nguyn Th Qunh Dung
quyenvtt@bvsc.com.vn
dungntq@bvsc.com.vn
CHUYN VIN PHN TCH

Nguyn Hi Dng
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Nguyn Quang Minh
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Lu Phng Mai
mailp@bvsc.com.vn
Nguyn Phi Hng
hungnp@bvsc.com.vn
V Th Mai
maivt@bvsc.com.vn
L Ch Thnh
thanhlc@bvsc.com.vn
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namvh@bvsc.com.vn
Trn Thng Long
Nguyn Th Thanh H
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longtt@bvsc.com.vn
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PHNG PHN TCH

NGNH NGN HNG

Ngy 24, thng 07, nm 2008

BO CO PHN TCH NGNH NGN HNG

THNG TIN NGNH

Quan im u t. Ngnh ngn hng hin gp nhiu kh khn, tuy nhin xt

T l tin gi/GDP, 2006

T l tin mt/Tng PTTT, 2006

MT S CH TIU TNG TRNG NGNH NGN HNG

GDP danh ngha

Tng trng tn dng

Tng trng tin gi

Ngun: IMF, ADB, BMI, BVSC

BO CO PHN TCH NGNH NGN HNG

1. S pht trin ngnh ngn hng

2. Tim nng tng trng

II. PHN TCH CNH TRANH

- Quy m v nng lc ti chnh

- Chin lc pht trin

- Kh nng thm nhp th trng ca cc i th mi

III. HIU QU HOT NG CA H THNG NGN HNG

IV. PHN TCH RI RO

4. Ri ro hot ng u t v kinh doanh chng khon

PH LC: BO CO TI CHNH CA CC NGN HNG

Bng 1: S lng Ngn hng giai on 1991 - 2007

Biu 1: Tng trng tn dng v tin gi giai on 2002 2007

Bng 2: D bo tng trng tn dng v huy ng vn n nm 2012

Biu 2: So snh t l tn dng/tin gi vi cc nc trong khu vc

Bng 3: Mt s Cng ty chng khon thuc Ngn hng

Biu 3: So snh t l tn dng/GDP v tin gi/GDP nm 2006

Bng 4: T l CAR ca mt s ngn hng

Bng 5: Th phn cho vay giai on 2000 2007

Biu 5: Tng trng thu nhp dch v nm 2007 so vi 2006

Bng 6: Th phn huy ng giai on 2000 2007

Biu 6: T l Tin mt/Tng PTTT (M2) v so snh trong khu vc

Bng 7: i tc chin lc ca mt s NHTMCP ti Vit Nam

Biu 7: Tng trng tng ti sn 2007

Bng 8: Mt s ch tiu ti chnh khi NHTMQD

Biu 8: Tng trng vn iu l 2007

Bng 9: Mt s ch tiu ti chnh khi NHTMCP

Biu 9: So snh s lng chi nhnh mt s ngn hng 2007

Bng 10: T l cho vay/huy ng tin gi mt s Ngn hng

Biu 10: GDP - CPI v thm ht thng mi

Bng 11: T l cho vay/tng ti sn mt s Ngn hng

Biu 11: Tng trng Tn dng - M2 - CPI giai on 2002 2007

Bng 12: c im cc nhm ngn hng

Bng 13: So snh cc ch tiu nh gi vi cc ngn hng trong

Biu 13: C cu u t v kinh doanh chng khon

BO CO PHN TCH NGNH NGN HNG

I. TIM NNG TNG TRNG NGNH NGN HNG

Ngn hng TMQD

Ngun: SBV, Deutsche bank, BVSC

Tng trng tn dng

Tng trng tin gi

Tng trng GDP

Ngun: IMF, Tng cc thng k, BVSC

BO CO PHN TCH NGNH NGN HNG

Biu 2: So snh t l tn dng/tin gi vi cc nc trong khu vc

T l tn dng/tin gi, 2002 - 2007

So snh trong khu vc Asia, 2006

Ngun: ADB, BVSC

Tin gi/GDP, 2006

Ngun: ADB, BVSC