Steel production line at Hòa Phát Group's Hải Dương Steel Joint Stock Company. Hoà Phát led the "one-trillion-đồng profit club” for January-March. — VNA/VNS Photo Danh Lam

HÀ NỘI — Twenty-two companies have entered the “one-trillion-đồng profit club” for January-March, despite the economy being ravaged by the COVID-19 pandemic.

Leading the group is steelmaker Hoà Phát Group (HPG), replacing the former champion of Q1 last year – residential real estate firm Vinhomes JSC (VHM).

Hoà Phát Group (HPG), for the first time, surpassed many other local large corporations such as Vinhomes (VHM), Vietcombank (VCB) and VietinBank (CTG) with more than VNĐ7 trillion (US$302.9 million) in post-tax profit in the first quarter of 2021, tripling the profit achieved in the first quarter of last year.

This is also the 7th consecutive quarter that Hoà Phát has witnessed profit growth compared to the previous quarter. HPG share prices have also increased strongly by 52 per cent since the beginning of 2021.

Hoà Phát was followed by Vietcombank (VCB) and VietinBank (CTG). Vinhomes, after many quarters of being in the top position, suddenly slid to 4th place with VNĐ5.48 trillion in post-tax profit, down 28 per cent year-on-year.

Banks still accounted for the largest proportion in the club. From the first quarter of this year, the banking sector contributed 12 names. Many of them didn’t appear in the first quarter of last year.

In the banking group, the winner of Q1 this year was Vietcombank (VCB) with more than VNĐ6.9 trillion in post-tax profit, climbing over 65 per cent compared to Q1 last year.

VietinBank (CTG) ranked second in the banking group with VNĐ6.47 trillion in post-tax profit, up 169 per cent year-on-year. TechcomBank ranked third with VNĐ4.48 trillion, more than doubling the figure of the same period last year.

Compared to the first quarter of last year, there were four new banks joining the “one-trillion-đồng profit club”, including Vietnam International Bank (VIB) with VNĐ1.45 trillion in profit after tax, an increase of 68 per cent year-on-year, and Hà Nội-Sài Gòn Bank (SHB) with VNĐ1.33 trillion in post-tax profit, an increase of 116 per cent compared to Q1, 2020.

TienphongBank (TPB) reported a 40.6 per cent increase in profit, reaching VNĐ1.14 trillion. Ocean Bank (OCB) reported VNĐ1.01 trillion, while in the same period last year, after-tax profit was VNĐ886 billion.

In terms of ordinal numbers, the first quarter of this year witnessed many changes in the banking group.

VietcomBank still maintained the first position, but the second position was taken by Vietinbank (CTG) this year after Techcombank (TCB) held it last year.

Despite the impact of the COVID-19 pandemic, the banking sector saw strong growth in profits, of which the strongest increase belonged to ViettinBank (CTG) with a growth rate of 169 per cent. It was followed by Sài Gòn-Hà Nội Bank (SHB) with 116 per cent and Military Bank (MBB) with 100 per cent.

On the stock market, Techcombank (TCB) shares rose 49 per cent from the beginning of the year, VPBank (VPB) increased 89 per cent, VIBank (VIB) gained 81 per cent, Asia Commercial Bank (ACB) rose 28 per cent and Sài Gòn-Hà Nội Bank (SHB) was up 58 per cent.

There were also other familiar names that were regularly present in this prestigious club, including dairy company Vinamilk (VNM) with nearly VNĐ2.6 trillion in after-tax profit, down 6 per cent year-on-year, PVGas (GAS) recording a profit after tax of more than VNĐ2 trillion, down 12 per cent compared to last year.

IT company FPT and mobile retailer Mobile World Group (MWG) also joined the club. MWG gained VNĐ1.3 trillion in after-tax profit, up 18 per cent year-on-year, while FPT reported a profit of VNĐ1.15 trillion, up 23 per cent.

The rubber industry witnessed the participation of one member – the Vietnam Rubber Group (GVR) with VNĐ1.21 trillion of post-tax profit, 3.6 times higher than the profit achieved in the first quarter of last year.

Engine and Construction Machinery Corporation (VEAM) announced a profit of VNĐ1.45 trillion, up 9 per cent. Most of VEAM's profits come from its associates.

BÌnh Sơn Petrochemical Refinery (BSR) was among the most notable names. While it reported a loss of more than VNĐ2.35 trillion in Q1 last year, it earned a profit of VNĐ1.85 trillion in Q1 this year. This was also the 5th quarter in a row that Bình Sơn Refinery’s profit grew compared to the previous quarters. — VNS