The latest financial statements of commercial banks in Vietnam have revealed the top 10 banks in terms of the current account savings account (CASA) ratio as of September 30, 2023. The CASA ratio is an indicator of the proportion of low-cost deposits in a bank’s total deposits, which affects the bank’s net interest margin and profitability.
MB maintains the top spot despite decline
MB continued to lead the banks by recording a CASA ratio of 36% at the end of Q3 2023. Despite being at the top, MB’s CASA ratio is showing signs of going down, with a decline of 1.1% compared to the end of Q2 2023 and 4.7% compared to the beginning of this year. In fact, not only MB, but many other banks also witnessed a decrease in demand deposit rates this year.
According to MB, the decline in CASA ratio was due to the increase in term deposits, which grew by 17.6% in the first nine months of 2023, as customers preferred to lock in higher interest rates amid the uncertainty of the COVID-19 pandemic. MB also said that it had implemented various measures to improve its CASA ratio, such as enhancing customer service quality, expanding digital banking channels, and launching attractive promotions.
Techcombank and Vietcombank follow closely behind
Techcombank ranked second in terms of CASA ratio, reaching 33.6% at the end of Q3 2023. The CASA ratio at Techcombank decreased by 3.3% in the first half of 2023 and remained flat in Q3 2023. Although there have been more positive changes since Q2 2023, Techcombank’s CASA ratio is still very far from returning to the highest level of 50% that Techcombank once achieved.
According to Techcombank, in the context that the interest rate environment has returned to normal and liquidity of the banking system is more abundant, customers still tend to deposit term savings because investment opportunities in asset types currently remain limited, largely due to concerns about uncertainties in the domestic and global economic outlook in Q4 2023 and next year.
Vietcombank ranked third in terms of CASA ratio, reaching 31.3% at the end of September 2023. Vietcombank’s indicator has improved compared to the end of the second quarter as it increased by 1.1%. Currently, Vietcombank is still the bank with the largest demand deposit balance in the banking system, with more than 397 trillion VND.
Vietcombank attributed its high CASA ratio to its strong brand reputation, diversified product portfolio, and wide network of branches and transaction offices. Vietcombank also said that it had focused on developing non-cash payment services, such as mobile banking, internet banking, and QR code payment, to attract and retain customers.
MSB, ACB, and VietinBank complete the top five
MSB followed Vietcombank with a CASA ratio of 27.7% at the end of Q3 2023. The ratio was flat compared to Q2 2023 and decreased by 3.4% compared to the beginning of this year. Previously, in 2022, MSB once surpassed Vietcombank to rank in the top three in terms of CASA in the banking system.
MSB said that it had implemented various initiatives to improve its CASA ratio, such as launching new products, enhancing customer experience, and expanding its customer base. MSB also said that it had leveraged its strengths in digital banking, such as eKYC, eBanking, and eWallet, to attract more customers and increase their loyalty.
ACB ranked fifth in the list with a CASA ratio of 20.6%. The rate was flat compared to Q2 2023 and down 1.7% compared to the beginning of this year. ACB said that it had faced challenges in maintaining its CASA ratio due to the fierce competition in the market and the impact of the COVID-19 pandemic on customer behavior.
ACB said that it had adopted various measures to enhance its CASA ratio, such as offering preferential interest rates, providing convenient and secure payment services, and improving customer satisfaction. ACB also said that it had focused on developing its digital banking platform, ACB Plus, which had attracted more than 2.5 million customers as of September 2023.
VietinBank closely followed ACB with a CASA ratio of 20% in Q3 2023. Notably, VietinBank is also a rare large bank whose CASA ratio has not decreased this year. This bank recorded a fairly good growth in demand deposit balance of 4.8%, equivalent to the growth rate of term deposits. Accordingly, VietinBank’s CASA ratio remained at 20% as of the end of 2022.
VietinBank said that it had maintained its CASA ratio by offering competitive interest rates, enhancing customer service quality, and expanding its distribution network. VietinBank also said that it had invested in developing its digital banking platform, VietinBank iPay, which had reached more than 10 million transactions in September 2023.
BIDV, TPBank, SeABank, and Sacombank round up the top 10
BIDV ranked seventh in the list, recording a CASA ratio of 18.3%, up 1.3% compared to Q2 2023 but down 0.5% compared to the end of 2022. BIDV said that it had improved its CASA ratio by offering attractive interest rates, launching new products, and enhancing customer loyalty.
BIDV also said that it had accelerated its digital transformation, which had resulted in a significant increase in the number of customers using its online banking services. BIDV said that it had more than 9.5 million individual customers and more than 200,000 corporate customers as of September 2023.
TPBank ranked eighth in the list, recording a CASA ratio of 17.3%, down 0.4% compared to Q2 2023 and 1.1% compared to the end of 2022. TPBank said that it had faced difficulties in increasing its CASA ratio due to the low demand for non-cash payment services amid the COVID-19 pandemic.
TPBank said that it had implemented various solutions to boost its CASA ratio, such as offering preferential interest rates, providing convenient and secure payment services, and improving customer satisfaction. TPBank also said that it had leveraged its strengths in digital banking, such as LiveBank, eKYC, and QR code payment, to attract more customers and increase their loyalty.
SeABank ranked ninth in the list, recording a CASA ratio of 17.3%, up 7.3% compared to Q2 2023 and 9.1% compared to the end of 2022. SeABank was the most impressive bank in terms of CASA ratio growth, as it increased its CASA ratio from 10% to 17.3% in just three months.
SeABank said that it had achieved remarkable results in improving its CASA ratio by launching a series of attractive promotions, such as offering high interest rates, giving away cash prizes, and rewarding loyal customers. SeABank also said that it had focused on developing its digital banking platform, SeAMobile, which had reached more than 1.5 million customers as of September 2023.
Sacombank ranked tenth in the list, recording a CASA ratio of 17.3%, up 0.3% compared to Q2 2023 and 0.8% compared to the end of 2022. Sacombank said that it had maintained its CASA ratio by offering competitive interest rates, launching new products, and enhancing customer service quality.
Sacombank also said that it had invested in developing its digital banking platform, Sacombank Pay, which had reached more than 2 million customers as of September 2023. Sacombank said that it had also cooperated with various partners, such as MoMo, ZaloPay, and ViettelPay, to provide more convenient and secure payment services for its customers.
