Indovina Bank Ltd (IVB) has recently said that the State Bank of Vietnam has assigned it a credit growth limit at the maximum of 17 percent in 2012. This means that Indovina has been categorised in the Group 1 (healthy bank) amongst four groups as classified by the central bank.
Till the end of 2011, Indovina’s chartered capital reached $156 million (3.436 trillion dong), total assets at $1.159 billion (24.143 trillion dong) and pre tax profit at over $27 million (563 billion dong) with non-performing loans (NPL) at 1.62 percent.
Indovina was established in 1990 with two joint venture shareholders namely Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) and Cathay United Bank of Taiwan-based Cathay Financial Holding Group.
Thus, Indovina is the first foreign bank announcing its credit growth quota in 2012.