NCB increases charter capital to VND7 trillion in 2021

23-Jan-2021 Intellasia | VnEconomy | 6:02 AM Print This Post

National Citizen Commercial Joint Stock Bank (NCB) has released the consolidated financial statement in 2020. Accordingly, the bank’s business activities in 2020 continued to be stable, efficient and sustainable.

NCB has focused all resources to improve governance capability, enhance financial capacity, innovate products and services based on the core element which is technology to provide safe and effective financial solutions to customers.

According to NCB’s consolidated financial statement, as of December 31st 2020, the net profit from business activities of the bank increased by more than two times compared to the same period of 2019, reaching 850 billion dong in the whole year 2020. In addition, the bank’s service activities, securities investment and foreign exchange trading also recorded a prosperous growth, thereby bringing the total net income up by 23.7 percent compared to the end of 2019.

Some important indicators of NCB also achieved good growth rates such as total assets (up by 11.5 percent compared to the beginning of the year, reaching nearly 90 trillion dong), capital mobilisation (up by 22.1%) outstanding credit (good growth rate compared to the limit assigned by the State Bank of Vietnam (SBV).

Along with promoting business activities, NCB continued to pay attention in strengthening its operating foundation with effective and sustainable development orientation. The bank’s capital adequacy ratio (CAR) has met Basel II standards according to Circular 41 of the SBV, and is completing the documents to apply for the SBV’s approval for the implementation of Basel II in accordance with regulations.

Moreover, NCB also concentrated on promoting operational risk and market risk management, as well as managed the credit risk well. The bank’s credit quality was also well controlled, although there were concerns about the bad debts of the banking industry when the Covid-19 broke out. By the end of 2020, the bad debt ratio of NCB was kept below two percent.

Notably, in 2020, NCB actively implemented many solutions to support more than 1,000 customers affected by the Covid-19 epidemic, such as interest rate exemption/ reduction, debt repayment term rescheduling, new loan granting to support customers in restoring production and business activities; launching credit packages with preferential interest rates to support customers, etc.

NCB is also considered as an active bank in digital transformation, and digital banking development, helping it save and optimise operating costs. In 2020, NCB continued to launch a new version of NCB iziMobile application and applied electronic Know Your Customers (eKYC) in transactions to simplify the customer verification process, helping customers reduce time and effort compared to direct transaction at the counter.

NCB’s representative said that in 2020, the bank has achieved its dual goals when both supporting customers overcoming difficulties due to the impact of Covid-19, recovering business and restructuring according to the Restructuring scheme approved by the SBV.

In 2021, NCB will increase charter capital to seven trillion dong by issuing shares to employees and existing shareholders, thereby helping the bank fulfil its business objectives.

 

Category: Finance, Vietnam

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