Vietcombank’s credit increases by 5pct by June-end

15-Jul-2020 Intellasia | NDH | 6:02 AM Print This Post

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ( HoSE: VCB ) had organised the conference to review business activities in the first six months and deploy tasks in the last six months of the year.

General director Pham Quang Dung said that by the end of June, the Bank’s credit balance reached over 772 trillion dong, an increase of five percent compared to 2019. This number was a bright spot of high growth in the whole banking system. In particular, retail credit continued to grow at a high rate of 7.4%, accounting for nearly 52 percent of total bank loans, recording an increase of 1.2 percentage points compared to 2019. The Bank’s credit quality was also under control.

Vietcombank’s leader said that the Bank had rescheduled the loan repayment, exempted, reduced the interest rate, kept the debt group under Circular 01 of the State Bank of Vietnam (SBV) with the restructured loan repayment term to maintain the debt group of 11.761 trillion dong. The total outstanding loans, which were reduced lending rates, were about 200.8 trillion dong. The capital mobilised from market one reached over 1 quadrillion dong, up 5.6 percent compared to 2019. The Bank had renewed the credit growth model associated with restructuring in the direction of efficiency and sustainability.

At the Annual general Meeting of Shareholders in 2020, Vietcombank Chief Executive Officer (CEO) stated that deposit and credit growth as of June 25 was 3.4%, higher than the industry average. The six-month profit before tax was similar to the same period in 2019. The Bank was also controlling bad debt with the ratio of maintaining 0.8 percent of outstanding loans. In 2019, the Bank gained 11.303 trillion dong in the second half, which increased by 41%.

 


Category: Finance, Vietnam

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