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Published On: Wed, Jan 11th, 2017

Vietnamese Banks Report a Good Bottomline and Profits in 2016

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nsnbc : Several of Vietnam’s leading banks including Vietinbank, Vietcombank and BIDV reported a good business year and high profits in 2016.

Vietnam Currency_Vietnam 2017Vietnam’s BIDV reported it made pre-tax profits of VND7.5 trillion, equivalent to USD346 million in 2016, which is a 7 percent increase in one year.

By late 2016, BIDV’s total assets reached 1 quadrillion equivalent to USD45.4 billion, the highest level so far, with an increase of 7.5 percent in one year.

Vietinbank made a pre-tax profit of VND8.25 trillion or USD39.2 million in 2016, thus fulfilling the set target. The bank’s total assets were worth VND947 trillion or USD43 billion, a 22 percent increase within one year.

By the end of the year, Vietinbank tried to cut its bad debt rate to below 1% and will strive to eliminate it entirely. Vietcombank also reported a pre-tax profit of VND8.2 trillion, an increase of 23.4 percent.

The banks’ profits primarily derive from their loans to customers and their increase in utility service development. In 2016, Vietcombank achieved a high credit growth of 18.9 percent thanks to the increased supply of low-interest loans to costumers.

With the high profits in 2016, many of Vietnam’s major banks are planning to give employees an extra-large Tet bonuses this year. Vietcombank decided to socialize some of its profits by awarding all employees with eight months’ worth of salary as a Tet bonus.

A/N – nsnbc 11.01.2017

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