Military Bank’s bad debts stand at 1.65pct as of end-Q3

Military Commercial Joint Stock Bank (MB) on October 27 announced to list shares on the stock market via Hochiminh Stock Exchange (HoSE) and reported its performance for the first nine months of this year.
Le Cong, MB’s general director said that his bank’s bad debt ratio till the end of Q3 was 1.65%.

Also till the end of Q3, the bank’s total deposits increased 16% from early this year and total outstanding loans increased 14%.

It’s before tax profit in Jan-Sep reached 2.161 trillion dong, or 77% of the year’s plan and its capital adequacy ratio (CAR) at 11%, higher than the currently regulated level of 9%.

About its development strategy in 2011-2015 period, MB also said that it is striving to be in top three largest commercial joint stock banks in Vietnam with annual growth rate of 1.5-2 folds against the average growth rate of the whole banking system.

Earlier, the local newswire Thanh Nien on September 19 quoted data from the State Bank of Vietnam (SBV) as saying that till the end of August, the bad debts accounted for 3.21% of the total outstanding loans of the entire banking system.

Meanwhile, chairman of Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG)’s director board also said that VietinBank’s bad debts were 1.2% as of the end of August. – Source: Vietbiz24.com

Tags: Military Bank, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Oct 29 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry