Vietcombank remains best-performing credit institution

Tuesday, Jan 11, 2022 07:24

A transaction office of Vietcombank. — Photo courtesy of the bank

The JSC Bank for Foreign Trade of Viet Nam (Vietcombank) remained the best-performing credit institution and the largest contributor to the State budget among listed ones in 2021.

The bank, with over 50 per cent of its charter capital owned by the State, fulfilled and surpassed the targets for last year despite the continued abnormal socio-economic changes, Chairman of its Board of Directors Pham Quang Dung told the bank's meeting in Ha Noi on Monday.

In 2021, it mobilised VND1.154 quadrillion (almost US$51 billion) from individuals and organisations, up 9.5 per cent from the previous year.

Outstanding loans were estimated at VND963.6 trillion, rising 15 per cent from the end of 2020. Meanwhile, non-performing loans (NPLs) were maintained at 0.63 per cent of the total, lowest among the large-scale credit institutions.

Vietcombank contributed about VND11 trillion to the State budget last year.

Besides, it pushed ahead with measures supporting pandemic-hit businesses, individuals, and households, such as providing concessional loans, reducing fees and lending interest rates, and restructuring loans. It assisted clients with interest rate cuts worth VND7.1 trillion, more than doubling the sum in 2020 and raising the two-year figure to VND10.8 trillion.

In 2022, the bank looks to increase its total asset value by 8 per cent, pre-tax profit by at least 12 per cent, and credit by 12 per cent year on year while keeping the NPL rate at under 1.5 per cent. — VNS

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