Net interest income (NII) at leading Vietnamese banks rose modestly last year, as lenders cut funding costs and loan demand increased.
Tag Archives: banking
Covid-19 pushes banks to foster digital transformation
95 per cent of credit institutions in Vietnam have either implemented digital transformation strategies or are in the process of formulating them.
Banks to cut interest rates in response to Covid-19 pandemic
Advertisements Visit Vietnam Insider’s homepage for more stories The cut, which begins from this month to late 2021, will depend on each bank’s financial situation. Banks should focus their support on enterprises operating in essential economic sectors or labor-intensive industries, not real estate firms with positive business results, trading companies, or individuals buying cars. ViceContinue reading “Banks to cut interest rates in response to Covid-19 pandemic”
More local banks appoint young leaders
Advertisements Visit Vietnam Insider’s homepage for more stories Ms. Tran Thi Thu Hang, CEO of Sunshine Group, has become the youngest leader in Vietnam’s banking industry after being appointed chairwoman of KienLongBank. In recent years, many business people who were born in the 1980s and even 1990s have joined the management boards of local banks.Continue reading “More local banks appoint young leaders”
Local banks aim for high profits
Advertisements Visit Vietnam Insider’s homepage for more stories During the “season” of shareholders’ meetings, Vietnamese banks are confident about their plans to increase profits by several trillion dong in 2021. Several banks have set a record growth target of up to 30%-50%. Tien Phong Commercial Joint Stock Bank (TPBank) recently held its annual shareholders’ meetingContinue reading “Local banks aim for high profits”
TPBank records 41 percent increase in profits
Advertisements Visit Vietnam Insider’s homepage for more stories Private lender TPBank has recorded a 41 percent increase in its Q1 pre-tax profit to VND1.42 trillion ($61.8 million). The bank said a surge in net interest income and a cut in operational expenses has boosted its Q1 performance. Its net interest income grew 30 percent inContinue reading “TPBank records 41 percent increase in profits”
Citigroup to withdraw consumer franchises from 13 markets, including Vietnam
Advertisements The bank will instead operate its consumer-banking franchise in Singapore, Hong Kong, the United Arab Emirates, and London Visit Vietnam Insider’s homepage for more stories Citigroup – the parent firm of Citibank – has announced that it would withdraw its retail banking division from 13 markets in Asia, Europe, the Middle East, and Africa,Continue reading “Citigroup to withdraw consumer franchises from 13 markets, including Vietnam”
Eximbank to organize annual general meetings
Advertisements Visit Vietnam Insider’s homepage for more stories Eximbank’s next annual general meetings AGM 2020 and AGM 2021 will take place simultaneously from April 26 to 27. The coming AGMs will address the bank’s strategy, senior management personnel, new term for BOD, legal representative appointment, charters which require to be updated in compliance with newContinue reading “Eximbank to organize annual general meetings”
Lender ACB profits surge
Advertisements ACB has a full-year profit target of VND10.6 trillion ($460.8 million), 10 percent higher than last year ACB would focus on retail customers and small and medium-sized enterprises Visit Vietnam Insider’s homepage for more stories Lender ACB reported a 61.3-percent surge in profits in the first quarter to VND3.1 trillion ($134 million). Its creditContinue reading “Lender ACB profits surge”
Taxi driver captured for bank robbery in Hanoi
Advertisements Visit Vietnam Insider’s homepage for more stories A taxi driver has just been detained after stealing money from a bank branch in Hanoi’s Phuc Tho District. According to a report from local police, Pham Anh Hao, 43, broke into a branch of the Bank for Investment and Development of Vietnam (BIDV) in Phuc ThoContinue reading “Taxi driver captured for bank robbery in Hanoi”
BIDV appoints new CEO
Advertisements Visit Vietnam Insider’s homepage for more stories BIDV has named deputy director Le Ngoc Lam as its new CEO, finally filling up a post that has been lying vacant for two years. Lam, 46, who was appointed Friday, has been working at the state-owned lender for 23 years. He became deputy director of theContinue reading “BIDV appoints new CEO”
Techcombank profits rise sharply
Advertisements Vietnam’s largest private lender, Techcombank, reported a 23 percent rise in pre-tax profit last year to VND15.8 trillion ($683.62 million). It remained the third most profitable bank in the country behind state-owned Vietcombank and VietinBank. Its revenues rose 28 percent to VND27 trillion, nearly 70 percent of it interest income. The rest mostly comprisedContinue reading “Techcombank profits rise sharply”
Bao Minh Insurance plans to divest from MBB
Advertisements Bao Minh Securities Corporation (BMI) has registered to sell all of its shares in Military Commercial Joint Stock Bank (MBB), according to an announcement from the HCM City Stock Exchange (HoSE). BMI is holding 1.242 million shares of MMB. The trading method will be matching orders or negotiation. The deal is expected to beginContinue reading “Bao Minh Insurance plans to divest from MBB”
Court increases sentence for former business executive for cheating bank
Advertisements The HCM City appeal court increased the prison sentence given to Dương Thanh Cường, former general director of Bình Phát Company and chairman of the Thành Phát Company, for “fraud and appropriation of property” from 16 to 18 years at a trial yesterday (Dec 14). A life imprisonment sentence awarded by the trial courtContinue reading “Court increases sentence for former business executive for cheating bank”
Former BIDV executives jailed for violations of banking regulations
Advertisements Two former executives of the State-run Bank for Investment and Development of Việt Nam (BIDV) received a total sentence of 14 years and six months behind bars for violations of banking regulations. After a week of deliberation, on Monday afternoon, the Hà Nội People’s Court has delivered its verdict against 12 defendants in theContinue reading “Former BIDV executives jailed for violations of banking regulations”