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Vietcombank lending rises 2.8% in August

Update: September, 13/2013 - 09:20
Vietcombank's total outstanding loans have increased again after declining by 1.47 per cent in the first half of the year.— File Photo

HA NOI (VNS) — Vietcombank's total outstanding loans have increased again after declining by 1.47 per cent in the first half of the year.

Vietcombank executive officer Nghiem Xuan Thanh said that the bank's lending by the end of August rose 2.8 per cent against December last year.

Thanh attributed the lending growth to a rise in credit needs of businesses in the past two months, especially in August.

Besides, it was also thanks to the bank's improvement in marketing policies to gain better access to businesses and offer them more attractive interest rates.

The lender said it could cut dong short-term lending rates to below 5.5 per cent, and even down to 5.2 per cent per year for good businesses.

Thanh said that Vietcombank expected to achieve a credit growth of at least 10 per cent this year given increasing credit demands, a relatively stable lending rate policy and committed capital disbursement to customers.

Low lending expansion was one reason attributed to the bank's lower profit in the first half period.

The bank reported a pre-tax profit of VND2.91 trillion (US$138.5 million) in H1, or 45 per cent of its whole-year plan. Profit after taxes and minority interests also inched down to VND2.2 trillion ($95.24 million), meeting 45.6 per cent of its yearly plan.

Vietcombank targets a credit growth of 12 per cent and profit before tax of VND5.8 trillion ($276.2 million) in 2013. — VNS

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