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VietNamNews

Techcombank eyes sale of $33.8m in bad debts

Update: September, 10/2014 - 08:26

The joint-stock Techcombank has been using all channels to improve its bad debt problem, and has sold VND800 billion (US$33.8 million) to the Vietnam Asset Management Company (VAMC) this year. — Photo baomoi

HCM CITY (VNS) — The joint-stock Techcombank has been using all channels to improve its bad debt problem, and has sold VND800 billion (US$33.8 million) to the Vietnam Asset Management Company (VAMC) this year, according to a bank official.

Acting CEO Do Tuan Anh told Viet Nam News he targeted selling up to VND1.5 trillion ($71.4 million) of the debt to VAMC this year.

"We, however, had set up a team specialising in bad debt handling, working directly with our customers to restructure the debts," said Anh, adding that another VND400 billion have been handled this year.

Currently the bank's bad-debt ratio is over 3.7 per cent, which is expected to gradually come down to the safe level of 3 per cent regulated by the State Bank of Viet Nam.

According to SBV, the average ratio of Vietnamese banks was 4.17 per cent at the end of the second quarter.

Anh said by July his bank's total asset value had reached VND170 trillion and it had gained VND955 billion in pre-tax profit, completing 85 per cent of the year's target. — VNS

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