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PVcomBank to sell bad debt to VAMC

Update: June, 17/2015 - 08:43

Transactions are carried out at PVcomBank. The bank plans to sell bad debts worth $71.43 million to the Viet Nam Asset Management Company. — VNA/VNS Photo Tran Viet

HA NOI (VNS) — The Viet Nam Public Bank plans to sell bad debts worth VND1.5 trillion (US$71.43 million) to the Viet Nam Asset Management Company (VAMC), while handling VND600 billion ($28.57 million) itself.

The bank, also called PVcomBank, has announced the scheme in documents to be released at a shareholders' meeting, which will be held in Ha Noi on June 20.

Last year, the bank sold some VND1.98 trillion ($94.28 million) in debts to the VAMC, recovered VND55.7 billion ($2.65 million) with its provisional funds and transferred some VND114 billion ($5.42 million) to other organisations and individuals.

PVcomBank's bad debt ratio was 2.67 per cent at the end of 2014, falling by 1.75 percentage points from the figure recorded at the end of 2013. The capital adequacy ratio reached 11.35 per cent, higher than the 9 per cent stipulated by the State Bank of Viet Nam.

Last year, the bank obtained VND7 trillion ($333.33 million) in turnover, about 37 per cent higher than the annual target. It gained VND130 billion ($6.19 million) in pre-tax profits, exceeding the targeted figure by VND1 billion ($47,600).

PVcomBank has VND100 trillion ($4.76 billion) in total assets and VND9 trillion ($428.57 million) in charter capital. The Viet Nam Oil and Gas Group owns 52 per cent and strategic shareholder Morgan Stanley holds 6.7 per cent of the bank's equity. — VNS

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