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3 More Banks To Get Rid Of Bad Debts At VAM

Thursday 19, 12 2019
The list of 8 banks with no bad debts at VAMC will have more new members in the near future ..
3 More Banks To Get Rid Of Bad Debts At VAM

Kienlongbank has just completed all bonds sold to VAMC, becoming the 8th member in the system of banks with no bad debts at VAMC, after Vietcombank, VIB, Techcombank, TPBank, MB, OCB, NamABank.

Not only these banks but clearing all VAMC bonds is also the goal of many other banks. The list above is likely to keep adding other members in the near future.

Agribank

Last updated at the financial statements at the end of June 2019, Agribank's special VAMC bond was only 1,013 billion VND, much lower than 7,750 billion VND at the beginning of the year. In particular, the bank made a provision of more than 1,012 billion VND - almost the entire value of VAMC bonds.

Earlier, at the beginning of the year, the Government assigned many important tasks to Agribank in 2019, including requiring banks to clear debts at VAMC, and this bank is having many advantages to make that happen. In the first 10 months, Agribank's profit was over 10,350 billion VND, reaching the target earlier than the year plan. If banks do not continue to push more bad debts to VAMC, the goal is entirely within reach.

BIDV

Similar to Agribank, at the beginning of the year, BIDV also stated that the target would be to buy all VAMC bonds in 2019. BIDV's leaders estimate that for the whole year, BIDV will handle about 4,500 billion VND of bad debt at VAMC, of which 2,500 billion VND will be collected and 2,000 billion VND will be provisioned.

According to BIDV's report, by the end of June 2019, VAMC's special bond at the bank dropped by over 14,100 billion VND to 12,854 billion VND, of which 7,879 billion VND has been set up, that is only 4,975 billion VND has to be processed.

3 more banks to get rid of bad debts at VAMC

VPBank

In VPBank, in the third-quarter update report to investors, the bank said that the situation of settling outstanding VAMC bonds was still in the plan. The NPL ratio including VAMC of individual banks dropped sharply from 4.01% at the end of 2018 to 2.84% at the end of September 2018.

By the end of September, VPBank had only VND 908 billion of special bonds, a sharp decline of 71% compared to the beginning of the year. In particular, the bank made a provision of 402 billion. Therefore, the bank only has to deal with VND 506 billion.

Read more: HCMC: Up To 100 Bank Branches Have No Bad Debt

Categories:
Banking

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