Illustrative image. (Photo: taichinh115.com.vn)
 
Hanoi (VNA) - The total assets of Vietnamese credit institutions rose more than 16 percent by December 2016 to 8.5 quadrillion VND (374 billion USD), when compared with early 2016, the State Bank of Vietnam reported.

According to the report, assets of all kinds of credit institutions in September rose, of which finance companies posted the highest growth of 30 percent in the year to 114.37 trillion VND. The central bank attributed the rise in the assets of the finance companies to an acceleration in consumer lending and the establishment of many finance companies last year.

State-owned commercial banks and joint stock commercial banks both reported a growth of 17 percent in assets to 3.86 quadrillion VND and 3.42 quadrillion VND.

Assets of joint venture and foreign banks in the year also rose nearly 10 percent to 828.322 trillion VND.

However, among the total assets, State-owned commercial banks accounted for the largest amount with more than 45 percent. Joint stock commercial banks followed with more than 40 percent.

Besides assets, the charter capital of all credit institutions also rose more than 6 percent to 488.4 trillion VND.

By the end of 2016, the capital adequacy ratio (CAR) of State-owned banks was under 10 percent while the rate of joint stock commercial banks was 11.8 percent.

Joint venture and foreign banks had the highest CAR at 33 percent. The ratio regulated by the central bank is 9 percent.

The ratio of short-term funds used for medium- and long-term loans of the entire credit institution system was nearly 35 percent on average, of which the ratio at State-owned commercial banks was 37 percent, joint stock commercial banks was 40 percent and finance companies was 45 percent.-VNA