The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) announced that it has fulfilled 99 percent of its annual target for capital mobilisation with 390 trillion VND (nearly 18.6 billion USD) during the first nine months, up by 18 percent from the beginning of the year.

The bank’s outstanding loans increased by 10 percent to 300 trillion VND (14.15 billion USD) by the end of September compared to the figure in early 2014, indicating that the bank’s market share improved since last year.

So far, Vietcombank generated more than 7.5 trillion VND in pretax profit before paying for risk provision. This accounts for 70 percent of this year’s profit target, up by 8 percent compared to the same period last year.

Chairman of Vietcombank, Nguyen Hoa Binh, believes this positive development forms a basis for the bank to fulfill all of its targets this year.

The bank’s General Director Nghiem Xuan Thanh emphasised the need for Vietcombank to strictly control bad debt whilst maintaining a high level of credit growth and accelerating the recovery of off-balance-sheet debt.-VNA