Vietcombank posts record credit growth in Q1 hinh anh 1Transaction at Vietcombank (Photo: VNA)
Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted credit growth of nearly 3.7 percent in the opening quarter of 2021, a record high for many years, Chairman of the Board of Directors Nghiem Xuan Thanh has said.

The State Bank of Vietnam has assigned Vietcombank a credit growth target of 10.5 percent for the year as a whole.

Thanh said the expectations of businesses and economic expansion contributed to the better operations of the banking sector, as it posted credit growth of over 2 percent in the first three months.

The figure usually inches up in the opening months of the year and increases afterwards, especially in the fourth quarter, he said, projecting that after the good increase seen in the first quarter, credit growth will likely surpass the 10 percent mark this year.

Vietcombank’s bad debt ratio stood at 0.7 percent as of the end of Q1 - the lowest in the banking sector but up compared to the ratio of 0.65 percent at the end of 2020.

The State-owned bank earned a profit of about 7 trillion VND (303.59 million USD) in Q1, equal to 28 percent of its annual plan and a year-on-year surge of roughly 34 percent, while provisions for bad debts remained at 380 percent.

It posted a consolidated profit of nearly 23.07 trillion VND last year, and credit growth of 13.95 percent - the highest among Vietnamese banks./.