Vietcombank’s bad debts lowest ever in 2020 hinh anh 1At a Vietcombank branch (Photo: VNA)

Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recorded a bad debt ratio of 0.6 percent last year, the lowest so far and in the sector, compared to 0.78 percent in 2019.

Chairman of its Board of Directors Nghiem Xuan Thanh told the media that this is the first time in five years its profit has still stood at around 23 trillion VND (1 billion USD).

Vietcombank has introduced five lending interest rate cuts since early last year, the most among credit organisations, with a total reduction of around 3.7 trillion VND in profit.

The bank also rose provisional funds for bad debts up to 380 percent, or 380 VND for each 100 VND of bad debt; a record to date.

It posted credit growth of 13.95 percent last year, or some 110 trillion VND worth of new loans; much higher than the 8 percent recorded by the sector.

It contributed 9 trillion VND to the State budget. With stock market shares standing at 100,000 VND each on January 6, Vietcombank became the largest listed company, with capitalisation of around 390 trillion VND./.