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LENDING & CREDIT | Cesar Tordesillas, Vietnam

VietinBank chair denies rumored extent of bank's bad debts

Pham Huy Hung, chair of VietinBank-CTG, confirmed that his bank has the lowest bad debt ratio in Vietnam's banking system.


Hung also denied the rumour that VietinBank's bad debts at 3-4 trillion dong are inaccurate, reports Vietnam Daily News

VietinBank's chair also added if the price of CTG-coded share continues to fall, he will buy.

According to Hung, in the first nine months of this year, CTG gained satisfactory growth in almost targets. So far, VietinBank has capital source growth of 18.5 percent, total asset growth at 14.5 percent and profit in Jan-August at over five trillion dong.In 2011, the bank will still pay 22 percent dividend.

The lender expected to finalise the chartered capital increase to 25 trillion dong, equity at 30 trillion dong within the year, Hung said.

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