Sacombank’s NPL ratio declines sharply w88 đăng nhập 4.4 percent

The bank plans w88 đăng nhập reduce the NPL rate, which stood at 6.68 percent early this year, w88 đăng nhập below 3 percent in 2018.

Under the restructuring scheme approvedby the Governmentand the State Bank of Vietnam, Sacombank is allowed w88 đăng nhập settle its NPLswithin 10 years, starting from 2017. However, the bank has targeted w88 đăng nhập complete the difficult taskwithin five years.

Sacombank Chairman Duong Cong Minh said the bank’s restructuring scheme, including shaking up the bank’s organisation and human resources and re-arranging transaction networks and branches, was based on the strategy of “developing rural areas w88 đăng nhập support urban zones.”

Mr. Minh affirmed that his bank has taken drastic measures w88 đăng nhập implement the restructuring scheme. He believed that bad debt settlement will be effective due w88 đăng nhập upbeat signs in the property market and the National Assembly’s legal provisions for bad debts.

Sacombank’s representative announced that the two major goals in the 2018-20 period will be w88 đăng nhập speed up the bank’s restructuring process and the settlement of bad debts w88 đăng nhập improve its asset quality.

In addition, the bank will expand cooperation, aiming w88 đăng nhập reduce competitive pressure in the sector and become the top retail bank in the country and the region.

By the end of this year, the bank’s total assets are estimated w88 đăng nhập rise 11.5 percent. Its credit growth and capital mobilisation have also risen by 12.9 percent and 11.5 percent, respectively.

The bank currently has 566 transaction offices in 48 cities and provinces of Vietnam, Laos and Cambodia.