On December 17, 2019, the Vietnam Asset Management Company (VAMC) and the Banking Department of the State Bank of Vietnam announced that Kien Long Commercial Joint Stock BankKienlongbank (KLB codeUPCoM) had fully settled VAMC bonds before maturity. Accordingly, Kienlongbank completed the final settlement of all bonds sold to VAMC and became the 8th member in the system of banks with no bad debts at VAMC, following Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam International Commercial Joint Stock Bank (VIB), Vietnam Technological and Commercial Joint-Stock Bank (Techcombank), Tien Phong Commercial Joint Stock Bank (TPBank), Military Commercial Joint Stock Bank (MB), Orient Commercial Joint Stock Bank (OCB) and Nam A Commercial Joint Stock Bank (Nam A Bank).
Earlier, at the Annual general Meeting of Shareholders in 2019, Kienlongbank set a goal to finalise all VAMC special bonds before December 31, 2019.
As of December 31, 2018, Kienlongbank recorded 153 billion dong of VAMC bonds, of which 94 billion dong was made. After clearing all VAMC bonds before maturity, Kienlongbank will not have to make provision for VAMC bonds from January 1, 2020, thereby contributing to increasing profits for the bank in the near future.
In the first nine months of 2019, Kienlongbank’s core business activities had positive results. Total assets reached 46.875 trillion dong, up 10.8 percent compared to the end of 2018; mobilised funds increased by 12.1 percent to 42.03 trillion dong; customer loan balance rose by 8.3 percent to 31.907 trillion dong. Profit before tax of the bank reached 236 billion dong, an increase of six percent over the same period in 2018.
