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Banking & Finance

Disappointing 9M for KienLongBank

Released at: 21:12, 03/11/2015

Disappointing 9M for KienLongBank

Profits down year-on-year in first three quarters.

by Hung Nguyen

The KienLong Commercial Joint Stock Bank (KienLongBank) has released its financial report for the first three quarters, with total assets reaching VND23.95 trillion ($1.07 billion), an increase of 4 per cent since the beginning of the year. Deposits were VND19.67 trillion ($881.41 million), 19 per cent higher. Deposits and borrowings from other credit institutions, however, were significantly lower, falling from VND2.78 trillion ($124.57 million) to VND580 billion ($25.98 million).

Net interest income in the first three quarters stood at VND606 billion ($27.15 million), a slight decline of 2 per cent against the same period last year. Expenses rose 7 per cent to VND392 billion ($17.56 million), and the bank set VND66 billion ($2.95 million) in risk provisions in the period.

Profit before tax in the first three quarters was VND186 billion ($8.33 million), a decline of 29 per cent year-on-year and representing just 48 per cent of the annual plan.

Profit after tax in the third quarter reached VND21.6 billion ($967,896), 45 per cent less than in the same period last year, for a year-to-date figure of VND145 billion ($6.49 million), a fall of 30 per cent year-on-year.

Lending increased 12 per cent to VND15.14 trillion ($678.42 million) while non-performing loans fell 23 per cent to VND204 billion ($9.14 million).

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