Military Bank Reports Assets up 31.2 per cent in First Half
The Military Commercial Bank reported total assets rising by 31.2 per cent on-year to reach more than VND9 trillion (US$566 million) as at the end of June.
In the same period, the bank’s total deposits also increased to nearly VND9.2 trillion (US$578.6 million), up 31.15 per cent from to the start of this year; while its lending totaled VND5 trillion (US$314.5 million), recording a year-on-year growth of 37 per cent.
The bank earned a pre-tax profit of VND125 billion (US$7.9 million) in the first half of this year, fulfilling 66 per cent of the target set for the whole year.
The Military Bank now has chartered capital of VND675 billion and a network of 31 branches and offices nationwide.
The bank plans to advance its stakeholders 10 per cent dividend for the first half.
Financial and Monetary Market Review
The state-owned Bank for Agriculture and Rural Development (Agribank) started the issue of VND3.5 trillion (US$220 million) worth of certificates of deposits (CDs) in both the Vietnamese dong and the US dollar on August 1.
Vietnamese dong CDs are sold at a minimum face value of VND1 million and a maximum one of VND1 billion whilst the face value of the available US dollar CDs ranges from US$100 to US$100,000.
The interest rate for 13-month terms is fixed at 0.75 per cent a month for the Vietnamese dong CDs and 5.0 per cent a year for the US dollar CDs.
As for 24-month terms, the bank offers an interest rate of 0.76 per cent for the Vietnamese dong debt papers and 5.2 per cent a year for the US dollar ones.
The 36-month CDs in the Vietnamese dong and the US dollar carry interest rates of 0.77 per cent a month and 5.5 per cent a year respectively.
The CD issue is scheduled to last until September 29.
Agibank is one of a series of local commercial banks to issue CDs to raise funds recently, including state-run BIDV and Vietcombank, HSBC, ANZ, Southern Bank, VinaSiam and Techcombank.
News
Vietnamese
