Kien Long Bank posts loss in Q3
Kien Long Bank posts loss in Q3
Kien Long Bank is the country's first bank to have reported a loss of VND8.8 billion (US$392,000) in the third quarter of this year. In the same period last year, the bank had made a profit of VND27.6 billion.
As per the the bank's financial report, its pre-tax profit in the first nine months also dropped nearly 90 per cent year-on-year to VND19.8 billion.
In Q3 alone, the bank posted a profit reduction of nearly 12 per cent, at VND172 billion, while operation costs rose 21 per cent to VND153 billion and provision funds inched up to VND50 billion.
Between January and September, the bank mobilised a total capital of VND22 trillion, up 10 per cent; and lent VND17 trillion, up 6.2 per cent.
By end-September, Kien Long Bank's non-performing loans rose to 1.46 per cent from 1.12 per cent in early 2016.
The bank's total assets at the end of September were more than VND26 trillion, up 4 per cent against early this year.
