KienlongBank reported third-quarter after-tax profit of about VND 430 billion, down nearly 13% year on year, mainly because of preferential credit programs carried out under State Bank of Vietnam guidance, including loan rate cuts of up to 2.5% per year for small and medium enterprises. Its average lending rate still rose from 9.05% in July to 9.37% in September. Quarterly interest income from loans reached nearly VND 2,280 billion, up nearly 20%, while outstanding loans at end-September were about VND 78,500 billion, up nearly 10% from the end of last year. For the first nine months, after-tax profit rose 11% to nearly VND 1,370 billion, which the bank credited to process improvements, higher productivity, cost control and better asset quality. As of end-September, total assets were nearly VND 116,000 billion and customer deposits were VND 81,800 billion, up nearly 14%. The bank targets pre-tax profit of about VND 2,600 billion this year.
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Original headline: KienlongBank giảm lãi do 'ưu đãi tín dụng'
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