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Credit institutions hope for better results in 2018

20:13 | 06/07/2018 Finance Follow english.haiquanonline.com.vn on
Most credit institutions reported good results in the second quarter of this year and expected their business performance throughout 2018 to be better than the previous year
credit institutions hope for better results in 2018

During the period, demand for loans, deposits and payments and cards increased 51.1%, 36.9% and 35.4%, respectively, according to a survey conducted by the State Bank of Vietnam (SBV) in June.

The credit institutions hoped that the demand would continue to surge in the next quarter and the entire year.

Up to 82.5% of respondents expected that risks for customers will remain stable in the third quarter while 6.5% thought risks would reduce in the period.

The credit institutions estimated that bad debts and credit outstanding balance will stay low till the end of 2018, lower than that the rates posted in the same period last year.

They expressed optimism on the liquidity of the banking system in both Vietnamese dong and foreign currencies.

The survey revealed that 67.4% of credit institutions said their business in April-June was better than the previous quarter, 76.1% of them had high hopes for July-September while 82.6% hoped for business improvement through 2018.

Up to 88% of the interviewees predicted their pre-tax profits in the year to rise against 2017, with total profits expected to grow 19.05% on average, higher than the 18.2% forecast in the first-quarter survey but lower than the 19.33% rate in the survey conducted in the fourth quarter of 2017.

Meanwhile, 46% of the credit institutions said they had employed more workers in the second quarter and 30% of them reported a lack of necessary labour force, and 62% of them aim to recruit more labourers in the third quarter of 2018.

It is estimated that 70% of the credit institutions will increase the number of workers in the end of 2018, 23 percent will retain their present labour force and only 7% will cut personnel.

The respondents anticipated that capital mobilisation of the entire system will expand 5.45% in the third quarter and 16.51% in the year, both higher than the figures recorded in 2017.

Credit outstanding balance is projected to surge 5.99% in the third quarter and 16.78% in 2018, also higher than the numbers in 2017.

Source: VNA
Tags:
credit institutions credit business performance business

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