After 12 accounts have been compromised and withdrawn money from in late April, Agribank has just announced to increase service fees, aiming to upgrade its banking system, especially at ATM machines. Agribank will increase its service fees from May 12 (Photo: dkn.tv) Security remains a primary concern at Agribank, especially after 12 accounts were hacked to withdraw money at late night on April 25, causing damages of VND10-24 million ($440-1,060) per account. This issue is probably one of the factors that lead to Agribank’s decision to increase service fees. Since May 12, Vietnam Bank for Agriculture and Rural Development (Agribank) will increase several banking service fees, including ATM transactions from VND1,000 to VND1,650 (including VAT) per time. Transaction fees via E-Mobile Banking will increase by 0.05 per cent of the transferred money, with a minimum of VND8,000. Agribank is investing in 2,800 ATM machines, the most in the market. Therefore, the cost to … [Read more...] about Agribank to increase service fees after account hacking
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Vietnam’s central bank grapples to fight inflation
The central bank will maintain a prudent monetary policy, enhance monetary policy coordination with proactive fiscal policy and aim for reasonable credit growth, said Nguyen Duc Long, deputy head of the State Bank’s Monetary Policy Department. Vietnam’s central bank is facing a monetary policy dilemma as the country’s economy slows down and inflation speeds up. Vietnam is determined to reach its annual economic growth target of 6.7 percent this year. However, adverse weather conditions have dragged the country’s growth down to an estimated 5.52 percent in the first half of this year. Meanwhile, inflation in the first six months of this year is estimated to have risen 1.75 percent against the same period last year, according to the data from the General Statistics Office. The office also said that the consumer price index in June had increased 2.4 percent from last June. Vietnam’s inflation started picking up in May to the highest increase in the past … [Read more...] about Vietnam’s central bank grapples to fight inflation
VN banks foresee good profit in 2017
Compared to 2016, banks are looking at brighter prospects in 2017 as many indexes look like they are on a trend of improvement. According to the National Financial Supervisory Commission (NFSC), the return on total assets (ROA) and the return on common equity (ROE) of credit institutions in 2016 was higher than in 2015. Specifically, ROA and ROE in 2016 reached 0.54 and 7.87 per cent, respectively—a major improvement compared to the 0.46 and 6.42 per cents in 2015. Many banks’ business reports also reflect improving profitability ratios. For example, in 2016, VietinBank recorded a profit of $361.2 million, increasing 12 per cent on-year. Its ROA and ROE reached 10.9 and 1 per cent, respectively (in 2015, these indexes were 10.2 and 1 per cent). Vietcombank’s profit before tax and after provisions in 2016 reached $359.5 million, increasing 23.4 per cent compared to 2015. Its ROA and ROE were also high, reaching 0.9 and 14.2 per cent. MB’s pre-tax profit … [Read more...] about VN banks foresee good profit in 2017
Banks foresee good profit in 2017
According to the National Financial Supervisory Commission (NFSC), the return on total assets (ROA) and the return on common equity (ROE) of credit institutions in 2016 was higher than in 2015. Specifically, ROA and ROE in 2016 reached 0.54 and 7.87 per cent, respectively—a major improvement compared to the 0.46 and 6.42 per cents in 2015. Many banks’ business reports also reflect improving profitability ratios. For example, in 2016, VietinBank recorded a profit of $361.2 million, increasing 12 per cent on-year. Its ROA and ROE reached 10.9 and 1 per cent, respectively (in 2015, these indexes were 10.2 and 1 per cent). Vietcombank’s profit before tax and after provisions in 2016 reached $359.5 million, increasing 23.4 per cent compared to 2015. Its ROA and ROE were also high, reaching 0.9 and 14.2 per cent. MB’s pre-tax profit reached $162.5 million in 2016, increasing 18 per cent on-year. Its ROA and ROE were 1.2 and 13.55 per cent, respectively (in 2015, these … [Read more...] about Banks foresee good profit in 2017
Banks foresee good profit in 2017 Money Banking Investments Shares
Compared to 2016, banks are looking at brighter prospects in 2017 as many indexes look like they are on a trend of improvement. According to the National Financial Supervisory Commission (NFSC), the return on total assets (ROA) and the return on common equity (ROE) of credit institutions in 2016 was higher than in 2015. Specifically, ROA and ROE in 2016 reached 0.54 and 7.87 per cent, respectively—a major improvement compared to the 0.46 and 6.42 per cents in 2015. Many banks’ business reports also reflect improving profitability ratios. For example, in 2016, VietinBank recorded a profit of $361.2 million, increasing 12 per cent on-year. Its ROA and ROE reached 10.9 and 1 per cent, respectively (in 2015, these indexes were 10.2 and 1 per cent). Vietcombank’s profit before tax and after provisions in 2016 reached $359.5 million, increasing 23.4 per cent compared to 2015. Its ROA and ROE were also high, reaching 0.9 and 14.2 per cent. MB’s pre-tax profit reached … [Read more...] about Banks foresee good profit in 2017 Money Banking Investments Shares