C.bank expands credit quota for banks to meet growing credit demands
Many banks have reached their respective credit limits in the first nine months of 2021.
Many banks have reached their respective credit limits in the first nine months of 2021.
The cut, which begins from this month to late 2021, will depend on each bank’s financial situation.
Banks in Vietnam are responding to the government’s call in forgoing parts of their profits to support customers affected by the pandemic.
In the first working day after a long holiday, customers often have high demand to open or withdraw money from saving accounts.
Banking sector is set to post a strong growth of 21-28% year-on-year in pre-tax profit in 2021, subsequently leading to higher value of banks stocks.
It seems a call from the central bank for credit institutions to forego their profits in 2020 to aid customers and businesses affected by the pandemic have not been effectively implemented.
As the government looks to push for public investment and the central bank keeps a low interest rate environment to aid economic growth, banks are expected to be the first beneficiaries from an economic rebound.
The banking sector is set to have a bright outlook in case the economy return to the uptrend growth.
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