KienlongBank (KLB): The third quarter remains stable, expected to achieve the year-end plan targetTuesday, November 28,2023
AsemconnectVietnam - Kien Long Commercial Joint Stock Bank (KienlongBank, UPCoM: KLB) has just released its consolidated financial report for the third quarter of 2023, showing a positive business situation, creating a premise for sustainable growth.
Business results with many positive indicators
In the third quarter of 2023, KienlongBank's pre-tax profit reached VND237.2 billion. Accumulated for 9 months, pre-tax profit reached VND639 billion, recorded positively compared to the same period in 2022 due to increased scale. Total consolidated assets and total capital mobilization reached VND85,553 billion and VND75,439 billion, respectively.
Outstanding credit balance as of the end of the quarter reached more than VND48,660 billion, which mainly focuses on priority areas such as agriculture, forestry, fisheries or activities that produce physical products and household self-consumption services. The bad debt ratio of the entire bank is maintained at a low level of 2%, ensuring compliance with regulations of the State Bank (SBV).
KienlongBank's net profit from service activities, foreign exchange trading, and securities trading recorded an impressive increase, contributing to maintaining stable growth momentum in the quarter. In addition, the Bank has also further promoted providing multi-utility experiences to customers through products and services on digital platforms based on the new Core Bank and Core Card platforms along with the planned target business model transformation strategy.
Marking the 28-year journey of Digital Vitality, creating breakthrough momentum with multi-utility digital products
With the goal of becoming a modern, comprehensive and friendly Digital Bank by 2025, every step of KienlongBank is aimed at leaving a mark on a modern Bank, with new thinking, breakthrough solutions and a team full of Digital Vitality in the journey of serving customers. The bank has continuously improved service quality, developed more products, found solution groups and deployed technology applications and digital transformation throughout the system effectively and in the right direction.
One of the highlights that has contributed significantly to KienlongBank's positive business results in recent times is the Store Financial Management solution set - MyShop, with more than 12,000 new Shops opened in the quarter. Not only does it provide store owners with a safe, fast, and secure solution, with MyShop, customers can also experience a financial management solution and smart sales cash flow tracking.
Not only MyShop, KienlongBank has also launched a payment solution for businesses - KienlongBank Pay with collection and payment features such as tuition collection, salary payment... This promises to be one of the solutions. Supporting businesses in implementing income and expenditure on behalf of customers and clearing payments online, thereby helping to increase the efficiency of management and capital use, improving the competitiveness of businesses.
Building a business culture associated with community development
In addition to providing diverse and professional banking products and services with the orientation of developing Digital Banking, in order to bring added value to customers, partners and shareholders, the mission that KienlongBank always guides is Comes ready to share values for the benefit of community development and business prosperity. Throughout the 28-year journey of formation and development (October 27, 1995 - October 27, 2023), based on its internal capabilities, KienlongBank has proactively optimized processes, reduced operating costs, strive to provide solutions with the goal of accompanying and supporting businesses, thereby contributing to stability and supporting economic growth.
Accordingly, KienlongBank deploys many suitable solutions, supporting both individual customers (KHCN) and corporate customers (KHDN). The Bank has advocated the direction of focusing and shifting capital flows into the production and business sectors, especially priority sectors according to Government regulations such as rural agriculture, export, small and medium enterprises... comes with the implementation of 7 consecutive loan interest rate reductions to support businesses.
In addition to business objectives, KienlongBank always considers responsibility to the community as one of the priorities in the Bank's long-term development strategy. Recognizing its efforts and responsibility for society, willingness to share difficulties, and always accompany people and businesses, KienlongBank was honored in the Asia-Pacific "Inspirational Brand" category Asia Pacific Enterprise Awards 2023.
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