Hanoi (VNA) - The total assets of Vietnamese credit institutionsrose more than 16 percent by December 2016 to 8.5 quadrillion VND (374 billionUSD), when compared with early 2016, the State Bank of Vietnam reported.

According to the report, assets of all kinds of credit institutions inSeptember rose, of which finance companies posted the highest growth of 30 percentin the year to 114.37 trillion VND. The central bank attributed the rise in theassets of the finance companies to an acceleration in consumer lending and theestablishment of many finance companies last year.

State-ownedcommercial banks and joint stock commercial banks both reported a growth of 17percent in assets to 3.86 quadrillion VND and 3.42 quadrillion VND.

Assets of joint venture and foreign banks in the year also rose nearly 10 percentto 828.322 trillion VND.

However, among the total assets, State-owned commercial banks accounted for thelargest amount with more than 45 percent. Joint stock commercial banks followedwith more than 40 percent.

Besides assets, the charter capital of all credit institutions also rose morethan 6 percent to 488.4 trillion VND.

By the end of 2016, the capital adequacy ratio (CAR) of State-owned banks wasunder 10 percent while the rate of joint stock commercial banks was 11.8 percent.

Joint venture and foreign banks had the highest CAR at 33 percent. The ratioregulated by the central bank is 9 percent.

The ratio of short-term funds used for medium- and long-term loans of theentire credit institution system was nearly 35 percent on average, of which theratio at State-owned commercial banks was 37 percent, joint stock commercialbanks was 40 percent and finance companies was 45 percent.-VNA