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KienlongBank Explains Unclarified VND 343 Billion Receivables
KienlongBank has explained an unclarified receivables balance of VND 343 billion (approx. $13.5 million) flagged by auditors. The bank stated it is currently reconciling this amount with relevant parties. The audit report expressed a qualified opinion due to insufficient evidence to assess the outcome of the reconciliation and the need for provisioning.
KienlongBank (KLB) has provided an explanation regarding the VND 343.386 billion in receivables that auditors noted as requiring further clarification in its reviewed interim financial statements for 2026. According to the report by A&C Auditing and Consulting Company Limited, as of June 30, 2026, this amount was undergoing reconciliation with related parties. Auditors stated they could not obtain sufficient appropriate evidence to assess the outcome of this reconciliation process and determine the necessary provisions, if any. The bank clarified that this sum represents receivables from pending transactions, identified during a transaction reconciliation with related parties in June 2026. Following this discovery, KienlongBank implemented enhanced control measures for these transactions and is conducting detailed reconciliations with the involved parties. KienlongBank anticipates proposing appropriate handling measures in accordance with regulations by September, based on the results of document and evidence collection. As of June 30, the receivables exceeding VND 343 billion were still in the reconciliation phase, preventing auditors from assessing the outcome or the need for provisioning due to a lack of sufficient evidence. This is the reason for the qualified opinion in the bank's interim financial report, which focuses on this specific issue without negating the entire financial statement. Regarding business performance, KienlongBank's profit before tax for the first six months of 2026 remained unchanged from its self-declared figures. The bank recorded a pre-tax profit of VND 1.176 trillion, a 27.6% increase year-on-year, fulfilling approximately 45% of its annual target of VND 2.6 trillion. By the end of June, KienlongBank's total assets reached nearly VND 115 trillion, an 11.2% increase from the beginning of the year. Customer loans stood at VND 77.617 trillion, up 8.4%, while mobilized capital totaled VND 102.592 trillion, a rise of over 12% from the start of the year. Information Source: The Saigon Times
Original source
The Saigon Times