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Factors affecting the liquidity risk of commercial banks in viet nam 2022

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MINISTRY OF EDUCATION AND TRANDING STATE BANK OF VIETNAM BANKING UNIVERSITY HCMC LÊ KHÁNH LINH FACTORS AFFECTING THE LIQUIDITY RISK OF VIETNAMESE COMMERCIAL BANKS GRADUATION THESIS SPEACIALITY FINANCE.

MINISTRY OF EDUCATION STATE BANK OF VIETNAM AND TRANDING BANKING UNIVERSITY HCMC LÊ KHÁNH LINH FACTORS AFFECTING THE LIQUIDITY RISK OF VIETNAMESE COMMERCIAL BANKS GRADUATION THESIS SPEACIALITY: FINANCE – BANKING CODE: 7340201 HO CHI MINH CITY, 2022 MINISTRY OF EDUCATION STATE OF VIETNAM AND TRANDING BANKING UNIVERSITY HCMC LÊ KHÁNH LINH FACTORS AFFECTING THE LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATION THESIS SPEACIALITY: FINANCE – BANKING CODE: 7340201 Instructor ASSOC.PROF PhD DANG VAN DAN HO CHI MINH CITY, 2022 I ABSTRACT The topic name: Factors effecting the liquidity risk of commercial banks in Vietnam The study's major objectives are to identify characteristics that explain liquidity risk in Vietnamese commercial banks and assess their impact on the risk Following that, many policy implications and proposals to improve banks' liquidity ability and prevent abrupt liquidity shocks will be presented The study's contents include the following: To begin, the study's emergence stems from a requirement among commercial banks to reduce liquidity risk in the face of increasing competition Secondly, the study examines existing domestic and international research on liquidity risk factors in order to use them as a theoretical foundation and to inherit the research models Thirdly, the research data was gathered from the financial reports of 31 Vietnamese commercial banks from 2009 to 2019 The author employs a wide range of techniques, including qualitative (description, comparison, analysis, etc.) and quantitative procedures Pooled OLS, FEM, REM, and FGLS models are used in particular to regress panel data in research Finally, the analysis, remarks, and conclusion are all proven based on the research findings, in order to propose the author's proposals for avoiding liquidity risk in banks' operations The author expects that this study will serve as a reference in the future and that the research findings will be valuable to bank administrators, legislators, and other scholars Keywords: Liquidity risk, FGLS, Profit, Joint Stock Commercial Bank, Vietnam II ASSURANCE LETTER My name is Le Khanh Linh and I am a student at the Banking University of Ho Chi Minh City, class HQ6 – GE12, student number: 030134180237 I assure that the “Factors affecting the liquidity risk of commercial banks in Vietnam” dissertation is my own report The figures and sources of information in this research are derived clearly and honestly from the banks' consolidated financial statements In addition, the tests were conducted publicly and transparently with no intervention to correct the results of regression models, in which there are no previously published content or content made by others except for full citations in the report HCM City, 20 March, 2022 Author Lê Khánh Linh III ACKNOWLEDGEMENT I would like to thank the teachers and friends in the Banking University in Ho Chi Minh city and with the deepest gratitude, I would like to send to the personnel in the Department of Finance and Department of Banking the most sincerely thanks for the knowledge and dedication, who has devoted to us during our school time Especially in the program of implementing the graduation dissertation with the guidance of association Professor and Doctor of Philosophy Dang Van Dan, I have been helped a lot in choosing the topic, writing the research, as well as in-depth guidance in how to work properly Finally, I would like to thank my family, friends and relatives who have always been there to support and encourage me to complete my graduation dissertation I sincerely thank! IV TABLE OF CONTENTS ABSTRACT I ASSURANCE LETTER II ACKNOWLEDGEMENT III LIST OF ACRONYMS VII LIST OF DIAGRAMS VIII LIST OF TABLES IX CHAPTER I: INTRODUCTION 1.1 RESEARCH MOTIVATIONS 1.2 OBJECTIVES OF STUDY 1.2.1 General objective 1.2.2 Specific objective 1.3 RESEARCH QUESTION 1.4 SUBJECT AND SCOPE OF THE STUDY 1.4.1 Research Subject 1.4.2 Scope of the study 1.5 RESEARCH METHODOGY 1.6 CONTRIBUTIONS 1.7 DISSERTATION STRUCTURE CHAPTER II: LITERATURE REVIEW 2.1 THEORY OF LIQUIDITY RISK OF JOIN-STOCK COMMERCIAL BANKS 2.1.1 Commercial banks 2.1.2 Bank liquidity risk 2.1.3 Liquidity risk measurement 11 2.1.4 Liquidity reserve 12 2.2 LITERATURE REVIEW 13 2.3 HYPOTHESES DEVELOPMENT 18 2.3.1 Internal hypotheses 18 2.3.2 External hypotheses 20 V CHAPTER III: RESEARCH METHODS 24 3.1 DATA COLLECTION: 24 3.2 RESEARCH MODELS 26 3.3 DESCRIPTION VARIABLE AND RESEARCH HYPOTHESIS 29 3.3.1 Dependent variable – Funding gap (FGAP) 29 3.3.2 The independent variables 29 3.3.3 Macro factors 32 3.4 RESEARCH PROCESS 35 3.5 RESEARCH METHODS 38 3.5.1 Ordinary Least Squares (OLS) 38 3.5.2 Fixed Effect Model (FEM) 39 3.5.3 Random Effect Model (REM) 39 3.5.4 Feasible Generalized Least Square (FGLS) 39 CHAPTER IV: RESEARCH RESULTS AND DISCUSSION 41 4.1 DESCRIPTIVE STATISTICAL 41 4.2 CORRELATION ANALYSIS OF VARIABLES 45 4.3 MULTICOLLINEARITY TEST 47 4.4 ESTIMATED THE POOLED OLS, FEM, REM MODELS 48 4.5 SELECTION TEST OF MODELS POOLED OLS AND FEM 51 4.5.1 Model defect testing 52 4.5.2 Homoscedasticity test 52 4.5.3 Autocorrelation test 53 4.6 ESTIMATED THE FGLS 54 4.6.1 Comparison between models 55 4.7 RESULTS DISCUSSION 57 CHAPTER V: CONCLUSIONS AND RECOMMENDATIONS 68 5.1 CONCLUSION 68 5.2 RECOMMENDATION 71 5.2.1 For commercial banks 71 5.2.2 For the State Banks 72 VI 5.2.3 For the Government 73 5.3 LIMITS AND EXTENSIVE RESEARCHES 73 5.3.1 Limits of the research 73 5.3.2 Direction for extensive research 74 REFERENCES 75 APPENDIX 77 VII LIST OF ACRONYMS Acronyms English FGAP Funding Gap ROE Return on equity NIM Net Interest Margin LDR Loan-to-deposit ratio SIZE Natural log of total asset CAP Equity ratio LLR Loan loss reserves TLA Total loans ratio M2 Money Supply INF Inflation GDP Economic growth AGDP Industry growth CR3 Industry concentration FEM Fixed Effect Model REM Random Effect Model VIF Variance Inflation Factors FGLS Feasible Generalized Least Square OLS Ordinary Least Squares VIII LIST OF DIAGRAMS Figure Thesis model 36 Figure Relationship between FGAP and SIZE 56 Figure Relationship between FGAP and LDR 58 Figure Relationship between FGAP and TLA 59 Figure Relationship between FGAP and LLR 60 86 gdp inf size cap ldr tla llr cr3 m2 agdp _cons -1.189934 3410806 0468035 154115 -.3172538 1.660161 -2.055985 1.164438 1381007 -.0383827 -.7540165 5703915 0871564 0140782 0453878 028641 0420304 4171082 5444911 0458312 0746991 1558544 -2.09 3.91 3.32 3.40 -11.08 39.50 -4.93 2.14 3.01 -0.51 -4.84 0.037 0.000 0.001 0.001 0.000 0.000 0.000 0.032 0.003 0.607 0.000 -2.307881 1702572 0192107 0651566 -.373389 1.577782 -2.873502 0972555 0482732 -.1847902 -1.059485 -.0719877 5119039 0743962 2430734 -.2611185 1.742539 -1.238468 2.231621 2279283 1080249 -.4485475 A13 Comparison between models esttab pooled fem rem xtgls, r2 star(* 0.1 ** 0.05 *** 0.01) (1) fgap (2) fgap (3) fgap (4) roe (-2.18) -0.176** (-0.80) -0.0630 (-1.03) -0.0779 (-1.17) nim (4.01) 1.723*** (0.79) 0.310 (1.41) 0.540 (1.77) 0.623* gdp (-1.05) -0.918 (-0.60) -0.506 (-1.41) -1.035 (-2.09) -1.190** inf (2.19) 0.287** (1.48) 0.181 (1.98) 0.215** (3.91) size (2.31) 0.0394** (-0.44) -0.0169 (-0.17) cap (2.49) 0.0727** (3.46) 0.424*** (3.24) 0.171*** (3.40) 0.154*** ldr (-8.41) -0.300*** (-8.33) -0.286*** (-8.82) -0.288*** (-11.08) -0.317*** tla (32.67) 1.562*** (29.54) 1.635*** (32.81) 1.641*** (39.50) 1.660*** llr (-2.52) -2.101** (-2.37) -1.762** (-2.30) -1.675** (-4.93) -2.056*** cr3 (0.40) 0.405 (0.11) 0.0830 (0.38) 0.279 (2.14) -0.00428 (3.32) fgap -0.0660 0.341*** 0.0468*** 1.164** 87 m2 (1.58) 0.114 (0.72) 0.0460 (1.33) 0.0766 (3.01) agdp (0.33) 0.0325 (1.24) 0.267 (1.31) 0.199 (-0.51) -0.171 (-0.51) -0.245 (-1.01) _cons -0.577*** (-2.64) 0.138*** -0.0384 -0.754*** (-4.84) 88 B Collect this data from 31 commercial banks collected between 2009 - 2019 MÃ CK NĂM ROE NIM GDP INF SIZE CAP LDR TLA FGAP LLR CR3 M2 AGDP ABB 2010 10.85% 4.04% 6.42% 9.21% 7.57996 12.24% 83.84% 51.73% 34.84% 1.07% 14.22% 33.00% 1.43% ABB 2011 6.55% 5.29% 6.24% 18.68% 7.61849 11.37% 96.78% 47.18% 24.41% 1.62% 13.76% 12.10% 1.34% ABB 2012 8.30% 4.55% 5.25% 9.09% 7.66289 10.65% 63.83% 39.86% 24.66% 2.25% 13.57% 12.59% 1.29% ABB 2013 2.64% 2.73% 5.42% 6.59% 7.76063 9.97% 61.87% 39.90% 21.93% 2.84% 15.32% 4.40% 1.47% ABB 2014 2.04% 2.60% 5.98% 4.08% 7.82908 8.47% 56.53% 37.79% 14.36% 1.86% 14.02% 17.70% 1.58% ABB 2015 1.59% 2.71% 6.68% 0.63% 7.80872 8.99% 64.23% 47.43% 33.30% 1.26% 14.88% 16.23% 1.45% ABB 2016 4.19% 2.83% 6.21% 2.67% 7.87024 7.88% 76.10% 52.86% 35.19% 1.50% 14.84% 18.38% 1.56% ABB 2017 8.17% 2.91% 6.81% 3.52% 7.92687 7.24% 81.42% 55.79% 35.87% 1.61% 15.03% 14.97% 1.64% ABB 2018 11.01% 2.46% 7.08% 3.54% 7.95423 7.63% 82.78% 57.26% 46.88% 1.26% 14.52% 11.34% 1.59% ABB 2019 13.60% 2.70% 7.02% 2.79% 8.01096 7.65% 80.59% 54.67% 38.35% 1.31% 14.27% 13.00% 1.70% ACB 2010 21.74% 2.54% 6.42% 9.21% 8.31197 5.55% 80.87% 42.16% 28.45% 0.83% 14.22% 33.00% 14.32% ACB 2011 27.49% 3.19% 6.24% 18.68% 8.44874 4.26% 71.60% 36.23% 23.88% 0.97% 13.76% 12.10% 16.10% ACB 2012 6.38% 3.51% 5.25% 9.09% 8.24627 7.16% 80.90% 57.46% 49.67% 1.48% 13.57% 12.59% 9.28% ACB 2013 6.58% 2.78% 5.42% 6.59% 8.22167 7.51% 76.49% 63.41% 58.73% 1.47% 15.32% 4.40% 8.09% ACB 2014 7.64% 2.98% 5.98% 4.08% 8.25433 6.90% 74.21% 63.89% 60.46% 1.38% 14.02% 17.70% 8.05% ACB 2015 8.17% 3.31% 6.68% 0.63% 8.30418 6.35% 75.74% 65.77% 64.56% 1.16% 14.88% 16.23% 8.75% ACB 2016 9.87% 3.35% 6.21% 2.67% 8.36862 6.02% 78.05% 69.16% 68.20% 1.11% 14.84% 18.38% 9.61% ACB 2017 14.08% 3.41% 6.81% 3.52% 8.4538 5.64% 81.47% 69.17% 63.74% 0.94% 15.03% 14.97% 10.76% ACB 2018 27.73% 3.51% 7.08% 3.54% 8.51764 6.38% 84.44% 69.23% 62.93% 1.12% 14.52% 11.34% 11.40% ACB 2019 24.64% 3.51% 7.02% 2.79% 8.58378 7.24% 86.38% 69.40% 64.38% 0.95% 14.27% 13.00% 12.47% 89 BAB 2012 1.05% 2.66% 5.25% 9.09% 7.77935 2.38% 76.90% 37.10% 37.10% 0.02% 13.57% 12.59% 1.66% BAB 2013 23.63% 5.37% 5.42% 6.59% 7.70163 6.58% 68.96% 58.13% 51.18% 0.92% 15.32% 4.40% 1.28% BAB 2014 14.37% 6.42% 5.98% 4.08% 7.75726 7.21% 77.92% 63.11% 54.29% 0.98% 14.02% 17.70% 1.34% BAB 2015 7.89% 6.09% 6.68% 0.63% 7.8025 7.90% 78.03% 65.04% 61.09% 1.17% 14.88% 16.23% 1.43% BAB 2016 9.26% 6.21% 6.21% 2.67% 7.88046 7.65% 80.56% 62.76% 53.36% 0.93% 14.84% 18.38% 1.61% BAB 2017 9.87% 2.93% 6.81% 3.52% 7.96276 6.95% 86.53% 59.79% 39.26% 1.12% 15.03% 14.97% 1.79% BAB 2018 10.06% 1.87% 7.08% 3.54% 7.9869 7.30% 87.39% 65.33% 51.51% 0.94% 14.52% 11.34% 1.72% BAB 2019 10.06% 1.99% 7.02% 2.79% 8.03298 7.24% 94.90% 66.99% 53.41% 0.91% 14.27% 13.00% 1.80% BID 2010 17.90% 2.88% 6.42% 9.21% 8.5638 6.65% 101.72% 67.96% 60.23% 2.13% 14.22% 33.00% 15.26% BID 2011 13.07% 3.39% 6.24% 18.68% 8.60826 6.06% 119.78% 71.00% 62.20% 2.03% 13.76% 12.10% 15.59% BID 2012 10.07% 2.15% 5.25% 9.09% 8.68555 5.47% 110.21% 68.90% 60.74% 1.77% 13.57% 12.59% 15.34% BID 2013 13.84% 2.82% 5.42% 6.59% 8.73909 5.84% 113.57% 70.19% 61.47% 1.60% 15.32% 4.40% 16.55% BID 2014 15.27% 2.94% 5.98% 4.08% 8.81314 5.12% 99.68% 67.51% 54.26% 1.51% 14.02% 17.70% 19.91% BID 2015 16.87% 2.67% 6.68% 0.63% 8.92976 4.98% 104.66% 69.46% 60.09% 1.27% 14.88% 16.23% 22.70% BID 2016 14.33% 2.60% 6.21% 2.67% 9.00276 4.38% 98.29% 70.91% 61.72% 1.41% 14.84% 18.38% 25.52% BID 2017 14.95% 2.88% 6.81% 3.52% 9.08001 4.06% 99.48% 71.16% 63.51% 1.33% 15.03% 14.97% 25.57% BID 2018 14.59% 2.86% 7.08% 3.54% 9.11828 4.15% 98.65% 74.36% 68.33% 1.27% 14.52% 11.34% 26.48% BVB 2010 8.73% 2.83% 6.42% 9.21% 7.13729 11.14% 76.55% 40.69% 18.67% 0.00% 14.22% 33.00% 0.52% BVB 2011 7.23% 2.81% 6.24% 18.68% 7.12139 12.64% 94.36% 50.16% 23.14% 0.71% 13.76% 12.10% 0.43% BVB 2012 3.78% 3.08% 5.25% 9.09% 7.1233 23.74% 105.52% 49.77% 23.15% 1.11% 13.57% 12.59% 0.37% BVB 2013 3.35% 3.29% 5.42% 6.59% 7.22501 18.97% 91.34% 46.80% 18.33% 1.58% 15.32% 4.40% 0.43% BVB 2015 2.58% 1.78% 6.68% 0.63% 7.48712 10.95% 84.49% 41.63% 13.77% 0.96% 14.88% 16.23% 0.69% 90 BVB 2016 2.77% 2.11% 6.21% 2.67% 7.53518 9.87% 73.09% 43.91% 22.35% 1.21% 14.84% 18.38% 0.73% BVB 2017 3.42% 2.33% 6.81% 3.52% 7.68897 7.16% 88.96% 43.81% 10.55% 1.15% 15.03% 14.97% 0.95% BVB 2018 2.30% 1.26% 7.08% 3.54% 7.74725 6.22% 94.07% 45.52% 13.18% 1.34% 14.52% 11.34% 0.99% BVB 2019 2.33% 1.30% 7.02% 2.79% 7.77673 5.95% 83.10% 40.63% 10.14% 1.86% 14.27% 13.00% 1.00% CTG 2010 22.21% 4.11% 6.42% 9.21% 8.56527 4.94% 112.39% 62.97% 53.42% 1.20% 14.22% 33.00% 27.04% CTG 2011 26.83% 5.03% 6.24% 18.68% 8.66313 6.19% 112.88% 63.08% 46.91% 1.05% 13.76% 12.10% 28.93% CTG 2012 19.87% 4.00% 5.25% 9.09% 8.70184 6.68% 114.04% 65.50% 46.27% 1.11% 13.57% 12.59% 27.40% CTG 2013 13.25% 3.57% 5.42% 6.59% 8.76054 9.39% 102.33% 64.74% 50.77% 0.88% 15.32% 4.40% 28.50% CTG 2014 10.50% 3.00% 5.98% 4.08% 8.82014 8.32% 102.67% 65.90% 50.20% 1.00% 14.02% 17.70% 30.02% CTG 2015 10.31% 2.75% 6.68% 0.63% 8.89167 7.17% 108.23% 68.47% 55.74% 0.85% 14.88% 16.23% 34.25% CTG 2016 11.67% 2.70% 6.21% 2.67% 8.97695 6.33% 100.00% 69.08% 60.10% 1.05% 14.84% 18.38% 39.31% CTG 2017 12.08% 2.76% 6.81% 3.52% 9.03932 5.80% 103.91% 71.47% 60.95% 1.06% 15.03% 14.97% 41.70% CTG 2018 8.29% 2.07% 7.08% 3.54% 9.066 5.77% 103.16% 73.18% 63.61% 1.53% 14.52% 11.34% 40.50% CTG 2019 13.17% 2.86% 7.02% 2.79% 9.09347 6.19% 103.31% 74.37% 65.54% 1.40% 14.27% 13.00% 40.43% DAF 2010 14.52% 2.95% 6.42% 9.21% 7.7472 8.73% 120.55% 67.79% 59.35% 1.18% 14.22% 33.00% 2.10% DAF 2011 17.71% 4.33% 6.24% 18.68% 7.81656 8.87% 120.18% 66.12% 57.37% 1.53% 13.76% 12.10% 2.11% DAF 2012 9.69% 4.00% 5.25% 9.09% 7.8406 8.81% 97.96% 71.82% 63.34% 1.80% 13.57% 12.59% 1.94% DAF 2013 5.47% 3.38% 5.42% 6.59% 7.8746 7.86% 80.13% 69.61% 67.64% 1.72% 15.32% 4.40% 1.91% DAF 2014 4.68% 2.03% 5.98% 4.08% 7.94006 6.48% 65.74% 58.43% 56.59% 1.87% 14.02% 17.70% 2.04% EIB 2010 13.51% 3.08% 6.42% 9.21% 8.11764 10.30% 106.13% 47.07% 21.62% 1.02% 14.22% 33.00% 4.93% EIB 2011 20.39% 3.55% 6.24% 18.68% 8.26379 8.88% 138.01% 40.34% 1.19% 0.84% 13.76% 12.10% 5.90% EIB 2012 13.32% 2.91% 5.25% 9.09% 8.23085 9.29% 105.48% 43.68% 9.56% 0.82% 13.57% 12.59% 4.76% 91 EIB 2013 4.32% 1.70% 5.42% 6.59% 8.23003 8.64% 103.99% 48.66% 9.94% 0.86% 15.32% 4.40% 4.32% EIB 2014 0.39% 1.73% 5.98% 4.08% 8.20708 8.73% 84.96% 53.46% 27.98% 1.19% 14.02% 17.70% 3.77% EIB 2015 0.29% 2.52% 6.68% 0.63% 8.09639 10.53% 85.23% 67.19% 60.84% 1.04% 14.88% 16.23% 2.82% EIB 2016 2.32% 2.57% 6.21% 2.67% 8.10992 10.44% 83.85% 66.63% 61.60% 1.24% 14.84% 18.38% 2.73% EIB 2017 5.94% 2.02% 6.81% 3.52% 8.17426 9.54% 85.31% 67.13% 59.59% 1.05% 15.03% 14.97% 2.91% EIB 2018 4.53% 2.23% 7.08% 3.54% 8.1837 9.75% 86.75% 67.45% 56.97% 1.04% 14.52% 11.34% 2.71% EIB 2019 5.65% 2.10% 7.02% 2.79% 8.22411 9.40% 80.55% 66.96% 61.80% 0.96% 14.27% 13.00% 2.79% HDB 2010 12.97% 2.23% 6.42% 9.21% 7.53642 6.86% 83.25% 33.86% 12.76% 0.73% 14.22% 33.00% 1.29% HDB 2011 14.44% 3.98% 6.24% 18.68% 7.65346 7.88% 71.80% 30.44% 4.49% 1.03% 13.76% 12.10% 1.45% HDB 2012 7.30% 2.17% 5.25% 9.09% 7.72249 10.22% 61.15% 39.70% 24.74% 0.93% 13.57% 12.59% 1.48% HDB 2013 3.11% 0.55% 5.42% 6.59% 7.93564 9.97% 69.46% 50.25% 37.16% 1.61% 15.32% 4.40% 2.19% HDB 2014 5.36% 2.06% 5.98% 4.08% 7.99793 9.24% 63.46% 41.71% 22.11% 1.17% 14.02% 17.70% 2.33% HDB 2015 6.62% 3.57% 6.68% 0.63% 8.02729 9.24% 74.93% 52.45% 46.26% 1.26% 14.88% 16.23% 2.40% HDB 2016 9.24% 4.01% 6.21% 2.67% 8.17694 6.62% 78.71% 54.10% 41.00% 1.13% 14.84% 18.38% 3.19% HDB 2017 15.82% 3.99% 6.81% 3.52% 8.27723 7.80% 85.73% 54.58% 34.92% 1.12% 15.03% 14.97% 3.69% HDB 2018 20.27% 3.95% 7.08% 3.54% 8.33457 7.79% 95.11% 56.37% 37.54% 1.10% 14.52% 11.34% 3.84% HDB 2019 21.61% 4.60% 7.02% 2.79% 8.36074 8.88% 114.82% 63.06% 41.36% 1.12% 14.27% 13.00% 3.82% KLB 2010 1.94% 5.42% 6.42% 9.21% 7.34303 57.32% 105.30% 31.53% 25.00% 0.89% 14.22% 33.00% 0.47% KLB 2011 2.59% 6.29% 6.24% 18.68% 7.50843 55.36% 102.11% 25.77% 10.98% 1.14% 13.76% 12.10% 0.57% KLB 2012 1.93% 6.40% 5.25% 9.09% 7.52785 55.11% 89.66% 28.30% 19.38% 1.49% 13.57% 12.59% 0.52% KLB 2013 1.57% 5.65% 5.42% 6.59% 7.59404 54.43% 90.23% 30.57% 21.33% 1.04% 15.32% 4.40% 0.54% KLB 2014 0.79% 3.95% 5.98% 4.08% 7.63189 53.93% 80.81% 31.25% 24.76% 1.02% 14.02% 17.70% 0.54% 92 KLB 2015 0.68% 3.83% 6.68% 0.63% 7.6746 53.57% 80.08% 34.02% 31.54% 0.86% 14.88% 16.23% 0.57% KLB 2016 0.43% 3.20% 6.21% 2.67% 7.78463 50.00% 85.62% 32.18% 26.47% 0.87% 14.84% 18.38% 0.65% KLB 2017 0.60% 3.45% 6.81% 3.52% 7.85188 52.50% 93.65% 34.41% 24.52% 0.90% 15.03% 14.97% 0.73% KLB 2018 0.58% 2.71% 7.08% 3.54% 7.90111 53.13% 100.04% 36.69% 26.65% 0.87% 14.52% 11.34% 0.75% KLB 2019 0.14% 2.34% 7.02% 2.79% 7.99305 51.93% 100.80% 33.72% 21.24% 0.89% 14.27% 13.00% 0.85% LPB 2012 12.42% 4.55% 5.25% 9.09% 7.82225 11.13% 54.64% 34.01% 9.50% 1.79% 13.57% 12.59% 1.86% LPB 2013 7.72% 3.63% 5.42% 6.59% 7.90088 9.14% 52.12% 36.38% 16.85% 2.05% 15.32% 4.40% 2.03% LPB 2015 4.67% 2.84% 6.68% 0.63% 8.03176 7.06% 71.46% 51.56% 41.15% 1.25% 14.88% 16.23% 2.43% LPB 2016 13.34% 3.50% 6.21% 2.67% 8.15188 5.87% 70.92% 55.48% 45.05% 1.23% 14.84% 18.38% 3.01% LPB 2017 15.45% 3.60% 6.81% 3.52% 8.21334 5.74% 77.48% 60.81% 52.53% 1.24% 15.03% 14.97% 3.18% LPB 2018 9.80% 3.11% 7.08% 3.54% 8.24327 5.83% 94.21% 67.23% 57.84% 1.26% 14.52% 11.34% 3.11% LPB 2019 14.05% 3.36% 7.02% 2.79% 8.30548 6.23% 101.43% 68.69% 60.02% 1.24% 14.27% 13.00% 3.36% MBB 2010 20.25% 4.18% 6.42% 9.21% 8.0399 8.89% 73.10% 43.84% 28.41% 1.54% 14.22% 33.00% 4.12% MBB 2011 19.12% 4.53% 6.24% 18.68% 8.14249 7.42% 64.72% 41.74% 22.53% 1.89% 13.76% 12.10% 4.47% MBB 2012 19.47% 4.48% 5.25% 9.09% 8.24455 7.70% 62.14% 41.66% 24.29% 1.79% 13.57% 12.59% 4.91% MBB 2013 15.64% 3.65% 5.42% 6.59% 8.25619 8.71% 63.17% 47.66% 35.79% 2.06% 15.32% 4.40% 4.59% MBB 2014 15.24% 3.65% 5.98% 4.08% 8.30209 8.55% 58.53% 48.93% 46.64% 2.51% 14.02% 17.70% 4.69% MBB 2015 12.46% 3.67% 6.68% 0.63% 8.34447 10.49% 65.75% 54.00% 50.61% 1.66% 14.88% 16.23% 4.99% MBB 2016 11.59% 3.53% 6.21% 2.67% 8.40868 10.38% 76.32% 58.02% 48.38% 1.38% 14.84% 18.38% 5.44% MBB 2017 12.42% 4.15% 6.81% 3.52% 8.49676 9.43% 82.69% 58.00% 43.32% 1.17% 15.03% 14.97% 6.11% MBB 2018 19.41% 4.54% 7.08% 3.54% 8.5591 9.43% 88.13% 58.37% 41.68% 1.52% 14.52% 11.34% 6.44% MBB 2019 21.79% 4.90% 7.02% 2.79% 8.61436 9.69% 90.62% 60.06% 47.83% 1.30% 14.27% 13.00% 6.85% 93 MSB 2010 23.42% 2.49% 6.42% 9.21% 8.06197 5.49% 64.82% 27.33% -1.59% 0.98% 14.22% 33.00% 4.34% MSB 2011 10.08% 1.58% 6.24% 18.68% 8.05833 8.31% 60.02% 32.69% 12.73% 0.97% 13.76% 12.10% 3.68% MSB 2012 2.44% 2.02% 5.25% 9.09% 8.04109 8.27% 47.31% 25.65% -1.86% 2.63% 13.57% 12.59% 3.07% MSB 2013 3.57% 1.76% 5.42% 6.59% 8.02985 8.79% 40.73% 24.90% 2.13% 2.75% 15.32% 4.40% 2.73% MSB 2014 1.51% 1.36% 5.98% 4.08% 8.01857 9.05% 36.33% 22.01% -2.42% 2.36% 14.02% 17.70% 2.44% MSB 2015 1.01% 1.80% 6.68% 0.63% 8.01833 13.05% 43.90% 26.35% 9.67% 2.19% 14.88% 16.23% 2.35% MSB 2016 1.03% 2.65% 6.21% 2.67% 7.96664 14.69% 60.20% 37.43% 26.06% 1.30% 14.84% 18.38% 1.97% MSB 2017 0.89% 1.85% 6.81% 3.52% 8.05014 12.23% 62.95% 31.88% 5.57% 1.20% 15.03% 14.97% 2.19% MSB 2018 6.31% 2.75% 7.08% 3.54% 8.13915 10.03% 75.19% 34.67% 7.33% 2.08% 14.52% 11.34% 2.45% MSB 2019 7.28% 2.43% 7.02% 2.79% 8.19584 9.47% 77.54% 39.95% 10.00% 1.41% 14.27% 13.00% 2.61% NAB 2010 7.89% 2.44% 6.42% 9.21% 7.16163 14.99% 90.76% 36.17% 8.21% 1.04% 14.22% 33.00% 0.55% NAB 2013 4.13% 2.06% 5.42% 6.59% 7.45912 11.32% 84.02% 39.93% 17.80% 0.67% 15.32% 4.40% 0.73% NAB 2014 5.68% 2.23% 5.98% 4.08% 7.57163 8.93% 81.08% 44.18% 8.88% 5.57% 14.02% 17.70% 0.87% NAB 2015 5.76% 2.87% 6.68% 0.63% 7.54986 9.63% 84.83% 58.28% 38.77% 0.94% 14.88% 16.23% 0.80% NAB 2016 0.96% 3.24% 6.21% 2.67% 7.63197 8.01% 69.39% 55.19% 44.76% 1.65% 14.84% 18.38% 0.91% NAB 2017 6.74% 2.64% 6.81% 3.52% 7.73671 6.72% 89.07% 65.09% 51.11% 2.38% 15.03% 14.97% 1.06% NAB 2018 14.97% 2.74% 7.08% 3.54% 7.8754 5.64% 92.35% 66.67% 50.28% 1.54% 14.52% 11.34% 1.33% NAB 2019 15.92% 2.69% 7.02% 2.79% 7.97629 5.24% 94.36% 70.50% 58.12% 1.19% 14.27% 13.00% 1.58% NCB 2011 6.35% 3.87% 6.24% 18.68% 7.35208 14.29% 86.06% 56.70% 41.25% 1.25% 13.76% 12.10% 0.72% NCB 2013 0.58% 2.84% 5.42% 6.59% 7.46351 11.02% 72.19% 45.63% 28.40% 1.58% 15.32% 4.40% 0.74% NCB 2014 0.25% 2.20% 5.98% 4.08% 7.56629 8.72% 67.29% 44.64% 21.03% 1.19% 14.02% 17.70% 0.86% NCB 2015 0.20% 2.18% 6.68% 0.63% 7.68332 6.67% 59.42% 41.93% 21.21% 1.04% 14.88% 16.23% 1.09% NCB 2016 0.34% 1.94% 6.21% 2.67% 7.83892 4.68% 59.97% 36.32% 6.32% 1.16% 14.84% 18.38% 1.46% 94 NCB 2017 0.68% 1.88% 6.81% 3.52% 7.85638 4.48% 69.45% 44.20% 22.31% 1.13% 15.03% 14.97% 1.40% NCB 2018 1.12% 1.62% 7.08% 3.54% 7.85987 4.46% 74.83% 48.72% 35.24% 1.11% 14.52% 11.34% 1.29% NCB 2019 1.14% 1.81% 7.02% 2.79% 7.90522 5.36% 63.43% 46.62% 31.18% 1.14% 14.27% 13.00% 1.34% OCB 2010 1.88% 4.11% 6.42% 9.21% 7.29424 15.95% 132.37% 58.40% 36.27% 0.91% 14.22% 33.00% 1.40% OCB 2011 1.34% 4.37% 6.24% 18.68% 7.40534 14.75% 139.60% 53.76% 27.45% 1.28% 13.76% 12.10% 1.53% OCB 2012 0.87% 4.98% 5.25% 9.09% 7.43813 13.93% 110.84% 61.72% 38.61% 1.84% 13.57% 12.59% 1.46% OCB 2013 0.80% 4.52% 5.42% 6.59% 7.51582 12.09% 104.49% 60.90% 34.63% 1.03% 15.32% 4.40% 1.61% OCB 2014 0.61% 3.18% 5.98% 4.08% 7.59212 10.28% 88.54% 54.12% 28.52% 1.44% 14.02% 17.70% 1.78% OCB 2015 0.47% 3.18% 6.68% 0.63% 7.69414 8.55% 93.04% 55.52% 28.71% 1.38% 14.88% 16.23% 2.16% OCB 2016 0.68% 3.08% 6.21% 2.67% 7.80492 7.39% 88.65% 59.82% 41.74% 0.87% 14.84% 18.38% 2.64% OCB 2017 1.10% 3.37% 6.81% 3.52% 7.92583 7.28% 89.80% 56.68% 37.34% 0.85% 15.03% 14.97% 3.22% OCB 2018 1.91% 3.88% 7.08% 3.54% 7.99984 8.80% 92.36% 55.77% 39.01% 1.01% 14.52% 11.34% 3.46% OCB 2019 2.37% 3.91% 7.02% 2.79% 8.07247 9.74% 101.77% 59.55% 44.01% 1.03% 14.27% 13.00% 3.85% PGB 2010 13.40% 4.19% 6.42% 9.21% 7.21427 13.27% 100.71% 65.83% 46.11% 0.98% 14.22% 33.00% 0.62% PGB 2011 18.73% 0.70% 6.24% 18.68% 7.24507 14.74% 109.18% 67.84% 48.75% 1.54% 13.76% 12.10% 0.57% PGB 2012 8.30% 5.63% 5.25% 9.09% 7.28445 16.59% 109.22% 69.97% 52.17% 2.36% 13.57% 12.59% 0.54% PGB 2013 11.93% 2.56% 5.42% 6.59% 7.39578 12.90% 98.69% 54.99% 25.01% 1.37% 15.32% 4.40% 0.63% PGB 2014 4.00% 2.71% 5.98% 4.08% 7.41127 12.95% 79.62% 55.60% 39.91% 1.21% 14.02% 17.70% 0.60% PGB 2015 12.16% 2.73% 6.68% 0.63% 7.39237 13.66% 93.12% 63.63% 46.96% 1.13% 14.88% 16.23% 0.56% PGB 2016 3.57% 2.96% 6.21% 2.67% 7.39488 14.08% 94.87% 69.93% 58.94% 1.01% 14.84% 18.38% 0.53% PGB 2017 18.29% 3.05% 6.81% 3.52% 7.46684 12.15% 92.64% 72.34% 64.08% 1.08% 15.03% 14.97% 0.57% PGB 2018 3.50% 3.04% 7.08% 3.54% 7.47567 12.33% 93.50% 73.00% 68.32% 1.03% 14.52% 11.34% 0.53% 95 PGB 2019 20.04% 2.95% 7.02% 2.79% 7.49933 11.91% 92.33% 74.24% 68.23% 1.09% 14.27% 13.00% 0.53% PVB 2015 0.72% 0.50% 6.68% 0.63% 7.9939 10.22% 61.16% 40.14% 23.80% 1.48% 14.88% 16.23% 2.22% PVB 2016 0.40% 1.03% 6.21% 2.67% 8.05722 8.80% 59.17% 43.30% 31.53% 1.66% 14.84% 18.38% 2.42% PVB 2017 0.90% 1.18% 6.81% 3.52% 8.10222 8.01% 65.68% 46.03% 28.85% 1.54% 15.03% 14.97% 2.46% PVB 2018 0.86% 0.93% 7.08% 3.54% 8.14782 7.27% 67.00% 49.06% 36.48% 1.45% 14.52% 11.34% 2.50% PVB 2019 0.92% 1.41% 7.02% 2.79% 8.2153 6.33% 67.60% 46.96% 28.51% 1.56% 14.27% 13.00% 2.71% SCB 2013 0.35% 1.69% 5.42% 6.59% 8.25772 7.62% 110.07% 58.42% 46.19% 0.74% 15.32% 4.40% 4.61% SCB 2014 0.69% 1.27% 5.98% 4.08% 8.38421 7.24% 60.06% 48.81% 38.63% 0.55% 14.02% 17.70% 5.67% SCB 2015 0.56% 1.99% 6.68% 0.63% 8.49348 5.44% 67.14% 55.02% 44.32% 0.73% 14.88% 16.23% 7.03% SCB 2016 0.51% 1.05% 6.21% 2.67% 8.55833 4.96% 66.11% 54.32% 46.87% 0.96% 14.84% 18.38% 7.68% SCB 2017 0.80% 0.50% 6.81% 3.52% 8.64741 4.27% 74.56% 60.85% 52.58% 0.89% 15.03% 14.97% 8.65% SCB 2018 1.10% 0.68% 7.08% 3.54% 8.70668 3.50% 76.26% 59.49% 44.99% 0.91% 14.52% 11.34% 9.05% SCB 2019 1.02% 0.96% 7.02% 2.79% 8.75427 15.64% 77.72% 58.78% 47.84% 0.89% 14.27% 13.00% 9.45% SEA 2015 1.60% 1.50% 6.68% 0.63% 7.92817 7.09% 70.10% 39.37% 7.45% 0.86% 14.88% 16.23% 1.91% SEA 2016 2.01% 2.10% 6.21% 2.67% 8.01437 6.81% 74.43% 50.07% 28.75% 0.93% 14.84% 18.38% 2.19% SEA 2017 5.06% 1.84% 6.81% 3.52% 8.09694 5.69% 81.03% 56.54% 36.44% 0.86% 15.03% 14.97% 2.43% SEA 2018 6.82% 1.86% 7.08% 3.54% 8.14764 4.94% 87.36% 55.93% 29.85% 1.09% 14.52% 11.34% 2.50% SEA 2019 11.43% 2.05% 7.02% 2.79% 8.197 5.91% 98.42% 59.09% 38.27% 1.16% 14.27% 13.00% 2.62% SGB 2011 3.98% 5.83% 6.24% 18.68% 7.18654 21.02% 114.09% 61.42% 46.24% 2.17% 13.76% 12.10% 0.49% SGB 2012 4.06% 7.02% 5.25% 9.09% 7.1718 21.51% 122.58% 71.24% 60.26% 1.02% 13.57% 12.59% 0.42% SGB 2013 2.38% 5.12% 5.42% 6.59% 7.16687 23.83% 102.87% 72.39% 69.23% 0.96% 15.32% 4.40% 0.37% SGB 2014 2.44% 4.89% 5.98% 4.08% 7.1993 23.84% 97.83% 71.97% 71.83% 0.84% 14.02% 17.70% 0.37% 96 SGB 2015 0.55% 4.08% 6.68% 0.63% 7.24917 22.03% 94.06% 70.40% 69.82% 0.80% 14.88% 16.23% 0.40% SGB 2016 1.65% 3.75% 6.21% 2.67% 7.27985 19.11% 87.66% 64.91% 59.58% 0.83% 14.84% 18.38% 0.40% SGB 2017 0.60% 3.52% 6.81% 3.52% 7.32877 18.45% 87.73% 65.26% 59.83% 0.84% 15.03% 14.97% 0.42% SGB 2018 0.45% 3.41% 7.08% 3.54% 7.30907 16.03% 94.20% 65.61% 52.61% 0.82% 14.52% 11.34% 0.36% SGB 2019 1.52% 3.65% 7.02% 2.79% 7.35818 16.86% 92.38% 66.55% 56.95% 0.79% 14.27% 13.00% 0.38% SHB 2010 14.98% 3.43% 6.42% 9.21% 7.70785 8.80% 86.57% 46.24% 10.04% 1.13% 14.22% 33.00% 1.92% SHB 2011 15.04% 3.47% 6.24% 18.68% 7.85119 8.20% 94.03% 47.23% 21.22% 1.23% 13.76% 12.10% 2.28% SHB 2012 22.00% 2.26% 5.25% 9.09% 8.06647 8.21% 82.81% 40.58% 18.17% 2.25% 13.57% 12.59% 3.26% SHB 2013 8.55% 1.83% 5.42% 6.59% 8.15723 8.16% 71.77% 47.79% 29.10% 1.58% 15.32% 4.40% 3.66% SHB 2014 7.59% 1.96% 5.98% 4.08% 8.22798 7.21% 82.99% 52.44% 38.04% 1.02% 14.02% 17.70% 3.96% SHB 2015 7.31% 2.21% 6.68% 0.63% 8.31113 6.20% 83.62% 60.96% 44.31% 1.09% 14.88% 16.23% 4.62% SHB 2016 7.46% 2.10% 6.21% 2.67% 8.36912 5.50% 87.35% 63.51% 49.76% 1.12% 14.84% 18.38% 4.97% SHB 2017 11.02% 2.04% 6.81% 3.52% 8.45638 5.66% 96.40% 68.64% 54.40% 1.46% 15.03% 14.97% 5.57% SHB 2018 10.78% 2.01% 7.08% 3.54% 8.50957 5.14% 100.28% 68.33% 49.80% 1.40% 14.52% 11.34% 5.75% SHB 2019 13.88% 2.50% 7.02% 2.79% 8.5626 5.05% 95.01% 66.19% 52.29% 1.19% 14.27% 13.00% 6.08% STB 2010 15.00% 3.22% 6.42% 9.21% 8.18295 10.36% 97.73% 56.86% 54.22% 1.22% 14.22% 33.00% 5.73% STB 2011 13.65% 4.28% 6.24% 18.68% 8.15066 9.64% 104.25% 53.59% 43.48% 1.02% 13.76% 12.10% 4.55% STB 2014 12.56% 4.10% 5.98% 4.08% 8.2783 10.57% 82.96% 67.68% 64.57% 1.08% 14.02% 17.70% 4.44% STB 2015 3.19% 3.18% 6.68% 0.63% 8.46619 9.42% 77.56% 66.63% 64.31% 1.23% 14.88% 16.23% 6.58% STB 2016 0.40% 1.55% 6.21% 2.67% 8.52117 7.45% 70.37% 62.78% 61.77% 1.24% 14.84% 18.38% 7.03% STB 2017 5.20% 1.79% 6.81% 3.52% 8.5664 6.46% 67.35% 59.16% 56.72% 1.25% 15.03% 14.97% 7.16% STB 2018 6.19% 2.31% 7.08% 3.54% 8.60857 6.13% 68.84% 59.76% 56.33% 1.39% 14.52% 11.34% 7.21% 97 STB 2019 8.00% 2.44% 7.02% 2.79% 8.65665 5.93% 72.44% 62.33% 60.54% 1.36% 14.27% 13.00% 7.54% TCB 2011 28.79% 3.51% 6.24% 18.68% 8.25655 6.25% 64.95% 34.81% 16.32% 1.42% 13.76% 12.10% 5.81% TCB 2012 5.93% 3.20% 5.25% 9.09% 8.25511 6.93% 70.57% 34.65% 7.99% 1.68% 13.57% 12.59% 5.03% TCB 2013 4.84% 2.92% 5.42% 6.59% 8.20111 7.39% 60.23% 37.31% 15.54% 1.72% 15.32% 4.40% 4.04% TCB 2014 7.49% 3.84% 5.98% 4.08% 8.24527 8.76% 57.58% 43.48% 33.90% 1.21% 14.02% 17.70% 4.12% TCB 2015 9.73% 4.26% 6.68% 0.63% 8.28329 8.52% 60.25% 45.11% 34.04% 1.05% 14.88% 16.23% 4.33% TCB 2016 17.47% 4.06% 6.21% 2.67% 8.37174 8.57% 77.66% 57.53% 46.73% 1.06% 14.84% 18.38% 5.00% TCB 2017 27.71% 3.75% 6.81% 3.52% 8.43039 8.32% 81.36% 59.96% 49.39% 1.19% 15.03% 14.97% 5.25% TCB 2018 21.53% 4.01% 7.08% 3.54% 8.50649 10.00% 92.98% 59.01% 41.81% 1.51% 14.52% 11.34% 5.70% TCB 2019 17.96% 4.32% 7.02% 2.79% 8.58399 16.13% 78.22% 49.08% 37.74% 1.28% 14.27% 13.00% 6.38% TPB 2013 10.86% 2.68% 5.42% 6.59% 7.50634 21.95% 64.62% 39.62% 34.57% 0.99% 15.32% 17.70% 0.82% TPB 2014 13.50% 2.43% 5.98% 4.08% 7.71162 11.53% 82.40% 36.80% 1.29% 1.01% 14.02% 16.23% 1.20% TPB 2016 10.79% 2.44% 6.21% 2.67% 8.02658 6.30% 70.82% 36.71% -1.86% 0.89% 14.84% 18.38% 2.26% TPB 2017 15.59% 2.93% 6.81% 3.52% 8.09384 5.34% 83.94% 43.49% 4.69% 1.08% 15.03% 14.97% 2.42% TPB 2018 20.87% 3.68% 7.08% 3.54% 8.13411 5.38% 89.26% 50.55% 19.73% 1.17% 14.52% 11.34% 2.42% TPB 2019 26.11% 4.10% 7.02% 2.79% 8.216 7.80% 100.21% 56.03% 31.43% 1.28% 14.27% 13.00% 2.74% VAB 2010 10.43% 2.86% 6.42% 9.21% 7.38171 10.84% 110.27% 75.36% 71.99% 1.52% 14.22% 33.00% 0.91% VAB 2011 7.12% 2.50% 6.24% 18.68% 7.35244 14.10% 139.35% 54.36% 28.66% 1.66% 13.76% 12.10% 0.72% VAB 2013 1.69% 2.22% 5.42% 6.59% 7.43189 14.36% 84.64% 51.58% 43.91% 1.36% 15.32% 4.40% 0.69% VAB 2014 1.31% 1.48% 5.98% 4.08% 7.55133 13.27% 75.42% 52.51% 36.68% 1.21% 14.02% 17.70% 0.83% VAB 2015 2.17% 3.25% 6.68% 0.63% 7.62199 10.22% 79.04% 43.93% 11.23% 1.14% 14.88% 16.23% 0.94% VAB 2016 2.51% 1.79% 6.21% 2.67% 7.78863 9.36% 82.00% 47.85% 17.13% 1.37% 14.84% 18.38% 1.30% VAB 2017 2.43% 1.97% 6.81% 3.52% 7.80912 6.54% 93.21% 48.82% 10.05% 0.97% 15.03% 14.97% 1.25% 98 VAB 2018 2.84% 1.77% 7.08% 3.54% 7.85304 6.39% 98.54% 52.61% 17.27% 1.05% 14.52% 11.34% 1.27% VAB 2019 4.78% 1.49% 7.02% 2.79% 7.88336 5.94% 90.71% 52.63% 20.77% 1.10% 14.27% 13.00% 1.27% VBB 2017 8.21% 2.03% 6.81% 3.52% 7.6184 8.36% 93.05% 76.53% 68.96% 0.80% 15.03% 14.97% 0.81% VBB 2018 8.22% 2.39% 7.08% 3.54% 7.71326 8.02% 90.95% 68.55% 53.53% 0.07% 14.52% 11.34% 0.92% VBB 2019 10.20% 2.21% 7.02% 2.79% 7.8384 8.72% 88.29% 68.10% 58.30% 0.76% 14.27% 13.00% 1.15% VCA 2012 6.28% 2.78% 5.25% 9.09% 7.31535 19.45% 82.83% 25.54% 4.50% 0.95% 13.57% 12.59% 0.58% VCA 2013 3.18% 2.41% 5.42% 6.59% 7.36283 15.80% 74.85% 37.29% 13.18% 1.25% 15.32% 4.40% 0.59% VCA 2014 4.96% 2.39% 5.98% 4.08% 7.41133 13.96% 82.29% 42.97% 10.31% 1.09% 14.02% 17.70% 0.60% VCA 2015 1.61% 1.72% 6.68% 0.63% 7.46268 12.85% 87.49% 49.84% 21.01% 0.78% 14.88% 16.23% 0.65% VCA 2017 1.01% 1.98% 6.81% 3.52% 7.60098 10.22% 84.57% 64.27% 52.82% 1.00% 15.03% 14.97% 0.78% VCA 2018 2.78% 1.99% 7.08% 3.54% 7.66793 8.38% 91.72% 62.12% 39.79% 1.16% 14.52% 11.34% 0.83% VCA 2019 3.51% 2.05% 7.02% 2.79% 7.7144 7.39% 87.62% 63.05% 44.35% 1.35% 14.27% 13.00% 0.86% VCB 2010 22.53% 2.97% 6.42% 9.21% 8.48784 6.58% 81.03% 53.62% 38.42% 3.32% 14.22% 33.00% 11.56% VCB 2011 17.02% 3.77% 6.24% 18.68% 8.56434 6.76% 83.58% 55.65% 36.29% 2.61% 13.76% 12.10% 11.79% VCB 2012 12.55% 2.87% 5.25% 9.09% 8.61751 7.85% 89.90% 55.65% 42.57% 2.24% 13.57% 12.59% 11.59% VCB 2013 10.39% 2.50% 5.42% 6.59% 8.67117 10.06% 82.66% 56.91% 48.69% 2.41% 15.32% 4.40% 11.94% VCB 2014 10.66% 2.30% 5.98% 4.08% 8.76117 9.07% 80.62% 57.11% 47.72% 2.24% 14.02% 17.70% 13.50% VCB 2015 12.03% 2.52% 6.68% 0.63% 8.82891 7.53% 74.91% 54.81% 47.32% 2.27% 14.88% 16.23% 15.21% VCB 2016 14.69% 2.59% 6.21% 2.67% 8.89647 6.70% 75.63% 56.13% 45.43% 1.79% 14.84% 18.38% 16.73% VCB 2017 18.10% 2.45% 6.81% 3.52% 9.01506 6.10% 76.67% 57.45% 48.29% 1.52% 15.03% 14.97% 20.16% VCB 2018 25.49% 2.75% 7.08% 3.54% 9.03102 5.08% 75.55% 51.71% 45.24% 1.66% 14.52% 11.34% 19.09% VCB 2019 25.90% 3.08% 7.02% 2.79% 9.08733 5.79% 77.51% 57.87% 50.75% 1.44% 14.27% 13.00% 20.35% 99 VIB 2010 16.58% 2.92% 6.42% 9.21% 7.97233 5.20% 83.74% 47.86% 21.48% 1.15% 14.22% 33.00% 3.53% VIB 2011 8.66% 4.09% 6.24% 18.68% 7.98655 7.03% 91.70% 43.97% 19.83% 1.61% 13.76% 12.10% 3.12% VIB 2012 6.27% 3.95% 5.25% 9.09% 7.81307 8.42% 96.97% 44.16% 14.56% 1.72% 13.57% 12.59% 1.82% VIB 2013 6.12% 3.15% 5.42% 6.59% 7.88578 12.97% 85.28% 51.23% 33.94% 2.70% 15.32% 4.40% 1.96% VIB 2014 6.34% 3.26% 5.98% 4.08% 7.90666 10.38% 79.36% 44.64% 19.87% 2.38% 14.02% 17.70% 1.89% VIB 2015 6.09% 2.98% 6.68% 0.63% 7.92587 10.54% 76.02% 46.23% 21.73% 1.60% 14.88% 16.23% 2.36% VIB 2016 6.47% 2.85% 6.21% 2.67% 8.01919 34.18% 88.22% 55.78% 40.71% 1.72% 14.84% 18.38% 1.79% VIB 2018 22.55% 3.78% 7.08% 3.54% 8.14353 7.14% 115.42% 64.08% 36.72% 0.92% 14.52% 11.34% 2.47% VIB 2019 27.11% 3.93% 7.02% 2.79% 8.26607 7.67% 112.25% 68.45% 47.33% 1.01% 14.27% 13.00% 3.07% VPB 2010 1.67% 2.10% 6.42% 9.21% 7.77675 105.26% 95.11% 56.94% 29.79% 0.91% 14.22% 33.00% 4.17% VPB 2011 1.65% 2.75% 6.24% 18.68% 7.91812 94.11% 104.69% 41.96% 18.92% 1.09% 13.76% 12.10% 5.02% VPB 2012 1.03% 3.33% 5.25% 9.09% 8.01105 96.72% 98.15% 34.86% 3.96% 1.04% 13.57% 12.59% 5.34% VPB 2013 1.37% 3.96% 5.42% 6.59% 8.08373 93.04% 61.37% 35.61% 10.59% 1.17% 15.32% 4.40% 5.71% VPB 2014 1.32% 3.56% 5.98% 4.08% 8.21283 92.25% 61.86% 42.77% 31.94% 1.45% 14.02% 17.70% 7.26% VPB 2015 1.97% 5.64% 6.68% 0.63% 8.28753 95.79% 71.30% 47.33% 31.26% 1.51% 14.88% 16.23% 8.48% VPB 2016 2.69% 7.05% 6.21% 2.67% 8.3594 100.73% 88.33% 59.35% 50.19% 1.47% 14.84% 18.38% 9.39% VPB 2017 3.61% 7.89% 6.81% 3.52% 8.44366 100.66% 115.18% 62.33% 49.72% 1.75% 15.03% 14.97% 10.44% VPB 2018 3.43% 8.13% 7.08% 3.54% 8.50959 103.60% 134.42% 64.63% 52.68% 1.63% 14.52% 11.34% 11.12% 100 ... determining factors affecting the liquidity risk of Vietnamese commercial banks? - What model and method to measure the liquidity risk of Vietnamese commercial banks? - How is the impact of the liquidity. ..MINISTRY OF EDUCATION STATE OF VIETNAM AND TRANDING BANKING UNIVERSITY HCMC LÊ KHÁNH LINH FACTORS AFFECTING THE LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATION THESIS SPEACIALITY: FINANCE... Research Subject The object of this research is the financial capacity of commercial banks, the factors affecting the liquidity of commercial banks in Vietnam 1.4.2 Scope of the study Data research

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