VietinBank pre-tax profit of over 3,000 billion dong in the first quarter, up 20%


VietinBank’s Chairman of the Board of Directors said that the bank recorded growth from the first months of the year in terms of all operations.

On the morning of April 21, Vietnam Joint Stock Commercial Bank for Industry and Trade (HOSE: CTG, VietinBank) held the 2018 Annual General Meeting of Shareholders. At the meeting, Mr. Nguyen Van Thang, Chairman of the Board of Directors announced the first quarter business results. .

VietinBank had a breakthrough in growth from the first few months, total assets by the end of the quarter increased 1.6% to VND 1,112 million. Total credit balance increased by 3.3%, higher than the whole industry (2.23%), reaching about 868,000 billion VND. Capital mobilization reached over 1 million billion VND, growth is concentrated in the capital market.

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Estimated pre-tax profit is over 3,000 billion VND, an increase of over 20% compared to the previous year. The profitability ratios of ROA and ROE are 1.12% and 15.3% respectively.

According to the plan published in the 2017 annual report, VietinBank aims to increase total assets by 10-12% year-on-year. Outstanding loans increased by 14%, mobilizing capital from financial institutions and individuals grew by 10-14%. Other ratios are in accordance with regulations of the State Bank (SBV). VietinBank also plans to deal with all bad debts sold by VAMC in early 2018.

Mr. Le Duc Tho, General Director of the Bank said that credit growth and capital growth, liquidity of the bank are the best in the Vietnamese market. The management board has structured capital resources to optimize profits.

In the medium-term strategy, VietinBank will associate growth with product diversification, focusing on customer development in line with the bank’s investment process in recent years.

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* Source: Partner

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