VietinBank reported high profit in 2017

The Hanoitimes – VietinBank’s consolidated pre-tax profit in 2017 reached VND9.2 trillion (US$405 million), equivalent to 105% of its annual target, making it the second largest bank in Vietnam in term of profit, after Vietcombank. Total asset of VietinBank is reported at US$48.4 billion, an increase of 15.3% over the last year’s figure, said Le Duc Tho, CEO of VietinBank at the 2017 year-end meeting and mission for 2018.   VietinBank is the second largest bank in Vietnam in term of profit. Notably, Vietnamese lender’s outstanding loans reached VND839 trillion (US$37 billion), up 18% year on year, while total capital mobilization is projected at US$44 billion, up 16% compared to last year and 105% higher-than-expected plan.  2017 also marks a change in the bank’s major focus of investment toward small and medium enterprises (SMEs) instead of big corporations. Consequently, 53% of the bank’s outstanding loan – VND243 trillion (US$10.6 billion) – has been allocated for SMEs.  In addition to traditional lending activities, total fee earned from the bank’s services witnessed a surge of over 20%, which is equivalent to VND4 trillion (US$175 million). Pre-tax profit generated from subsidiaries and office branches abroad totaled VND560 billion (US$24.6 million), a sharp increase of 39% compared to 2016. As both the bank’s return on equity (ROE) and return on assets (ROA) reached 12% and 1%, respectively, VietinBank has increased employee’s average wage for an additional of 10%. In 2018, VietinBank set for an increase of 15 – 17% in total assets, capital mobilization… [Read full story]

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