Vietinbank posts 405-million-USD pre-tax profit

14:35 | 18/01/2018 Finance - Banking

The Vietnam Bank for Industry and Trade (VietinBank) reported its pre-tax profit of over 9.2 trillion VND (405.7 million USD) in 2017, equivalent to 105 percent of its yearly plan, heard a conference in Hanoi on January 16.

General Director of Vietinbank Le Duc Tho speaks at the conference - Source: VNA

The total assets of the bank notched a year-on-year surge of 15.3 percent to more than 1.1quadrillion VND (48.4 billion USD), and its outstanding loans reached 839 trillion VND (36.99 billion VND), up 18 percent year on year. Meanwhile, total capital was estimated at over 1 quadrillion VND (44 billion USD), a year-on-year increase of 16 percent, fulfilling 102 percent of the year’s target.

In the year, Vietinbank issued 4.2 trillion VND (184.8 million USD) in secondary bonds. The successful issuance of the largest-ever secondary bonds affirmed the bank’s prestige and position as well as its efforts in raising capital capacity.

In 2018, Vietinbank aims to increase total assets by 15 to 17 percent, capital mobilisation by 18 to 20 percent and credit by 16 to 17 percent. It also plans to keep bad debt under 2 percent.

Theo VNA