Vietinbank reports 54% rise in pre-tax Q1 profits

14:12 | 13/05/2016 Economy

Vietinbank’s pre-tax profits in the first quarter of 2016 reached VND2.405 trillion (US$108.22 million), up 54% over the same period last year.

Vietinbank reports 54% rise in pre-tax Q1 profits

The lender, fully known as the Vietnam Bank for Industry and Trade, said as of March 31, its total assets were estimated at VND792 trillion (US$35.64 billion), up 1.6% from the end of 2015 and 22.6% from a year earlier.

Vietinbank is one of the largest commercial banks in Vietnam.

The bank’s total lending reached VND553 trillion (US$24.9 billion), up 2.8% from the end of last year, while deposits at the bank also rose 2.1% to VND503 trillion (US$22.6 billion).

Vietinbank continued to be one of the most successful lenders in controlling the quality of its loans with bad debt accounting for only 0.8% of outstanding credit, the lowest ratio in the banking system.

The lender said such results came as a result of its focus on safe and efficient business areas as well as its great risk management efforts./.


Source: NDO