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Banking & Finance

Vietinbank releases Q1 results

Released at: 20:18, 16/05/2015

Vietinbank releases Q1 results

Strong performance found in all indicators during first three months.

by Son Ho

As at March 31 the total assets and capital of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) reached $29.68 billion and $26.56 billion, respectively, increases of 16 per cent and 18 per cent compared with the same period of 2014. Total capital in March alone increased 4.3 per cent against February. Deposits from individuals and corporations continued upwards, with the March figure increasing 4.5 per cent month-on-month.

Outstanding credit stood at $25.32 billion, 27 per cent higher year-on-year. Profit before tax was $71.866 million trillion, for growth of 7 per cent.

Bad debts were 1.5 per cent of the total; the same as last year. Vietinbank’s targeted bad debt ratio in its yearly plan is less than 3 per cent. It will therefore exert greater control in loan classification, enhance its risk management, closely monitor credit use, and apply various methods to withdraw or sell debts and handle assets.

In the first quarter of 2015 the bank continued to focus on loans to the manufacturing sector and economic zones, which are prioritized by the government, and especially those in agriculture and rural development, exports, support industries, key national projects, and essential commodities such as petroleum, power, and energy, which contribute to economic growth.

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