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Banking & Finance

VietinBankSc sees revenue and profits jump

Released at: 10:05, 20/01/2016

VietinBankSc sees revenue and profits jump

Revenue and pre-tax profit both significantly higher last year than in 2014 and well above targets.

by Minh Tuyet

The VietinBank Securities Company (VietinBankSc) has announced it earned revenue of VND234.6 billion ($10.46 million) in 2015, a 32.4 per cent increase year-on-year and 38 per cent higher than the target. Pre-tax profit was VND95.1 billion ($4.24 million), 14.4 per cent higher than in 2014 and 11.9 per cent higher than the target..

Total revenue in the fourth quarter of 2015 was VND69.5 billion ($3.09 million), a 16.7 per cent increase year-on-year. Financial consultancy contributed the highest revenue, of VND20.8 billion ($927,680), or almost 30 per cent of revenue in the quarter.

Brokerage services saw remarkable growth of 77.5 per cent, with revenue of VND19.2 billion ($856,320), and saw VietinBankSc take the largest market share in the Unlisted Public Company Market (UPCoM) market on HNX.

Pre-tax profit in the fourth quarter of 2015 stood at VND32.8 billion ($1.46 million), 33 per cent higher year-on-year.

Financial consultancy grew stably in 2015, brining in revenue of VND48.7 billion ($2.17 million), or 51.2 per cent of the total. Its gross margin therefore increased 53.3 per cent compared to 2014.

It had 107 contracts for financial consultancy during the year. Most revenue came from consultancy in bond issuances and capital settlements. Clients included Vingroup, Novaland, CII, the Dong Bac Company under Ministry of Defense, and the Minh Phu Seafood Corporation. The total value of capital settlements where VietinBankSc provided consultancy was VND25 trillion ($1.11 billion).

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