Financial consultancy to continue as a key business of the company.
The VietinBank Securities Company (VietinBankSc) recorded pre-tax profit of almost VND24 billion (just over $1 million) in the first quarter, a 39 per cent increase year-on-year.
Securities investment brought in the largest revenue, of VND16.7 billion ($750,430), a 17 per cent increase.
Revenue from brokerage services was VND9.5 billion ($430,000), up 31 per cent, while stock issuing and stock guarantees brought in VND2.343 billion ($105,130), an increase of 51-fold year-on-year.
Financial consultancy earned the company VND4.8 billion ($216,991), a six-fold increase year-on-year.
In the first quarter VietinBankSc finalized 33 consultancy contracts, primarily on equitization, share trade registrations, divestment, and capital arrangements. The company consulted on the equitization of the Savina Vietnam Company, with share sales totaling VND218.8 billion ($9.8 million), and the equitization of 36 corporations under the Ministry of Defense, with up to VND64.9 billion ($2.9 million) in shares being sold.
VietinBankSc also consulted nine subsidiaries of Vietnam Railways on divestment and assisted the Ministry of Agriculture and Rural Development in divesting from the Vietnam Livestock Corporation Joint Stock Company.
Regarding capital arrangements, it consulted enterprises over capital totaling VND700 billion ($31.4 million).
In 2016 VietinBankSc will continue to focus on financial consultancy. It is expected to complete about 150 contracts on financial consultancy, bringing in about VND50 billion ($2.24 million).
- VietinBank Securities Company