At the first half of the year, the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank – CTG) announced a 6-month profit increase of 10, 3% compared to the same period last year, estimated at 4,273 billion.
Growth is higher than the industry average
According to the report, at the end of the second quarter of 2016, total assets of VietinBank reached 850,000 billion, up 9% compared to the beginning of the year. Total capital of VietinBank is estimated at 780,000 billion, up 9.6% compared to the beginning of the year; Credit outstanding reached VND 729 trillion, up 7.7% compared to the beginning of the year, higher than the average growth rate of the whole sector.
The structure of VietinBank’s loan portfolio continued to move positively. At the end of the second quarter of 2016, VietinBank’s profit was estimated at VND 4,273 billion, up 10.3% compared to the same period last year.
Also in the six-month preliminary report, VietinBank’s performance indicators improved by 1.1%, ROE 11.5% (1% and 10.3% respectively). The credit quality of VietinBank is always well controlled; bad debt ratio, group 2 debt continues to be at the lowest level in the industry.
Speaking at the meeting, Mr. Le Duc Tho – General Director of VietinBank said: Following the direction of the Government, SBV and grasping the market, VietinBank has directed and drastically implemented measures, solutions to implement business plans and risk management, achieving positive results in the first 6 months of 2016.
In parallel with business growth, VietinBank strictly controls credit quality; decisively recover bad debts and off-balance sheet debt. In addition to proactively identifying risk issues, VietinBank strives to strongly develop communication on risk management culture, raise staff awareness on risks, actively prevent and detect risks, strengthening the compliance to each unit and individual throughout the system.
Especially, in the first 6 months of 2016, the task of consolidating the model and organization continue to be implemented by VietinBank. Transformation of the third phase model for 98 branches and adjustment of the transaction office model for 149 branches was successful under the plan.
Along with the first 6 months of business success, VietinBank brand was also recognized and honored. As early as 2016, VietinBank is the only bank in Vietnam to enter the Top 400 Brand World Bank in 2016 by Brand Finance. Also according to the global announcement of this prestigious rating agency, the strength and value of VietinBank brand have increased sharply over the previous year. VietinBank holds the leading position in the banking industry with the brand value of USD 249 million, the rating of A + brand, ranked 379, up 58 ranks in just one year.
Recently, Forbes – the world’s leading prestige magazine also honored VietinBank in Top 2000 largest enterprises in the world in 2016. According to Forbes, with the revenue in 2015 reached $ 2.3 billion and market value of $ 2.8 billion, VietinBank ranked 1,808 in the rankings. This is also the 5th consecutive time VietinBank is listed in this prestigious ranking.
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Most recently, Vietnam Report – Vietnam Assessment Report Joint Stock Company honored VietinBank as the No.1 in the top 10 Vietnam Most Prestigious Commercial Banks 2016.
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