VietinBank posts pre-tax profit of nearly VND14 trillion

Friday, Oct 29, 2021 11:04

VietinBank's nine-month profit before tax rose 34.2 per cent compared to the same period last year, reaching nearly VND14 trillion.— VNS/VNA Photo Tran Viet

VietinBank has reported pre-tax profit of VND13.91 trillion (US$612 million) in the first nine months of 2021, up 34.2 per cent compared to the same period last year.

The commercial bank’ quarterly pre-tax profit also hit VND3.06 trillion in Q3. Meanwhile, net interest income reached VND9.87 trillion in the same quarter, accounting for the lion’s share of total operating income and going up 24 per cent year-on-year. By late September, loans and advances to customers topped VND1.08 quadrillion, presenting an increase of 6.8 per cent against early 2021.

In regard to provisions against credit risk, the commercial bank’s provisions for loans to customers rose to VND21.5 trillion by September 30, VND8.9 trillion higher than in early 2021. Bad debt coverage ratio was at 119 per cent on the same date.

VietinBank has been adopting various policies to help customers overcome their difficulties during the COVID-19 pandemic. To name a few, the commercial bank was cutting interest and fees, rescheduling debts, keeping debt classifications in accordance with regulations of the State Bank of Viet Nam, and offering supportive packages to customers facing hardships.

VietinBank said it would continue to stick to sustainable growth policies and not lower the bar in credit criteria in order to keep credit risk in check. — VNS

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