Vietinbank's profits fall in first nine months

Tuesday, Nov 18, 2014 16:51

A Vietinbank transaction office. The bank's profits fell significantly this year. — Photo

HA NOI (Biz Hub) ─ Vietinbank's after-tax profits reached VND4.28 trillion (US$203.81 million) in the first nine months of this year, down 19.4 per cent year-on-year.

According to its financial reports released on November 14, the after-tax profits fell by 43 per cent year-on-year, reaching VND1.25 trillion ($59.52 million), in the third quarter alone.

In the first nine months of this year, the total net revenue attained was VND13.23 trillion ($630 million), a year-on-year decline of 5.1 per cent. Revenues from services dropped by 2.1 per cent year-on-year to stand at VND1.07 trillion ($50.95 million).

Foreign currency trading generated a turnover of VND309 billion ($14.71 million), up 72.6 per cent year-on-year, but securities investments brought a loss of VND133 billion ($6.33 million).

Operational costs increased sharply year-on-year by 29.4 per cent in the third quarter and 10.8 per cent in the first nine months.

On September 30, the bank had a total outstanding loan of nearly VND399 trillion ($19 billion), up six per cent over the end of last year. It attracted deposits worth nearly VND398 trillion ($18.95 billion), an increase of 9.2 per cent.

The bank's bad debts represented 1.75 per cent of the outstanding loan at the end of September, up from one per cent at the beginning of this year. ─ VNS

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