VietinBank's individual pre-tax profit estimated at $868.6 million

Tuesday, Jan 10, 2023 04:38

Transactions at Vietinbank. — VNS Photo File Photo

Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank)'s individual pre-tax profit is estimated at VND20.5 trillion (US$868 million) last year, reaching the target set by its general meeting of shareholders.

The bank organised the conference to summarise the Party's work and business activities last year, and to implement tasks for the new year on Sunday.

The total credit scale for priority industries and fields accounted for more than 40 per cent of the total credit portfolio by the end of last year.

Assessing VietinBank's operations in the past year, Doan Thai Son, deputy governor of the State Bank of Vietnam (SBV) commented that VietinBank was one of the four major State-owned commercial banks that have maintained its leading role in the banking bloc in strictly implementing the orientation of SBV assigned at the beginning of the year.

The bank maintains a low lending rate in the market in the context of strong fluctuations in general interest rates.

Bad debt ratio is controlled at a low level at about 1.2 per cent and bad debt coverage ratio is approximately 190 per cent, a year-on-year increase of 10 per cent.

The bank was approved to retain all profits of 2021 in the fourth quarter of this year to increase capital. — VNS

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