The Viet Nam Bank for Industry and Trade (VietinBank) earned a total profit of VND9.2 trillion (US$404 million) in 2017, equivalent to 105 per cent of its annual target.

The total assets of the bank notched a year-on-year surge of 15.3 per cent to reach more than VND1.1 trillion, making it one of Viet Nam’s three largest banks in terms of assets and the country’s second-largest bank in terms of profit, after the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank).

Return on equity (ROE) and return on assets (ROA) of the bank also improved, touching roughly 12 per cent and 1 per cent, respectively.

Its outstanding loans reached VND839 trillion, up 18 per cent year on year. Meanwhile, total capital was estimated at over VND1 trillion, a year-on-year increase of 16 per cent, fulfilling 102 per cent of the year’s target.

Investment is still Vietinbank’s strength compared to competitors in the banking market. In 2017, the bank developed modern investment products and continued to maintain its role as a market maker with total investment capital of VND243 trillion.

Vietinbank’s total fees earned from services reached nearly VND4 trillion, up 20 per cent against 2016.

Operations of Vietinbank’s affiliates and foreign subsidiaries grew sharply with their pre-tax profit totaling VND560 billion, up 39 per cent year-on-year.

In 2018, Vietinbank aims to increase total assets by 15 to 17 per cent, capital mobilisation by 18 to 20 per cent and credit by 16 to 17 per cent. It also plans to keep bad debt under 2 per cent. — VNS