VietinBank sees over 710 mln USD in pre-tax profit last year
The Vietnam Joint Stock Commerical Bank for Industry and Trade (VietinBank) reported pre-tax profit of 16.45 trillion VND (712.4 million USD) and a bad debt ratio of under 1 percent for 2020.
VietinBank Chairman Le Duc Tho speaks at the January 6 conference reviewing the bank's performance last year and launching tasks for 2021 (Photo: VNA)
Hanoi (VNA) – The Vietnam Joint Stock Commerical Bank for Industry and Trade (VietinBank)reported pre-tax profit of 16.45 trillion VND (712.4 million USD) and a baddebt ratio of under 1 percent for 2020.
VietinBankChairman Le Duc Tho told a meeting on January 6 that the profit fell by nearly5 trillion VND as a result of lending interest, fee, and profit cuts to assistbusinesses and people affected by the COVID-19 pandemic.
Hesaid last year, the bank made efforts to reform every operation aspect, switchfrom the quantity-based growth model to the quality-based one that focuses onimproving service quality, increase non-profit revenue, and optimise capitaland operating expenditure. The proportion of highly profitable segments likeretail and lending to small- and medium-sized enterprises also rose.
Itfulfilled targets set in the restructuring and bad debt settlement plan for2016-2020, met capital requirements under Basel II, and officially applied theState Bank of Vietnam’s Circular 41/2016/TT-NHNN that regulates the capital adequacy ratio for banks and foreign banks’ branches from the beginning of2021.
Thoalso highlighted the bank’s support for anti-pandemic efforts and disaster-hitlocalities last year.
For2021, VietinBank targets growth of about 3 - 6 percent in total asset, 8 - 11percent in credit, 10 - 12 percent in mobilised capital, and 10 - 20 percent inpre-tax and consolidated profit. It also looks to keep the bad debt ratio atbelow 2 percent./.
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VietinBank Chairman Le Duc Tho speaks at the January 6 conference reviewing the bank's performance last year and launching tasks for 2021 (Photo: VNA) 
