Moody's upgrades Vietnamese bank
Moody's Investor Service (Moody’s) has upgraded the rating of Vietnam Bank for Industry and Trade (Vietinbank), citing its improvements in baseline credit assessment (BCA).
A Vietinbank transaction office (Source: Vietinbank)Hanoi (VNA) - Moody's Investor Service (Moody’s) has upgraded the rating of Vietnam Bank for Industry and Trade (Vietinbank), citing its improvements in baseline credit assessment (BCA).
The United States-based rating agency lifted the banks' BCA to B2 from B3 while keeping Vietinbank’s issuer ratings and domestic-currency deposit ratings at B1 and long-term foreign-currency deposit at B2 with a “stable” outlook.
According to Moody’s, the upgrade reflects the bank’s improvement in mobilising capital.
As of September 30, 2016, Vietinbank’s total assets reached 901 trillion VND (39.64 billion USD), up 15.56 percent from the end of 2015, exceeding the target set for the whole year.
Its outstanding loan balance was 625 trillion VND (27.5 billion USD), up 16.23 percent from the end of last year, while deposits grew 27 percent. Bad debt accounted for 0.86 percent of the loan outstanding balance, the lowest rate in the banking sector.
As of the third quarter this year, the bank generated 6.48 trillion VND (285.34 million USD) in pre-tax revenue, a year-on-year increase of 13.27 percent, making up of 82.1 percent of its target set for the period.
Its post-tax revenue was 5.19 trillion VND (228.5 million USD), up 16.41 percent from the same period last year.-VNA
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