Business

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).
Moody's upgrades Vietnamese bank ảnh 1A Vietinbank transaction office (Source: Vietinbank)

Hanoi (VNA) - Moody's Investor Service (Moody’s) has upgraded the rating ofVietnam Bank for Industry and Trade (Vietinbank), citing its improvements in baseline creditassessment (BCA).

The United States-based rating agency lifted thebanks' BCA to B2 from B3 while keeping Vietinbank’s issuer ratings anddomestic-currency deposit ratings at B1 and long-term foreign-currency depositat B2 with a “stable” outlook.

Accordingto Moody’s, the upgrade reflects the bank’s improvement in mobilising capital.

As ofSeptember 30, 2016, Vietinbank’s total assets reached 901 trillion VND (39.64billion USD), up 15.56 percent from the end of 2015, exceeding the target setfor the whole year.

Its outstandingloan balance was 625 trillion VND (27.5 billion USD), up 16.23 percent from theend of last year, while deposits grew 27 percent. Bad debt accounted for 0.86percent of the loan outstanding balance, the lowest rate in the banking sector.

As ofthe third quarter this year, the bank generated 6.48 trillion VND (285.34million 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.

Itspost-tax revenue was 5.19 trillion VND (228.5 million USD), up 16.41 percentfrom the same period last year.-VNA
VNA
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