Vietinbank posted a profit of over 3 trillion VND (163 million USD) in 2009, 16 percent higher than initially targeted for the bank’s first year after equitisation, the bank announced on Jan. 10.

As of December 31, the Hanoi headquartered bank had total assets of 240 trillion VND (12.97 billion USD), up 24 percent from the previous year.

Deposits totaled 221.7 trillion VND (11.98 billion USD), up 26.7 percent from the previous year, white outstanding loans reached 218 trillion VND (11.78 billion USD), up 24.6 percent.

Loans given out under the Government’s subsidised-interest loan programme amounted to 59.66 trillion VND (3.22 billion USD), or 36.8 percent of the subsidised loans issued by banks nationwide.

Bad debts accounted for 967 billion VND (52.27 million USD), or 0.6 percent, of total outstanding loans.

After Vietinbank joined international remittance services like e-Remit and Western Union last year, total remittances from abroad paid via Vietinbank in 2009 reached 920 million USD, giving the bank and estimated 15 percent of this market.

The bank, although reorganised as a joint stock commercial bank and listed on the HCM Stock Exchange under the code CTG, is still over 89- percent owned by the State.

In its initial public offering on December 26, 2008, the bank sold shares representing 6 percent of equity at an average price of 20,265 VND (1.20 USD) per share. Remaining shares were sold to domestic strategic investors and employees.

In 2010, Vietinbank has targeted achieving total assets of 300 trillion VND (16.21 billion USD), up 25 percent year-on-year; a profit of 4 trillion VND (216 million USD); and total deposits up 30 percent. Vietinbank also announced yesterday that it had submitted a short list of foreign strategic investors to the Government to which it would sell a 10-percent of stake./.