VietinBank targets increasing before-tax profit

At the shareholders' meeting (Source: VNA)

Hanoi (VNA) – The Vietnam Commercial Bank for Industry and Trade (VietinBank) targeted increasing before-tax profit to 8.8 trillion VND (382.6 million USD) this year, up 231 billion VND (10.04 billion USD), during its annual shareholders’ meeting in Hanoi on April 17.

Speaking at the event, VietinBank General Director Le Duc Tho said the lender sets the goal of raising its total asset value to 1,081,634 billion VND, marking a 132,935-billion-VND increase from last year. The rate of bad debts will be below 3 percent while the total mobilised capital will reach 996,482 billion VND.

As of December 31, 2016, VietinBank recorded a net worth of 949 trillion VND, up 22 percent year-on-year and equivalent to 107 percent of the target, said Chairman of the VietinBank Board of Directors Nguyen Van Thang.

The before-tax profit hit 8,569 billion VND, or 108 percent of the plan. The dividend rate was 7 percent, amounting to nearly 2,606 billion VND.

By the year-end, VietinBank posted 60,339 billion VND worth of equity, 37,234 billion VND of which was chartered capital, or 94 percent and 76 percent of the plan set by the shareholders’ meeting.

On the occasion, Hiroshi Yamaguchi, deputy chief of the corporate client office from the Bank of Tokyo – Mitsubishi UFJ was elected as member of the VietinBank Board of Directors.-VNA

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