VietinBank targets increasing before-tax profit

At the shareholders' meeting (Source: VNA)

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

Speaking at the event, VietinBankGeneral Director Le Duc Tho said the lender sets the goal of raising its totalasset value to 1,081,634 billion VND, marking a 132,935-billion-VND increasefrom last year. The rate of bad debts will be below 3 percent while the total mobilisedcapital 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-yearand equivalent to 107 percent of the target, said Chairman of the VietinBankBoard of Directors Nguyen Van Thang.

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

By the year-end, VietinBankposted 60,339 billion VND worth of equity, 37,234 billion VND of which waschartered capital, or 94 percent and 76 percent of the plan set by theshareholders’ meeting.

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

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