April 17, 2017 | 22:20 (GMT+7)
VietinBank targets increasing before-tax profit
The Vietnam Commercial Bank for Industry and Trade (VietinBank) targeted increasing before-tax profit to VND 8.8 trillion (USD 382.6 million) this year, up VND 231 billion (USD 10.04 billion), 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 VND 1,081,634 billion, marking a VND 132,935-billion increase from last year. The rate of bad debts will be below 3 percent while the total mobilized capital will reach VND 996,482 billion.
As of December 31, 2016, VietinBank recorded a net worth of VND 949 trillion, 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 VND 8,569 billion, or 108 percent of the plan. The dividend rate was 7 percent, amounting to nearly VND 2,606 billion.
By the year-end, VietinBank posted VND 60,339 billion worth of equity, VND 37,234 billion 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.
Source: VNA