Vietinbank tops Vietnam’s banking profits in the first six months

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Vietinbank reported profits VND4.27 trillion (about $192 million) in the first half of the year, higher than the country's other two giant banks, BIDV and Vietcombank.

Vietnam Joint Stock Commercial Bank for Industry and Trade on Monday reported a profit rise of 10.3 percent in the first six months compared to the same period last year, and the majority of its non performing loans (NPLs) have been resolved.

Le Duc Tho, Vietinbank's general director, said the bank’s total assets have also increased nine percent from the beginning of the year to reach VND850 trillion ($38 billion) by the end of June. From January-June, the state-owned bank reported total estimated equity of VND780 trillion, up 9.6 percent from the end of last year, while credit growth rose 7.7 percent (VND729 trillion), higher than the average credit growth in the banking sector.

Vietinbank recorded the highest profit in Vietnam's banking sector with $192 million in the first six months. Photo from vietinbank.vn

The bank’s return on assets and return on equity as of June 30 were 1.1 percent and 11.5 percent, against one percent and 10.3 percent during the same period last year. The proportion of its level-2 NPLs was the lowest in the banking sector.

Vietnam's three largest banks, Vietinbank, Bank for Foreign Trade of Vietnam (Vietcombank) and Bank for Investment and Development of Vietnam (BIDV), have announced remarkable results for the first six months.

Vietinbank headed Vietnam's top three banks with profit of $192 million, while Vietcombank followed closely with $188 million and BIDV came in at $162 million.

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