State-controlled VietinBank reports 80% profit surge in Q2, stock price rallies 

By Kha Moc, Minh Hue
Fri, August 1, 2025 | 8:00 am GMT+7

VietinBank, one of Vietnam’s Big 4 banks, recorded a pre-tax profit of VND12.1 trillion ($462.08 million) and after-tax profit of VND9.75 trillion ($372.34 million) in the second quarter of 2025, up 79% and 80.29% year-on-year respectively.

A customer makes a transaction at VietinBank. Photo courtesy of the bank.

A customer makes a transaction at VietinBank. Photo courtesy of the bank.

Its net interest income in the quarter reached nearly VND15.84 trillion ($604.9 million), a slight increase of 3.3% year-on-year, according to the bank's newly-released Q2 financial statement.

Other business segments showed mixed performance. Notably, profit from trading securities surged by 766% year-on-year to VND213.2 billion ($8.14 million), while other income nearly doubled to VND2.2 trillion, up 99.9%.

Profit from investment securities reached VND30.6 billion ($1.07 million) as compared to a loss of VND33.5 billion in the same period last year.

However, income from foreign exchange trading and service operations declined by 6.75% and 24%, respectively.

The Hanoi-based bank significantly cut its risk provisioning expenses by 62% to just VND2.97 trillion ($113.4 million).

The state-controlled lender recorded a pre-tax profit of VND18.92 trillion ($722.17 million) in the first half of 2025, up 46% year-on-year, securing the second position in term of profit in the banking sector.

VietinBank’s total assets exceeded VND2,600 trillion ($99.29 billion) by the end of Q2/2025, up 9.4% from the beginning of the year. Customer loans rose 10% to nearly VND1,900 trillion, while customer deposits increased by 7% to more than VND1,700 trillion.

However, the bank’s total non-performing loans (NPLs) rose by 16% since the beginning of the year, reaching VND24.81 trillion ($947.3 million). Accordingly, the NPL ratio increased from 1.24% to 1.31%. The NPL coverage ratio stood at 134.8%.

VietinBank stock, CTG, attracted attention on Wednesday, hitting its ceiling price of VND46,850 ($1.79) per share at one time. It later narrowed its gains and closed at VND46,200, up 5.48% from the reference level. However, the ticker closed Thursday at VND45,900, down 0.65%.

Over the past month and quarter, CTG has risen approximately 11.8% and 25%, respectively.

CTG is also a favorite among foreign investors, who have net bought nearly VND225 billion ($8.59 million) worth of the stock since the beginning of the year.

Broker Vietcap forecast that VietinBank is expected to achieve a compound annual growth rate (CAGR) in profit of nearly 18% over the next three years, driven by strong credit growth and gradually decreasing credit costs.

However, for the 2025-2029 period, Vietcap has revised down its profit forecast for VietinBank. This is mainly due to a 2.6% reduction in projected net interest income (NII), based on a more conservative net interest margin (NIM), and a 10.9% drop in projected non-interest income (NOII), due to expectations of lower service fee and foreign exchange income.

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