VietinBank records $874 mln profit in 2022
VietinBank's unconsolidated pre-tax profit was estimated at VND20,500 billion ($874 million) in 2022, meeting its target, while the bad debt ratio was controlled at less than 1.2%.
Headquarters of Vietinbank in Hanoi. Photo courtesy of the bank.
The non-perfoming loan ratio was approximately 190%, up 10% compared to 2021, chairman Tran Minh Binh said at the bank's year-end meeting on Sunday.
In 2022, Vietinbank's operating cost to operating income ratio (CIR) was below 30%, among the lowest in the country's banking industry. The lender controled operating expenses by devoting resources to direct business activities, practicing thrift and fighting waste.
At the same time, Vietinbank closely followed its digital transformation plan with 63% of operations performed on digital channels, exceeding the target for digital transformation by 2025 of the entire banking industry.
Capital and current account savings account (CASA) grew positively compared to the market. Income was restructured towards increasing revenue from service activities. Asset quality was strictly controled, with strengthened risk management, accelerated bad debt recovery and handling of risky debts. As a result, the recovery of principal, interest and risk handling increased by more than 60% compared to 2021's tallies.
VietinBank proactively implemented many solutions to raise its equity, ensuring the capital adequacy ratio is in compliance with regulations.
In the fourth quarter of 2022, the creditor was approved to retain all profits in 2021 to increase capital, creating conditions to improve its financial resources for sustainable business development. Vietinbank, a "Big 4" bank, has the state as majority shareholder.
In 2023, VietinBank aims to increase total assets by 5-10%, while keeping the bad debt ratio below 2% and ensuring unconsolidated pre-tax profit closely follows the State Bank and Ministry of Finance's target.
Vietinbank, headquartered in Hanoi, has four subsidiaries in leasing, securities, insurance and assets management. It provides a full range of banking services including corporate and SME banking, retail and consumer banking and international banking services.
Vietinbank is the country's second largest creditor by assets after BIDV, also majority owned by the state.
On the Ho Chi Minh Stock Exchange, the bank (CTG) closed Friday’s session at VND28,600 ($1.22) per share.
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