CTG: books vnd700bln capital gains from investment in Indovina bank

Vietnam JS Bank for Industry and Trade or Vietinbank (CTG) booked a capital surplus of VND700 billion from its original investment of VND1.392 trillion in Indovina Bank.

Vietnam JS Bank for Industry and Trade or Vietinbank (CTG) booked a capital surplus of VND700 billion from its original investment of VND1.392 trillion in Indovina Bank as the current market value of this investment reached VND2.062 trillion (under the equity method of accounting).

VietinBank currently holds 50% stake of Indovina Bank.

Vietinbank’s net profit attributable to the parent’s shareholders reached VND4.493 trillion in the first nine months, up 56% on year with its interest revenue rising 77% YoY to VND40.665 trillion, the lender said in its financial statements posted on its website.

Of note, the lender spared VND2.2 trillion for provision for possible loan losses in 9M/2011, up 104% over the same period last year. Vietinbank, as at Sept 30, 2011, had total assets of VND415 trillion and outstanding loans to customers of VND269.6 trillion.

On November 15, CTG closed up 0.45% at VND22,300/share; or trailing P/E at 7.18x. Foreign investors hold 2.49% stake in the HoSE-listed lender, the StoxPlus data showed.

Source StoxPlus

Tags: Indovina bank, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Nov 16 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry