VietinBank targets to hike cap by 32pct by end of the year

Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank-CTG) has recently announced this year’s business target whereby the lender plans to scale up its chartered capital to 20-25 trillion dong, growing 32-65 percent against 2010′s.

VietinBank also targets to reach total assets at 441 trillion dong, a year-on-year growth of 20 percent, total deposits at 408 trillion dong, rising 20 percent from 2010′s figure (339.699 trillion dong) and a year-on-year growth of 20 percent in total outstanding loans to reach 419 trillion dong.

The bank’s pre tax profit is expected at 5.1 trillion dong, up 11 percent from 4.598 trillion dong in 2010 and 16 percent dividend payment this year.

The bank’s return on equity (ROE) is targeted to reach 16-18 percent, return on assets (ROA) at 1.2 percent and the capital adequacy ratio (CAR) at least at 9 percent and non performing loans (NPL) at less than 3 percent.

In Q1, CTG finalised selling its stake and borrowing the secondary loans with its strategic partner namely International Finance Corp (IFC). CTG is also speeding up to complete the negotiation with its foreign partner namely Bank of NovaScotia by Q3 this year.

In Q2, the bank will inaugurate two branches in Germany and then open its branches in Laos and Burma.

Additionally, VietinBank will accelerate the progress of key projects such as VietinBank Tower. In 2011, CTG will inaugurate and put into operation the head office of the human resource development and training school in Van Canh, at the same time kick off the construction on building its campus in the central city of Hue and in the south of Vietnam.

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