Vietinbank Nets Profit of VND987.73B in Q1
Vietnam JS Commercial Bank for Industry and Trade (CTG), or Vietinbank, said it made a net profit of VND987.73 billion ($51.85 million) on revenues of VND1.171 trillion in the first quarter of this year.
Its net incomes from lending activities were VND2.25 trillion in the period while the listed lender incurred a loss of VND7.07 billion from securities investment.
Vietinbank had total assets of VND263.811 trillion as of March 31, up 8.2% from end-2009, the bank said in a statement.
It targets a pretax profit of VND4 trillion, up 18% from 2009, and 20% growth of its total assets, 20% rise of total deposits and 25% increase of total outstanding loans in 2010.
Vietinbank will sell a 10% stake to International Finance Corporation and another 10%, or even 15%, to another foreign strategic partner, the Canadian Bank of Nova Scotia, in the second half.
Foreigners held a combined 8.54% stake in CTG as of May 11. (vietinbank)
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