VietinBank reveals business plan for 2012

VietinBank held a conference to assess the results of business performance in 2011 and set the direction and tasks in 2012. Among the participants was State Bank of Vietnam Governor Nguyen Van Binh.

Accordingly, in 2011, VietinBank registered a total assets of 460.421 trillion dong, up 25.4% over the start of 2011; total raised funds of 422.955 trillion dong, up 24.4%% over the start of 2011; total outstanding loans: 430.360 trillion dong, up 24.8%% compared to 2010; bad debt at 0.74% of total outstanding loans; profit before tax of 8.105 trillion dong, up 76% from 2010 and achieved 158.9% of the target of the 2011 general shareholder meeting; return on equity of 25.4%; return on asset of 1.96%; and dividend payout at 20%.

On December 28, 2011, VietinBank officially increased its charter capital for second phase in 2011 to 20.229 trillion dong, a 33% increase compared to 2010.

Having identified the economic situation in 2012 as the year of continuing difficulties for the banking and financial market of Vietnam, VietinBank has set a target to accelerate growth and market domination on the basis of safety and sustainability.

Accordingly, in 2012, VietinBank has released a number of specific financial targets in 2012 as follows: Total assets targeted: Up 20% year-on-year; total raised funds targeted: Up 25% year-on-year; outstanding loans targeted: Up 20% year-on-year; bad debt targeted at below 3% of total loans; profit before tax: Up 20% year-on-year; payment of corporate income tax to the State Budget: 2.6 trillion dong;proportion of total service revenue of incomes from business operations to reach 10%; chartered capital targeted to reach 30 trillion dong;and capital adequacy ratio ≥ 10%.