|VietinBank's nine-month profit before tax rose 34.2 per cent compared to the same period last year, reaching nearly VNĐ14 trillion. VNS/VNA Photo Trần Việt|
Hà Nội — VietinBank has reported pre-tax profit of VNĐ13.91 trillion (US$612 million) in the first nine months of 2021, up 34.2 per cent compared to the same period last year.
The commercial bank’ quarterly pre-tax profit also hit VNĐ3.06 trillion in Q3. Meanwhile, net interest income reached VNĐ9.87 trillion in the same quarter, accounting for the lion’s share of total operating income and going up 24 per cent year-on-year. By late September, loans and advances to customers topped VNĐ1.08 quadrillion, presenting an increase of 6.8 per cent against early 2021.
In regard to provisions against credit risk, the commercial bank’s provisions for loans to customers rose to VNĐ21.5 trillion by September 30, VNĐ8.9 trillion higher than in early 2021. Bad debt coverage ratio was at 119 per cent on the same date.
VietinBank has been adopting various policies to help customers overcome their difficulties during the COVID-19 pandemic. To name a few, the commercial bank was cutting interest and fees, rescheduling debts, keeping debt classifications in accordance with regulations of the State Bank of Việt Nam, and offering supportive packages to customers facing hardships.
VietinBank said it would continue to stick to sustainable growth policies and not lower the bar in credit criteria in order to keep credit risk in check. — VNS