Vietinbank posts a profit of over 3 trillion VND (163 million USD) in 2009

Hanoi (VNA) – Vietinbank posted a profit of over 3 trillion VND (163 million
USD) in 2009, 16 percent higher than initially targeted for the bank’s first year
after equitisation, the bank announced on Jan. 10.

As of December 31, the Hanoi headquartered bank had total assets of 240
trillion VND (12.97 billion USD), up 24 percent from the previous year.

Deposits totaled 221.7 trillion VND (11.98 billion USD), up 26.7 percent from the
previous year, white outstanding loans reached 218 trillion VND (11.78 billion
USD), up 24.6 percent.

Loans given out under the Government’s subsidised-interest loan programme amounted
to 59.66 trillion VND (3.22 billion USD), or 36.8 percent of the subsidised loans
issued by banks nationwide.

Bad debts accounted for 967 billion VND (52.27 million USD), or 0.6 percent, of
total outstanding loans.

After Vietinbank joined international remittance services like e-Remit and
Western Union last year, total remittances from abroad paid via Vietinbank in
2009 reached 920 million USD, giving the bank and estimated 15 percent of this
market.

The bank, although reorganised as a joint stock commercial bank and listed on the
HCM Stock Exchange under the code CTG, is still over 89- percent owned by the
State.

In its initial public offering on December 26, 2008, the bank sold shares
representing 6 percent of equity at an average price of 20,265 VND (1.20 USD) per
share. Remaining shares were sold to domestic strategic investors and employees.

In 2010, Vietinbank has targeted achieving total assets of 300 trillion VND (16.21
billion USD), up 25 percent year-on-year; a profit of 4 trillion VND (216 million
USD); and total deposits up 30 percent. Vietinbank also announced yesterday that it
had submitted a short list of foreign strategic investors to the Government to which
it would sell a 10-percent of stake.-Enditem