VietinBank: Strong, effective and sustainable growth

On the afternoon of November 14, 2024, VietinBank held an online conference to update business results (KQKD) of the third quarter of 2024 and the first 9 months of 2024, and to orient operations for the last months of 2024.

Positive business results, affirming VietinBank's pillar position In the first 9 months of 2024, VietinBank continued to record positive business results , demonstrating VietinBank 's solid development foundation and proactiveness and flexibility in a challenging business context . Specifically: - VietinBank continues to maintain sustainable growth in total assets , reaching 9.7% compared to the end of 2023. Outstanding loans reached 1,605 trillion VND , up 9% compared to the end of 2023, growing in all segments. Customer deposits ( KH ) reached 1,517 trillion VND, up 7.5 % compared to the end of 2023. Of which, CASA capital reached 3.51 trillion VND , up 10.4 % compared to the end of 2023 ; CASA proportion reached 23.2% , up 0.6 % compared to the end of 2023 . - Total operating income reached 60.6 trillion VND , up 16.2 % over the same period in 2023 , the highest in the Banking Industry . - The CIR ratio reached 26.4 % , down 0.7% compared to the same period in 2023 and is among the lowest in the entire Banking Industry . VietinBank continues to improve the efficiency of using and managing operating costs, prioritizing business promotion activities, digital transformation and key projects. - Net profit from business activities before credit risk provisioning expenses reached 44.6 trillion VND, up 17.4 % over the same period in 2023, the highest in the Banking Industry . Profit before tax reached 19.5 trillion VND, up 12.1% over the same period in 2023 . - The ratio of bad debt/outstanding loans at the end of the third quarter of 2024 was controlled at 1.45 % in the context of many unpredictable developments in the domestic and foreign economy . The bad debt coverage ratio reached 153 % , continuing to remain at a high level. - Efficiency indicators continue to be maintained: NIM reached 2.96%, up 0.08% over the same period in 2023. ROA and ROE reached 1.22% and 15.62% respectively.

Ms. Pham Thi Thanh Hoai - Member of VietinBank Board of Directors chaired the Conference to update business results for the third quarter of 2024 and the first 9 months of 2024

Continuing to accelerate comprehensive digital transformation VietinBank's digital transformation program for the period 2024 - 2028 includes 108 initiatives in 29 thematic groups associated with VietinBank's medium- term and long-term business strategy, which has had a strong and comprehensive impact on key business areas. Of which, 45 initiatives were prioritized by VietinBank to be implemented in 2024, including 18 initiatives from business units and 27 foundational and support initiatives from business units . By the end of the third quarter of 2024, VietinBank had tested or deployed all 17/45 initiatives of 2024. With the operating philosophy of "Customer is the center", VietinBank launches new, modern, market-leading products and services with high technology content; thereby bringing better and more complete experiences to customers. By the end of the third quarter of 2024, the VietinBank iPay Mobile application for individual customers attracted 8.7 million users with 1,377 million transactions , up 17.2 % and 75.2 % respectively over the same period in 2023. The proportion of transactions via the VietinBank iPay channel reached 92.2 % . For corporate customers, the VietinBank eFAST application attracted 254 thousand businesses to use with 32.8 million transactions , up 16.1 % and 37.6% respectively over the same period in 2023. The proportion of transactions via the VietinBank eFAST channel reached 84 % .

Conference to update business results for the third quarter of 2024 and the first 9 months of 2024 was a great success

With positive business results, strong, effective and sustainable growth in scale in the first 9 months of 2024, VietinBank will complete the 2024 business plan assigned by the General Meeting of Shareholders.

Source: https://www.vietinbank.vn/vi/tin-tuc/tin-tuc-va-su-kien/vietinbank-tang-truong-manh-me-hieu-qua-ben-vung-20241115085317-00-html