NEWS UPDATE

FINANCIAL REPORTS

1Q2023

Business performance in 1Q2023 achieved positive results

EFFICIENCY SCALE QUALITY

ASSETS

1,824

VND, Tn

1,333

VND, Tn

TOTAL ASSETS

1,272

LOANS

VND, Tn

DEPOSITS

17.0

VND, Tn

TOTAL INCOME

PBT

6.0

VND, Tn

CIR

25.3%

PROVISION

EXPENSES

NPL

6.7

VND, Tn

COVERAGE

RATIO

1.28%

News update | 1Q2023 | Page 2

0.9% (ytd)

4.6% (ytd)

1.9% (ytd)

21.0% (yoy)

INCOME GROWTH AMONG

POSITIVE GROUP

2.7% (yoy)

1.9% (yoy)

51.9% (yoy)

0.04% (ytd)

173%

15,4% (ytd)

VietinBank's major scale indicators in 1Q2023 continued to grow positively vs. 2022

TOTAL ASSETS (VND ,Tn)

2022

TOTAL LIABILITIES (VND, Tn)

1,8092022

1,701

1Q2023

C

1,824

1Q2023

Growth vs. 2022 0.9%

C

Growth vs. 2022 0.6%

1,711

Outstanding loans balance increased by 4.6% ytd. Loan balance growth in 1Q2023 focused on large corporate customers (up 16.7% ytd) and FDI (up 5.7% ytd). However, in 2023, VietinBank still focuses on retail and SME growth, prioritizing growth resources for individual and SME customers, industries with good growth potential such as electricity,

telecommunications, electrical equipment...

CUSTOMER DEPOSITS (VND, Tn)

LOANS TO CUSTOMERS (VND, Tn)

2022

1,275

1,333

1Q2023

1Q2023

487

339

4Q2022

473

335

3Q2022

458

330

2Q2022

446

331

1Q2022

414

321

Growth vs. 2022

4.6%

YTD

421

70

+3.1%

Retail

399

60

+1.3%

SME

388

62

395

64

+5.7%

Large

corp.

+16.7%

416

67

FDI

Customer deposits in 1Q2023

2022

1,249

Growth vs. 2022

1.9%

1Q2023

1,272

1Q2023

52.4%

12.9%

23.3%

8.5%

4Q2022

49.7%

14.1%

24.8%

8.6%

3Q2022

49.4%

12.8%

25.6%

9.1%

2Q2022

49.8%

12.6%

24.7%

9.5%

1Q2022

49.5%

12.1%

24.8%

9.6%

Retail

SME

Large corp.

FDI

increase was up 1.9% ytd,

mobilized

capital

growth was

lower

than

credit

growth

because the macro market did

not show

favorable

signals,

leading customers to prioritize

using their own capital for

production

and

business

activities.

The

proportion

of

Retail

deposits grew

strongly from

49.7% in 2022 to 52.4% in

1Q2023.

Operating income continued to grow well

Unit: VND, Tn

1Q2022

9,9

1,9

1,5

0,8

1Q2023

12,4

2,3

1,2

1,2

NII (excl. guarantee fee)

Net income from FX trading

NFI (incl. guarantee fee)

Other income

News update | 1Q2023 | Page 3

TOI in 1Q2023 reached 17 VND, Tn (+21% yoy). Notably: (i) NII was up 24.8% yoy thanks to the scale improvement coupled with improved profitability from credit portfolio restructuring together with risk control; (ii) net income from FX trading continued to grow strongly +49.6% yoy as VietinBank continued to diversify the structure of FX products, promoted the development of new customers, focusing on FDI, SME and Retail.

NFI (including guarantee fee) in 1Q2023 reached nearly 2.3 VND, Tn

(+52% yoy) thanks to the implementation of sales promotion, expanding customer base along with improving service quality, meeting

diversified and comprehensive financial service needs of customers. In which, fee from guarantee increased by 55.7% yoy; fees from other activities increased by 30.9% yoy.

28.7%

31.3%

33.5%

36.2%

42.6%

28.0%

29.0%

27.9%

25.9%

23.2%

33.8%

31.5%

31.1%

30.9%

25.7%

9.6%

8.2%

7.5%

7.0%

8.6%

3M2022

6M2022

9M2022

2022

3M2023

Guarantee

Payment

Insurance

Others (*)

(*): Others include: Commission fee collected from cooperation in selling life insurance with Manulife, fee collection from entrustment and agency operations, fee collection from import - export LC…

Reasonable cost control

29.9%

27.2%

27.0%

27.3%

25.3%

3M2022

6M2022

9M2022

2022

3M2023

In the current period of economic fluctuations and difficulties, VietinBank practiced thrift, prioritized resources to digital transformation activities, and directly supported business operations. Besides, in 1Q2023, VietinBank's TOI continued to improve, reaching a growth rate higher than the growth rate of

operating expenses. Accordingly, VietinBank's CIR in 1Q2023 reached 25.3%, lower than CIR of 27.2% in 1Q2022.

Profits grew well thanks to good core revenue sources

Net income

before provision

expenses in 1Q2023 reached

Unit: VND, Tn

12.7 VND, Tn (+24% yoy).

VietinBank

actively

spent

2.4

4.3

resources to set up risk

2.3

provisions in accordance with

6.7

regulations

in

order

to

17.0

12.7

increase the financial reserve

12.4

buffer

for

the

bank's

6.0

operations

in

the

coming

time, credit risk provision cost

NII (excl.

NFI (incl.

Other

TOI

Operating

Net income

Risk

PBT

in 1Q2023 reached 6.7 VND,

guarantee

guarantee

income

expense

before

provisions

Tn

(+51.9%

yoy).

fee)

fee)

provision

Accordingly, PBT in 1Q2023

reached

6 VND,

Tn,

(+2.7% yoy).

YoY

+24.8%

+52%

-11.1%

+21%

+12.9%

+24%

+51.9%

+2.7%

Debt quality was controlled according to the approved plan

News update | 1Q2023 | Page 4

NPL RATIO (%)

NPL COVERAGE RATIO (%)

1Q2023

173.0%

1.28%

4Q2022

1.24%

188.4%

3Q2022

1.42%

222.4%

2Q2022

1.35%

189.6%

1Q2022

1.25%

197.2%

In 1Q2023, Vietnam's economy faced with many difficulties from the general developments of the world economy (inflationary pressure, quiet real estate market, debt pressure due to bond payment, decelerating exports...). This had a significant impact on the production and business and the debt repayment ability of customers, thereby affecting the debt quality at VietinBank. NPL out of outstanding loans in 1Q2023 stood at 1.28%, a both yoy and ytd increase. Credit risk provision cost in 1Q2023 was 6.7 VND, Tn (+51.9% yoy). NPL coverage ratio in 1Q2023 was 173%.

In the remaining months of 2023, VietinBank will focus on improving risk management capacity and controlling bad debt below 1.8%. At the same time, VietinBank aims to increase NPL coverage ratio, improves financial capacity, and ability to withstand possible risks from the economy.

News update| 1Q2023 | Page 5

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DISCLAIMER:

This material was prepared using financial statements and other reliable sources with the aims to provide information only. It is recommended to use this material as a source of reference only. The information might be updated from time to time and it is not our responsibility to notify about those changes (if any).

Investor Relations -

Secretariat to the BoD and Investor Relations - Office of the BoD

No. 108 Tran Hung Dao Str., Hoan Kiem Dist., Hanoi

0243 9413622

investor@vietinbank.vn

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VietinBank - Vietnam Joint Stock Commercial Bank for Industry and Trade published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 12:42:05 UTC.