VIETNAMCOMMERCIAL BANK FOR INDUSTRY AND TRADE NEWS UPDATE
FINANCIAL REPORTS
3Q2023 & 9M 2023
News update| 3Q2023 & 9M2023| Page 1
Business performance in 3Q2023 posted positive results
16% (ytd)
10.2% (yoy) | 10.4% (yoy) | 10.8% (yoy) | ||||||||||||
8.7% (ytd) | ||||||||||||||
4.4% (ytd) | 4.9% (ytd) | 0.2% (yoy) | 0.13% (ytd) | |||||||||||
1,888 | 1,386 | 1,310 | 52.2 | 17.4 | 27.1% | 20.6 | 1.37% | 172.4% | ||||||||
VND, Tn | VND, Tn | VND, Tn | VND, Tn | VND, Tn | VND, Tn | |||||||||||
TOTAL | LOANS | DEPOSITS | TOTAL | PBT | CIR | PROVISION | NPL | COVERAGE | ||||||||
ASSETS | INCOME | EXPENSES | RATIO | |||||||||||||
VietinBank's major scale indicators in 3Q2023 continued to grow positively vs 2022
TOTAL ASSETS | TOTAL LIABILITIES | ||||||||||||||||
VND, Tn | VND, Tn | ||||||||||||||||
1,888 | 1,766 | ||||||||||||||||
2.9% vs 2022 | 3.9% vs 2022 | ||||||||||||||||
LOANS TO CUSTOMERS BY CUSTOMER SEGMENT | |||||||||||||||||
(VND, Tn) | |||||||||||||||||
3Q2023 | 512 | 358 | 424 | 76 | |||||||||||||
2Q2023 | 503 | 346 | 422 | 75 | |||||||||||||
1Q2023 | 487 | 339 | 421 | 70 | |||||||||||||
2022 | 473 | 335 | 399 | 60 | |||||||||||||
audited | |||||||||||||||||
3Q2022 | 458 | 330 | 388 | 62 | |||||||||||||
Retail | SME | Large corp. | FDI | ||||||||||||||
YTD +8.4% | +6.8% | +6.4% | +27% | ||||||||||||||
CUSTOMER DEPOSIT BY BUSINESS TYPE | |||||||||||||||||
3Q2023 | 52.3% | 13.4% | 24.7% | 9.5% | |||||||||||||
2Q2023 | 52.0% | 12.6% | 23.4% | 8.5% | |||||||||||||
1Q2023 | 52.4% | 12.9% | 23.3% | 8.5% | |||||||||||||
2022 | 49.7% | 14.1% | 24.8% | 8.6% | |||||||||||||
audited | |||||||||||||||||
3Q2022 | 49.4% | 12.8% | 25.6% | 9.1% | |||||||||||||
49,7% | 14,1% | ||||||||||||||||
Retail | SME | Large corp. | FDI | ||||||||||||||
LOANSDEPOSITS
VND, Tn | VND, Tn |
1,386 | 1,310 |
6.7% vs 2022 | 4.9% vs 2022 |
Outstanding loan balance in 3Q2023 recorded a ytd 8.7% uplift. All segments experienced growth, in which FDI and Retail segment witnessing the highest rate (up 27% ytd and up 8.4% ytd respectively).
In the coming time, VietinBank still
prioritizes credit sources for manufacturing & business, "green" credit, priority and key sectors in alignment with the Government's orientation; fields of essential needs in the economy: electricity, water, food, supplies, medical equipment, medicine, hospital,….
Customer deposits in 3Q2023 grew by 4.9% ytd, in which CASA lifted by 4.7% ytd; CASA ratio reached 20%, showing an improvement compared to the start of the year (2Q2023: 18.7%).
The proportion of deposit for Retail and SME segment in 3Q2023 showed a positive growth compared to 2Q2022. (Retail increased from 52% to 52.3% and SME increased from 12.6% to 13.4%).
Page
01
News update| 3Q2023 & 9M2023| Page 2
Operating income continued to grow well
Unit: VND, Tn | |||||||
9M2022 | 9M2023 | ||||||
5.0 | 4.6 | ||||||
34.4 | 5.5 | 37.5 | 6.6 | ||||
2.4 | 3.5 | ||||||
NII (excl. guarantee fee) | Net income from FX trading | ||||||
NFI (incl. guarantee fee) | Other income | ||||||
TOI in 9M2023 scaled up to 52.2 VND, Tn (+10.2% yoy), of which non-interest income continued to grow well, reaching 28.1% (the same period in 2022, reaching 27.3%).
NII (excl. guarantee fee) experienced a 9% yoy ascent as VietinBank promoted sustainable scale growth, optimized the structure of credit portfolio along with risk control.
NFI (incl. guarantee fee) in 9M2023 touched 6.6 VND, Tn (+32.6% yoy) driven by the implementation of sales promotion, coupled with the improvement of service quality, to meet the diverse and comprehensive needs of financial services of customers; develop payment connection platforms, diversify payment channels and apply digitalization in the fields of payment and trade finance.
Net income from FX trading continued to grow robustly (+42.8% yoy) thanks to ongoing recovery in import & export activities. Simultaneously, VietinBank strongly transformed over-the-counter transactions into online FX transactions on eFAST and iPAY platforms, bringing profits and high efficiency to the Bank.
Reasonable cost control
29.9%
27.3% | 27.1% | |||
26.0% | ||||
25.3% | ||||
9M2022 | 2022 | 3M2023 | 6M2023 | 9M2023 |
VietinBank's CIR in 9M2023 reached 27.1%, lower than 27.3% in 9M2022 thanks to the Bank's optimization of cost management and use
- incorporating with prioritizing cost allocation for direct business units, business promotion activities as well as key projects of the Bank.
In addition, in 9M2023, VietinBank's TOI maintained an upward trend, with a growth rate higher than that of operating expenses.
Profits grow well thanks to good core revenue sources
Net income before provision expenses in 9M2023 reached 38 VND, Tn (+10.6% yoy). VietinBank actively spent resources on risk provisions in line with regulations to strengthen its financial buffer for operation given that the economy is still facing to many difficulties. Credit risk provision cost in 9M2023 attained 20.6 VND, Tn (+10.8% yoy). Accordingly, PBT in 9M2023
reached 17.4 VND,Tn (+10.4% yoy).
Unit: VND, Tn | ||||||||||
8.1 | ||||||||||
14.1 | ||||||||||
6.6 | ||||||||||
52.2 | 20.6 | |||||||||
37.5 | 38.0 | 17.4 | ||||||||
NII (excl. | NFI | Other income | TOI | Operating | Net income | Risk | PBT | |||
guarantee fee)(incl.guarantee | expenses | before | provisions | |||||||
fee) | provision | |||||||||
YoY | +9% | +32.6% | +1.6% | +10.2% | +9.3% | +10.6% | +10.8% | +10.4% |
Page
02
News update| 3Q2023 & 9M2023| Page 3
Debt quality was strictly controlled
1.42% | 1.24% | 1.28% | 1.27% | 1.37% |
222.4% | 188.4% | 173.0% | 168.9% | 172.4% |
3Q2022 | 4Q2022 | 1Q2023 | 2Q2023 | 3Q2023 |
NPL out of outstanding loans | NPL | NPL coverage ratio |
In the context of the global economy still facing many risks while the domestic economy is affected by negative volatility from foreign situations (inflation pressure, sluggish real estate market, bond maturity pressure, decelerating exports…), it had a significant influence on production and business activities as well as customers' ability to repay debt, therefore, VietinBank's NPL was also impacted. NPL out of outstanding loans in 3Q2023 stood at 1.37%. NPL coverage ratio 3Q2023 was 172.4%.
In the remaining months of 2023, VietinBank will continue to strengthen risk management
and control bad debt below 1.8% and maintain the bad debt coverage ratio at a reasonable level.
Page
03
News update| 3Q2023 & 9M2023| Page 4
More information about VietinBank in other publications
(Click on below titles/images to access link ▼)
INFORMATION UPDATED ON | |
INVESTOR BUSINESS UPDATE | WEBSITE www.investor.vietinbank.vn |
Quarterly issue |
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 - | No. 108 Tran Hung Dao Str., Hoan Kiem Dist., Hanoi |
Office of the BoD | |
+84 243 9413622 | Investor@vietinbank.vn |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
VietinBank - Vietnam Joint Stock Commercial Bank for Industry and Trade published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 03:20:08 UTC.
