Moody’s upgraded BCA of VietinBank
On 4th November, 2016, Moody’s Investor Service (Moody’s) upgraded Vietnam Bank for Industry and Trade (VietinBank)’s baseline credit assessment (BCA) to b2.
Moody’s has affirmed VietinBank’s long-term local currency deposit rating at B1 (foreign currency: B2) with stable outlook.
The upgrade of VietinBank’s BCA to b2 was driven by the bank’s improved funding profile.
According to Moody’s, VietinBank is a systemic importance given its 10% share of system assets and major strategic partners.
As of 30th September 2016, total assets reached 901 trillion VND, increasing by 15.56% compared with the end of 2015 and being equivalent with 101.3% of the plan for 2016. Besides, loans to customer accounted for 625 trillion VND, increasing by 16.23% compared with 31st December 2015. Meanwhile, customer deposits grew by nearly 27%. Besides, non-performing loan ratio made up 0.86% of the total outstanding loan - the lowest rate among local banks.
Specifically, profit-before-tax reached 6,485 billion VND, increasing by 13.27% compared with 30th September 2015, making up around 82.1% of the plan for 2016. Profit-after-tax ended 30th September 2016 was 5,194 billion VND, going up by 16.41% compared with the same period of last year.
Thanh Binh
