VietinBank held 2017 Annual General Meeting of Shareholders
In the morning of 17/04/2017, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) held 2017 Annual General Meeting of Shareholders (AGM).
| Mr. Nguyen Van Thang made a speech at the Annual Meeting of Shareholders Photo: Tien Lam |
Attending the meeting were Major General Nguyen Hung Linh - Director of Financial - Monetary - Investment Security Department (A84), Ministry of Public Security; Mr. Tran Dang Phi- Deputy Chief Inspector of the Banking Inspectorate and Supervisory Agency of the State Bank of Vietnam; Mr. Tran Huu Thang - Deputy Director of Personnel Department of the State Bank of Vietnam; Mr. Hoang Viet Trung - Director of Department 1, the Banking Inspectorate and Supervisory Agency of the State Bank of Vietnam; Mr. Le Cong Dien - Director of Public Company Surveillance Department - the State Securities Commission; Mr. Nguyen The Tho - Director of Securities Market Surveillance Department - the State Securities Commission; Mr. Duong Van Thanh - General Director of Vietnam Securities Depository Center. From VietinBank, there was the attendance of Mr. Nguyen Van Thang - alternate member of the Central Committee of the Communist Party, member of the National Assembly, Chairman of the Board of Directors; members of the Board of Directors, Board of Management; key managers of divisions, departments, committees, units, branches in VietinBank system as well as numerous voting shareholders.
With the role as the main force and the responsibility of the pioneer, VietinBank not only maintains its leading position in Vietnamese banking system but also develops robustly, plays the role as a strong pillar to maintain stable platform for banking-financial activities, directly involves in the restructuring of credit institution system, while continuing to expand the scale and integrate into regional and international markets.
In the opening remark, Mr. Nguyen Van Thang affirmed that: VietinBank had experienced overwhelming success in 2016. Such success is the foundation and motivation for VietinBank to further grow and integrate into regional and international markets. Particularly, the entire Management Team and nearly 23,000 officers and employees of VietinBank are taking effort with the highest determination to successfully achieve the targets mapped out.
VietinBank's total assets as at 31/12/2016 amounted to VND 949 trillion, rose by 22% compared to that in 2015 and reached 107% of the target assigned by the AGM. VietinBank continues to be one of the leading commercial banks in terms of asset size in the market.
Credit outstanding balance of the Bank reached VND 722 trillion, increased by more than 18%, higher than the sector's average growth rate, in which loans to the economy amounted to VND 662 trillion. VietinBank's credit structure shifted towards diversification and growth with focus on priority economic sectors encouraged for development by the Government as well as key national economic sectors and projects, supporting enterprises develop business and production in a stable and sustainable manner, thereby contributing to economic development. Especially, VietinBank's credit growth was associated with debt quality control, with NPLs ratio of 0.9%, lower than the industry's average.
The Bank's investment activities as at 31/12/2016 achieved a balance of VND 237 trillion, accounting for 25% of total assets, equivalent to that at the time of 2015. The investment portfolio was constantly adjusted towards diversification with the aim of increasing profitability while ensuring liquidity reserve for the entire system and raising VietinBank's position.
VietinBank's mobilized funds amounted to VND 870 trillion with an increase of 22%; capital structure continues to be diversified and managed in a flexible and balanced manner, in correspondence with fund utility demands, while still ensuring liquidity safety and business efficiency of bank-wide system.
Profit before tax in 2016 reached VND 8,569 billion, equivalent to 108% of the target assigned by the AGM, there was improvements in income structure towards increasing non-interest income. Particularly, compared to 2015, service income witnessed various positive changes with an increase of 26% and the proportion of fee income/total operating income also followed a rising trend. ROE and ROA respectively were 11.8% and 1%, achieved the target assigned by the AGM.
2017 AGM is an important forum for VietinBank to report to shareholders its business results in 2016; as well as to submit to the AGM the plan and orientation for operation in 2017.
In the morning of 17/04/2017, the working regulations; report of the Board of Directors on the performance of its duties; report on business performance; report the results of the Supervisory Board; Proposal on the approval of profit distribution plan, Proposal on the supplement and amendment of the Charter were presented and the AGM also discussed and voted on multiple crucial issues...
Minh Minh
