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Vietinbank Q4'16 net profit rises 30.0% YOY

Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, reported a 30.0% year-over-year increase in net profit for the fourth quarter ended Dec. 31, 2016.

The bank said Jan. 25 that its net profit attributable to shareholders increased to 1.623 trillion Vietnamese dong from 1.248 trillion dong in the prior-year period.

Net interest income rose to 5.202 trillion dong from 4.309 trillion dong in the year-ago period, while net fee and commission income increased to 488.37 billion dong from 396.42 billion dong.

Operating profit declined to 2.089 trillion dong from 2.479 trillion dong.

The bank's allowance and provision expenses for credit losses declined to 44.67 billion dong from 858.65 billion dong in the prior-year period.

For the full year, the bank's net profit attributable to shareholders rose 19.4% year over year to 6.805 trillion dong from 5.698 trillion dong.

As of Jan. 25, US$1 was equivalent to 22,592.50 Vietnamese dong.