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Vietinbank forecasts 8% YOY rise in FY'16 profit before tax

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Vietinbank forecasts 8% YOY rise in FY'16 profit before tax

Vietnam JointStock Commercial Bank for Industry & Trade, or Vietinbank,forecasts an 8% year-over-year increase in profit before tax for 2016 to 7.900trillion dong.

The bank said May 6 that is also targeting total assets of889.550 trillion dong, credit exposure of 798.492 trillion dong and fundsmobilized of 811.445 trillion dong in 2016.

Return on average assets for the year is expected to rangebetween 0.9% and 1.2%, while return on average equity is projected at 10% to11%.

In 2015, Vietinbank posted a 0.2% year-over-year decline in net profit to5.717 trillion dong. Earlier in May, the lender a 54.1% year-over-year rise infirst-quarter net profit to 1.923 trillion dong.

As of May 9, US$1 wasequivalent to 22,296.50 Vietnamese dong.