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Vietinbank Q2 net profit drops 2.4% YOY on higher provisions

Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, posted a 2.4% year-over-year decline in net profit for the quarter ended June 30, as provisions for bad loans increased.

The bank's net profit for the second quarter fell to 1.768 trillion Vietnamese dong from 1.812 trillion dong in the prior-year period, according to a July 30 earnings report.

Net interest income increased to 8.227 trillion dong from 7.207 trillion dong. Net fee and commission income grew to 986.05 billion dong from 606.81 billion dong. Operating profit grew to 6.418 trillion dong from 4.839 trillion dong.

The bank's allowance and provision expenses for credit losses for the quarter surged to 4.236 trillion dong from 2.601 trillion dong a year earlier.

For the six months to June 30, Vietinbank's net profit rose 1.3% year over year in the aggregate 4.307 trillion dong from 4.253 trillion dong.

As of July 30, US$1 was equivalent to 23,295 Vietnamese dong.