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Vietinbank Q1 net profit rises 54.1% YOY

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Vietinbank Q1 net profit rises 54.1% YOY

Vietnam JointStock Commercial Bank for Industry & Trade, or Vietinbank, sawits first-quarter net profit rose 54.1% from the prior-year period, aided bylower provision expenses for credit losses.  

The bank posted net profit for the quarter of 1.923 trilliondong, up from 1.248 trillion dong in the prior-year period.

Net interest income jumped to 5.378 trillion dong from 4.693trillion dong in the year-ago quarter, while net fee and commission incomeincreased to 376.8 billion dong from 270.9 billion dong over the same period.

Meanwhile, allowance and provision expenses for creditlosses for the period declined to 1.441 trillion dong from 1.510 trillion dongin the prior-year period.

The bank's operating profit climbed to 3.846 trillion dongfrom 3.074 trillion dong.

As of April 29, US$1was equivalent to 22,290 Vietnamese dong.