VietinBank

VietinBank's npls (as % of loans) rose 38.9% to 1.58% in 2018

By Helgi Analytics - November 05, 2019

VietinBank's non-performing loans reached 1.58% of total loans at the end of 2018, up from 1.14% compared to the previous year. ...

VietinBank's net interest margin fell 25.7% to 2.02% in 2018

By Helgi Analytics - November 05, 2019

VietinBank's net interest margin amounted to 2.02% in 2018, down from 2.71% compared to the previous year. Historically, t...

VietinBank's net profit fell 27.2% to VND 5,414 bil in 2018

By Helgi Analytics - November 05, 2019

VietinBank made a net profit of VND 5,414 bil under revenues of VND 30,859 bil in 2018, up -27.2% and -14.7% respectively compared to...

Profit Statement 2016 2017 2018
Net Interest Income VND bil 22,381 27,725 22,781
Fee Income (As % Of Revenues) % 5.82 5.13 8.97
Other Income VND bil 5,093 6,592 5,310
Total Revenues VND bil 29,172 36,172 30,859
Staff Cost VND bil 6,962 8,282 7,519
Operating Profit VND bil 15,076 19,863 15,578
Provisions VND bil 5,059 8,344 7,751
Net Profit VND bil 6,745 7,432 5,414
Balance Sheet 2016 2017 2018
Interbank Loans VND bil 94,469 107,510 130,512
Customer Loans VND bil 655,089 782,385 851,918
Debt Securities VND bil 136,549 132,332 105,643
Total Assets VND bil 948,568 1,095,060 1,164,430
Shareholders' Equity VND bil 60,307 63,765 67,456
Interbank Borrowing VND bil 81,593 122,235 182,664
Customer Deposits VND bil 655,074 752,937 839,867
Issued Debt Securities VND bil 38,279 36,995 29,435
Ratios 2016 2017 2018
ROE % 11.6 12.0 8.25
ROA % 0.781 0.727 0.479
Costs (As % Of Assets) % 1.63 1.60 1.35
Costs (As % Of Income) % 48.3 45.1 49.5
Capital Adequacy Ratio % 10.4 ... ...
Net Interest Margin % 2.59 2.71 2.02
Loans (As % Of Deposits) % 100 104 101
NPLs (As % Of Loans) % 1.05 1.14 1.58
Provisions (As % Of NPLs) % 98.8 92.1 95.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 2,554 3,988 3,095
Share Price (End Of Period) RUB 15,200 24,250 19,300
Price/Earnings (P/E) 8.39 12.1 13.3
Price/Book Value (P/BV) 0.938 1.42 1.07
Earnings Per Share (EPS) VND 1,812 1,996 1,454
Book Value Per Share VND 16,197 17,126 18,117

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Net Interest Income VND bil       18,586 18,450 18,029 18,880 22,381    
Total Revenues VND bil       22,539 22,360 21,969 23,935 29,172    
Operating Profit VND bil       13,103 12,451 12,165 13,215 15,076    
Net Profit VND bil       6,152 5,792 5,713 5,698 6,745    
balance sheet                    
Interbank Loans VND bil       57,708 73,080 75,434 66,019 94,469    
Customer Loans VND bil       329,683 372,989 435,503 533,530 655,089    
Debt Securities VND bil       76,137 86,453 99,896 126,153 136,549    
Total Assets VND bil       503,530 576,368 661,242 779,484 948,568    
Shareholders' Equity VND bil       33,840 54,288 55,259 56,110 60,307    
Interbank Borrowing VND bil       96,815 80,465 103,770 99,169 81,593    
Customer Deposits VND bil       289,105 364,497 424,181 492,960 655,074    
Issued Debt Securities VND bil       64,681 49,137 42,047 88,325 38,279    
ratios                    
ROE %       19.7 13.1 10.4 10.2 11.6    
ROA %       1.28 1.07 0.923 0.791 0.781    
Costs (As % Of Assets) %       1.96 1.84 1.58 1.49 1.63    
Costs (As % Of Income) %       41.9 44.3 44.6 44.8 48.3    
Capital Adequacy Ratio % ...     10.3 13.2 10.4 10.6 10.4 ... ...
Net Interest Margin %       3.86 3.42 2.91 2.62 2.59    
Interest Income (As % Of Revenues) %       82.5 82.5 82.1 78.9 76.7    
Fee Income (As % Of Revenues) %       5.67 6.80 5.37 6.10 5.82    
Staff Cost (As % Of Total Cost) %       52.9 50.5 51.6 51.2 49.4    
Equity (As % Of Assets) %       6.72 9.42 8.36 7.20 6.36    
Loans (As % Of Deposits) %       114 102 103 108 100    
Loans (As % Assets) %       65.5 64.7 65.9 68.4 69.1    
NPLs (As % Of Loans) %       1.47 1.00 1.12 0.918 1.05    
Provisions (As % Of NPLs) %       75.1 87.5 89.0 92.1 98.8    
valuation                    
Market Capitalisation (End Of Period) USD mil       2,771 2,824 2,385 3,079 2,554    
Number Of Shares (Average) mil       2,789 3,723 3,723 3,723 3,723    
Share Price (End Of Period) RUB       20,700 16,000 13,700 18,100 15,200    
Earnings Per Share (EPS) VND       2,206 1,556 1,534 1,530 1,812    
Book Value Per Share VND       12,135 14,580 14,841 15,070 16,197    
Price/Earnings (P/E)       9.38 10.3 8.93 11.8 8.39    
Price/Book Value (P/BV)       1.71 1.10 0.923 1.20 0.938    
Earnings Per Share Growth % ...     -1.48 -29.5 -1.37 -0.262 18.4    
Book Value Per Share Growth % ...     17.9 20.1 1.79 1.54 7.48    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Interest Income VND bil       50,827 44,454 41,523 42,513 52,967    
Interest Cost VND bil       32,241 26,004 23,495 23,633 30,586    
Net Interest Income VND bil       18,586 18,450 18,029 18,880 22,381    
Net Fee Income VND bil       1,278 1,520 1,179 1,460 1,698    
Other Income VND bil       2,674 2,390 2,762 3,595 5,093    
Total Revenues VND bil       22,539 22,360 21,969 23,935 29,172    
Staff Cost VND bil       4,988 5,004 5,060 5,492 6,962    
Depreciation VND bil       887 888 993 927 921    
Other Cost VND bil       3,560 4,018 3,752 4,300 6,213    
Operating Cost VND bil       9,436 9,910 9,805 10,720 14,096    
Operating Profit VND bil       13,103 12,451 12,165 13,215 15,076    
Provisions VND bil       4,358 4,123 3,923 4,679 5,059    
Extra and Other Cost VND bil       577 577 939 1,191 1,563    
Pre-Tax Profit VND bil       8,168 7,751 7,303 7,345 8,454    
Tax VND bil       1,998 1,943 1,576 1,629 1,688    
Minorities VND bil       18.1 15.5 15.0 19.0 20.0    
Net Profit VND bil       6,152 5,792 5,713 5,698 6,745    
growth rates                    
Net Interest Income Growth % ...     -7.29 -0.732 -2.28 4.72 18.5    
Net Fee Income Growth % ...     10.9 18.9 -22.4 23.8 16.3    
Total Revenue Growth % ...     1.91 -0.792 -1.75 8.95 21.9    
Operating Cost Growth % ...     3.94 5.02 -1.06 9.33 31.5    
Operating Profit Growth % ...     0.491 -4.98 -2.30 8.64 14.1    
Pre-Tax Profit Growth % ...     -2.67 -5.11 -5.77 0.575 15.1    
Net Profit Growth % ...     -1.48 -5.84 -1.37 -0.262 18.4    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                    
Cash VND bil       14,745 12,993 14,507 16,984 18,690    
Interbank Loans VND bil       57,708 73,080 75,434 66,019 94,469    
Customer Loans VND bil       329,683 372,989 435,503 533,530 655,089    
Retail Loans VND bil       49,820 58,478 73,925 112,178 152,701    
Corporate Loans VND bil       283,536 317,811 365,944 425,902 509,287    
Debt Securities VND bil       76,137 86,453 99,896 126,153 136,549    
Fixed Assets VND bil       2,983 3,475 4,670 4,381 10,628    
Total Assets VND bil       503,530 576,368 661,242 779,484 948,568    
Shareholders' Equity VND bil       33,840 54,288 55,259 56,110 60,307    
Of Which Minority Interest VND bil       216 213 225 242 260    
Liabilities VND bil       469,690 522,081 605,983 723,373 888,261    
Interbank Borrowing VND bil       96,815 80,465 103,770 99,169 81,593    
Customer Deposits VND bil       289,105 364,497 424,181 492,960 655,074    
Retail Deposits VND bil       149,659 198,836 236,752 277,282 348,447    
Corporate Deposits VND bil       139,447 165,661 187,429 215,678 306,627    
Sight Deposits VND bil       53,518 63,017 62,211 71,433 86,007    
Term Deposits VND bil       235,587 301,480 361,971 421,527 569,066    
Issued Debt Securities VND bil       64,681 49,137 42,047 88,325 38,279    
Other Liabilities VND bil       19,089 27,982 35,984 42,919 113,315    
asset quality                    
Non-Performing Loans VND bil       4,890 3,770 4,905 4,942 6,982    
Gross Loans VND bil       333,356 376,289 439,869 538,080 661,988    
Total Provisions VND bil       3,673 3,300 4,367 4,550 6,899    
growth rates                    
Customer Loan Growth % ...     13.5 13.1 16.8 22.5 22.8    
Retail Loan Growth % ...     -5.37 17.4 26.4 51.7 36.1    
Corporate Loan Growth % ...     17.8 12.1 15.1 16.4 19.6    
Total Asset Growth % ...     9.36 14.5 14.7 17.9 21.7    
Shareholders' Equity Growth % ...     17.9 60.4 1.79 1.54 7.48    
Customer Deposit Growth % ...     12.4 26.1 16.4 16.2 32.9    
Retail Deposit Growth % ...     14.0 32.9 19.1 17.1 25.7    
Corporate Deposit Growth % ...     10.8 18.8 13.1 15.1 42.2    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                    
ROE %       19.7 13.1 10.4 10.2 11.6    
ROA %       1.28 1.07 0.923 0.791 0.781    
Costs (As % Of Assets) %       1.96 1.84 1.58 1.49 1.63    
Costs (As % Of Income) %       41.9 44.3 44.6 44.8 48.3    
Capital Adequacy Ratio % ...     10.3 13.2 10.4 10.6 10.4 ... ...
Tier 1 Ratio %       6.68 9.38 8.32 7.17 6.31    
Net Interest Margin %       3.86 3.42 2.91 2.62 2.59    
Interest Spread % ...     3.39 2.99 2.54 2.35 2.33    
Asset Yield %       10.5 8.23 6.71 5.90 6.13    
Cost Of Liabilities % ...     7.15 5.24 4.17 3.56 3.80    
Interest Income (As % Of Revenues) %       82.5 82.5 82.1 78.9 76.7    
Fee Income (As % Of Revenues) %       5.67 6.80 5.37 6.10 5.82    
Other Income (As % Of Revenues) %       11.9 10.7 12.6 15.0 17.5    
Cost Per Employee USD per month       1,004 998 1,003 1,006 1,147    
Cost Per Employee (Local Currency) VND per month       20,950,900 20,969,400 21,309,700 21,769,400 25,271,100    
Staff Cost (As % Of Total Cost) %       52.9 50.5 51.6 51.2 49.4    
Equity (As % Of Assets) %       6.72 9.42 8.36 7.20 6.36    
Loans (As % Of Deposits) %       114 102 103 108 100    
Loans (As % Assets) %       65.5 64.7 65.9 68.4 69.1    
NPLs (As % Of Loans) %       1.47 1.00 1.12 0.918 1.05    
Provisions (As % Of NPLs) %       75.1 87.5 89.0 92.1 98.8    
Provisions (As % Of Loans) %       1.11 0.885 1.00 0.853 1.05    
Cost of Provisions (As % Of Loans) %       1.41 1.17 0.970 0.966 0.851    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                    
Employees       19,840 19,886 19,787 21,024 22,957    
Sight (As % Of Customer Deposits) %       18.5 17.3 14.7 14.5 13.1    

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VietinBank's price/earnings (P/E) rose 9.26% to 13.3 in 2018

By Helgi Analytics - November 05, 2019

VietinBank stock traded at RUB 19,300 per share at the end 2018 implying a market capitalization of USD 3,095 mil. Since the end of 2013, the stock has appreciated by 20.6 % implying an annual average growth of 3.82 %. In absolute terms, the value of the company ...

VietinBank's net interest income fell 17.8% to VND 22,781 bil in 2018

By Helgi Analytics - November 05, 2019

VietinBank generated total banking revenues of VND 30,859 bil in 2018, down 14.7% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of VND 36,172 bil in 2017 and a...

VietinBank's customer loan growth fell 54.3% to 8.89% in 2018

By Helgi Analytics - November 05, 2019

VietinBank's customer loan growth reached 8.89% in 2018, down from 19.4% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 43.2% in 2010 and an all time low of 8.89% in 2018. In the last decade, the average a...

VietinBank's capital adequacy ratio fell 1.89% to 10.4% in 2016

By Helgi Analytics - November 05, 2019

VietinBank's capital adequacy ratio reached 10.4% at the end of 2016, down from 10.6% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 13.2% in 2013 and an all time low of 8.02% in 2010. The Tier 1 ratio amounted t...

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Finance

VietinBank has been growing its revenues and asset by 0% and 0% a year on average in the last 10 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached 101% at the end of 2018. The company achieved an average return on equity of 15.6% in the last decade with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 49.5% in 2018, compared to 47.0% average in the last decade.

Equity represented 5.79% of total assets or 7.92% of loans at the end of 2018. VietinBank's non-performing loans were 1.58% of total loans while provisions covered some 95.0% of NPLs at the end of 2018.

Valuation

VietinBank stock traded at RUB 19,300 per share at the end of 2018 resulting in a market capitalization of USD 3,095 mil. Over the previous five years, stock price rose by 20.6% or 3.82% a year on average. That’s compared to an average ROE of 10.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 13.3x and price to book value (PBV) of 1.07x in 2018.

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