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VietinBank

VietinBank's customer deposits rose 30.9% yoy to VND 655,074 bil in 4Q2016

By Helgi Library - March 1, 2020

VietinBank's customer deposits reached VND 655,074 bil in 2016-12-31, up 4.55% compared to the previous year. Vietnamese bankin...

VietinBank's net profit rose 262% yoy to VND 2,655 bil in 4Q2019

By Helgi Library - March 1, 2020

VietinBank made a net profit of VND 2,655 bil under revenues of VND 11,958 bil in the fourth quarter of 2019, up 262% and 441...

VietinBank's npls (as % of loans) fell 27.0% yoy to 1.16% in 4Q2019

By Helgi Library - March 4, 2020

VietinBank's non-performing loans reached 1.16% of total loans at the end of 2019-12-31, down from 1.58% compared to the previous...

Annual Quarterly LTM
Profit Statement Jun 2019 Sep 2019 Dec 2019
Net Interest Income VND bil 8,411 8,340 8,721
Net Fee Income VND bil 986 1,092 1,009
Other Income VND bil 1,610 1,889 2,228
Total Revenues VND bil 11,006 11,321 11,958
Staff Cost VND bil 2,315 2,382 2,664
Operating Profit VND bil 7,141 7,307 6,732
Provisions VND bil 4,139 3,502 2,120
Net Profit VND bil 1,767 2,511 2,655
Balance Sheet Jun 2019 Sep 2019 Dec 2019
Interbank Loans VND bil 120,643 124,579 129,315
Customer Loans VND bil 872,427 882,447 922,330
Total Assets VND bil 1,183,800 1,202,210 1,240,790
Shareholders' Equity VND bil 72,497 74,879 77,356
Interbank Borrowing VND bil 191,367 187,704 203,163
Customer Deposits VND bil 874,361 883,967 912,233
Issued Debt Securities VND bil 14,419 21,614 20,315
Ratios Jun 2019 Sep 2019 Dec 2019
ROE % 9.91 13.6 14.0
ROA % 0.606 0.842 0.869
Costs (As % Of Assets) % 1.33 1.35 1.71
Costs (As % Of Income) % 35.1 35.5 43.7
Net Interest Margin % 2.89 2.80 2.86
Loans (As % Of Deposits) % 99.8 99.8 101
NPLs (As % Of Loans) % 1.47 1.56 1.16
Provisions (As % Of NPLs) % 101 118 120
Valuation Jun 2019 Sep 2019 Dec 2019
Price/Earnings (P/E) 10.3 7.84 7.33
Price/Book Value (P/BV) 1.00 1.05 1.01
Earnings Per Share (EPS) VND 1,898 2,698 2,852
Book Value Per Share VND 19,471 20,110 20,776

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summary Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                                                                                        
Net Interest Income VND bil                                                                           7,223 7,530 789 7,953 8,411    
Total Revenues VND bil                                                                           8,709 10,240 2,209 10,528 11,006    
Operating Profit VND bil                                                                           4,762 6,376 -1,499 7,033 7,141    
Net Profit VND bil                                                                           1,173 1,871 -1,643 2,528 1,767    
balance sheet                                                                                        
Interbank Loans VND bil                                                                           82,100 103,957 130,512 110,916 120,643    
Customer Loans VND bil                                                                           855,081 875,799 851,918 845,320 872,427    
Debt Securities VND bil                                                                           141,035 126,363 105,643 102,395 101,750    
Total Assets VND bil                                                                           1,140,120 1,172,520 1,164,430 1,146,770 1,183,800    
Shareholders' Equity VND bil                                                                           68,043 69,915 67,456 70,126 72,497    
Interbank Borrowing VND bil                                                                           124,793 183,264 182,664 166,769 191,367    
Customer Deposits VND bil                                                                           852,448 835,751 839,867 838,663 874,361    
Issued Debt Securities VND bil                                                                           47,247 38,311 29,435 25,134 14,419    
ratios                                                                                        
ROE % ...                                                                         6.99 10.9 -9.57 14.7 9.91    
ROA % ...                                                                         0.416 0.647 -0.562 0.875 0.606    
Costs (As % Of Assets) % ...                                                                         1.40 1.34 1.27 1.21 1.33    
Costs (As % Of Income) %                                                                           45.3 37.7 168 33.2 35.1    
Net Interest Margin % ...                                                                         2.56 2.60 0.270 2.75 2.89    
Interest Income (As % Of Revenues) %                                                                           82.9 73.5 35.7 75.5 76.4    
Fee Income (As % Of Revenues) %                                                                           6.97 7.68 35.4 9.21 8.96    
Staff Cost (As % Of Total Cost) %               ...       ...                                                   53.6 54.9 27.0 61.1 59.9    
Equity (As % Of Assets) %                                                                           5.97 5.96 5.79 6.12 6.12    
Loans (As % Of Deposits) %                                                                           100 105 101 101 99.8    
Loans (As % Assets) %                                                                           75.0 74.7 73.2 73.7 73.7    
NPLs (As % Of Loans) %                                                                           1.29 1.36 1.58 1.85 1.47    
Provisions (As % Of NPLs) %                                                                           111 130 95.0 102 101    
valuation                                                                                        
Market Capitalisation (End Of Period) USD mil ... ...                                                                       3,933 4,399 3,096 3,603 3,116    
Number Of Shares (Average) mil                                                                           3,723 3,723 3,723 3,723 3,723    
Share Price (End Of Period) VND ... ...                                                                       24,250 27,550 19,300 22,450 19,500    
Earnings Per Share (EPS) VND                                                                           1,260 2,011 -1,765 2,716 1,898    
Book Value Per Share VND                                                                           18,274 18,777 18,117 18,834 19,471    
Price/Earnings (P/E) ... ...                                                                       19.2 13.7 -10.9 8.27 10.3    
Price/Book Value (P/BV) ... ...                                                                       1.33 1.47 1.07 1.19 1.00    
Earnings Per Share Growth % ... ... ... ...                                                                   -36.3 -4.04 -204 4.10 50.7    
Book Value Per Share Growth % ... ... ... ...                                                                   12.8 12.3 5.79 5.97 6.55    
income statement Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                                                                                        
Interest Income VND bil                                                                           18,529 19,229 19,065 19,662 20,480    
Interest Cost VND bil                                                                           11,307 11,699 18,275 11,709 12,069    
Net Interest Income VND bil                                                                           7,223 7,530 789 7,953 8,411    
Net Fee Income VND bil                                                                           607 787 782 969 986    
Other Income VND bil                                                                           879 1,923 638 1,605 1,610    
Total Revenues VND bil                                                                           8,709 10,240 2,209 10,528 11,006    
Staff Cost VND bil               ...       ...                                                   2,115 2,121 1,000 2,137 2,315    
Operating Cost VND bil                                                                           3,947 3,863 3,708 3,495 3,866    
Operating Profit VND bil                                                                           4,762 6,376 -1,499 7,033 7,141    
Provisions VND bil                                                                           2,601 3,378 -579 3,242 4,139    
Extra and Other Cost VND bil                                                                           718 668 1,131 638 820    
Pre-Tax Profit VND bil                                                                           1,444 2,330 -2,051 3,153 2,182    
Tax VND bil                                                                           267 457 -393 614 414    
Minorities VND bil                                                                           4.23 1.43 -15.1 10.9 1.61    
Net Profit VND bil                                                                           1,173 1,871 -1,643 2,528 1,767    
growth rates                                                                                        
Net Interest Income Growth % ... ... ... ...                                                                   -4.07 16.3 -89.5 9.85 16.4    
Net Fee Income Growth % ... ... ... ...                                                                   52.9 110 36.6 63.6 62.5    
Total Revenue Growth % ... ... ... ...                                                                   -3.95 22.7 -78.9 8.52 26.4    
Operating Cost Growth % ... ... ... ...                                                                   2.27 10.6 -34.9 -7.11 -2.06    
Operating Profit Growth % ... ... ... ...                                                                   -8.57 31.4 -131 18.4 49.9    
Pre-Tax Profit Growth % ... ... ... ...                                                                   -35.3 -3.66 -204 4.14 51.1    
Net Profit Growth % ... ... ... ...                                                                   -36.3 -4.04 -204 4.10 50.7    
balance sheet Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
balance sheet                                                                                        
Cash VND bil                                                                           12,462 14,936 30,211 39,239 39,376    
Interbank Loans VND bil                                                                           82,100 103,957 130,512 110,916 120,643    
Customer Loans VND bil                                                                           855,081 875,799 851,918 845,320 872,427    
Retail Loans VND bil ...   ...   ...   ...   ...   ...   ... ... ...   ...   ...   ...   ...   ...   ...   ... ... ...   ... ... ...   ... ... ... 246,594 ... ... ... ...
Corporate Loans VND bil ...   ...   ...   ...   ...   ...   ... ... ...   ...   ...   ...   ...   ...   ...   ... ... ...   ... ... ...   ... ... ... 618,062 ... ... ... ...
Debt Securities VND bil                                                                           141,035 126,363 105,643 102,395 101,750    
Fixed Assets VND bil                                                                           10,435 6,118 10,381 6,031 5,911    
Total Assets VND bil                                                                           1,140,120 1,172,520 1,164,430 1,146,770 1,183,800    
Shareholders' Equity VND bil                                                                           68,043 69,915 67,456 70,126 72,497    
Of Which Minority Interest VND bil                                                                           310 312 296 307 589    
Liabilities VND bil                                                                           1,072,080 1,102,600 1,096,980 1,076,650 1,111,300    
Interbank Borrowing VND bil                                                                           124,793 183,264 182,664 166,769 191,367    
Customer Deposits VND bil                                                                           852,448 835,751 839,867 838,663 874,361    
Sight Deposits VND bil                                                                           115,080 113,678 124,040 120,212 121,733    
Term Deposits VND bil                                                                           732,062 716,029 708,623 712,419 746,001    
Issued Debt Securities VND bil                                                                           47,247 38,311 29,435 25,134 14,419    
asset quality                                                                                        
Non-Performing Loans VND bil                                                                           11,228 12,127 13,691 15,962 13,010    
Gross Loans VND bil                                                                           867,566 891,618 864,926 861,590 885,535    
Total Provisions VND bil                                                                           12,485 15,818 13,008 16,271 13,108    
growth rates                                                                                        
Customer Loan Growth % ... ... ... ...                                                                   18.4 16.2 8.89 3.55 2.03    
Retail Loan Growth % ... ... ... ... ...   ...   ...   ...   ... ... ...   ... ... ...   ...   ...   ...   ...   ... ... ...   ... ... ...   ... ... ... 25.5 ... ... ... ...
Corporate Loan Growth % ... ... ... ... ...   ...   ...   ...   ... ... ...   ... ... ...   ...   ...   ...   ...   ... ... ...   ... ... ...   ... ... ... 4.15 ... ... ... ...
Total Asset Growth % ... ... ... ...                                                                   10.1 10.4 6.34 2.93 3.83    
Shareholders' Equity Growth % ... ... ... ...                                                                   12.8 12.3 5.79 5.97 6.55    
Customer Deposit Growth % ... ... ... ...                                                                   23.0 15.3 11.5 6.26 2.57    
market share                                                                                        
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                   ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ... ... ...
ratios Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
ratios                                                                                        
ROE % ...                                                                         6.99 10.9 -9.57 14.7 9.91    
ROA % ...                                                                         0.416 0.647 -0.562 0.875 0.606    
Costs (As % Of Assets) % ...                                                                         1.40 1.34 1.27 1.21 1.33    
Costs (As % Of Income) %                                                                           45.3 37.7 168 33.2 35.1    
Net Interest Margin % ...                                                                         2.56 2.60 0.270 2.75 2.89    
Interest Spread % ...                                                                         2.31 2.35 -0.121 2.50 2.62    
Asset Yield % ...                                                                         6.58 6.65 6.53 6.81 7.03    
Cost Of Liabilities % ...                                                                         4.27 4.30 6.65 4.31 4.41    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Interest Income (As % Of Revenues) %                                                                           82.9 73.5 35.7 75.5 76.4    
Fee Income (As % Of Revenues) %                                                                           6.97 7.68 35.4 9.21 8.96    
Other Income (As % Of Revenues) %                                                                           10.1 18.8 28.9 15.3 14.6    
Cost Per Employee USD per month         ...     ...       ...                                                   1,327 1,308 605 1,296 1,406    
Cost Per Employee (Local Currency) VND per month         ...     ...       ...                                                   29,919,800 29,663,400 13,775,200 29,687,400 32,367,500    
Staff Cost (As % Of Total Cost) %               ...       ...                                                   53.6 54.9 27.0 61.1 59.9    
Equity (As % Of Assets) %                                                                           5.97 5.96 5.79 6.12 6.12    
Loans (As % Of Deposits) %                                                                           100 105 101 101 99.8    
Loans (As % Assets) %                                                                           75.0 74.7 73.2 73.7 73.7    
NPLs (As % Of Loans) %                                                                           1.29 1.36 1.58 1.85 1.47    
Provisions (As % Of NPLs) %                                                                           111 130 95.0 102 101    
Provisions (As % Of Loans) %                                                                           1.46 1.81 1.53 1.92 1.50    
Cost of Provisions (As % Of Loans) % ...                                                                         1.24 1.56 -0.268 1.53 1.93    
other data Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
other data                                                                                        
Employees         ...                                                                 23,564 23,836 24,197 23,992 23,837    
Sight (As % Of Customer Deposits) %                                                                           13.5 13.6 14.8 14.3 13.9    
Return on Loans % ...                                                                         0.853 0.815 0.443 0.463 0.527    
Operating Profit (As % of Loans) % ... ... ...                                                                     2.43 2.53 1.80 1.96 2.22    
Costs (As % Of Loans) % ...                                                                         2.11 2.07 1.80 1.75 1.73    
Equity (As % Of Loans) %                                                                           7.96 7.98 7.92 8.30 8.31    

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VietinBank's net interest income rose 1,005% yoy to VND 8,721 bil in 4Q2019

By Helgi Library - March 1, 2020

VietinBank generated total banking revenues of VND 11,958 bil in the fourth quarter of 2019, up 441% when compared to the same period of last year and 5.62% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, f...

VietinBank's price/earnings (P/E) rose 167% yoy to 7.33 in 4Q2019

By Helgi Library - March 1, 2020

VietinBank stock traded at VND 20,900 per share at the end fourth quarter of 2019 implying a market capitalization of USD 3,358 mil. Since the end of 4Q2014, the stock has appreciated by 51.4 % implying an annual average growth of 8.66 %. In absolute terms, the value ...

VietinBank's net interest margin rose 957% yoy to 2.86% in 4Q2019

By Helgi Library - March 1, 2020

VietinBank's net interest margin amounted to 2.86% in the fourth quarter of 2019, up from 2.80% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 5.32% in 3Q2011 and an all time low of 0.270%...

VietinBank's market capitalisation (end of period) rose 8.46% yoy to USD 3,358 mil in 4Q2019

By Helgi Library - March 1, 2020

VietinBank stock traded at VND 20,900 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 3,358 mil. Over the last five years, the stock has appreciated by 51.4 implying an annual average growth of 8.66% In absolute term...

VietinBank's customer loan growth fell 7.00% yoy to 8.27% in 4Q2019

By Helgi Library - March 1, 2020

VietinBank's customer loan growth reached 8.27% in 2019-12-31, down from 8.89% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 43.2% in 2010-12-31 and an all time low of 0.759% in 2019-09-30. In the last de...

VietinBank's equity (as % of assets) rose 7.62% yoy to 6.23% in 4Q2019

By Helgi Library - March 1, 2020

VietinBank's Equity reached 6.23% of total assets in the 4Q2019, up from 5.79% for the previous year. As a share of net customer loans, the ratio amounted to 8.39% at the end of the fourth quarter of 2019. ...

VietinBank's net profit rose 147% yoy to VND 9,461 bil in 2019

By Helgi Library - March 1, 2020

VietinBank made a net profit of VND 9,461 bil under revenues of VND 44,812 bil in 2019, up 147% and 45.2% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of VND 9,461 bil in 2019 and an all time low of VND 423 ...

VietinBank's price/earnings (P/E) fell 56.2% yoy to 8.23 in 2019

By Helgi Library - March 1, 2020

VietinBank stock traded at VND 20,900 per share at the end 2019 implying a market capitalization of USD 3,358 mil. Since the end of 2014, the stock has appreciated by 51.4 % implying an annual average growth of 8.66 %. In absolute terms, the value of the company ...

VietinBank's net interest income rose 46.7% yoy to VND 33,425 bil in 2019

By Helgi Library - March 1, 2020

VietinBank generated total banking revenues of VND 44,812 bil in 2019, up 45.2% 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 44,812 bil in 2019 and an ...

VietinBank's npls (as % of loans) fell 27.0% yoy to 1.16% in 2019

By Helgi Library - March 1, 2020

VietinBank's non-performing loans reached 1.16% of total loans at the end of 2019, down from 1.58% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.58% in 2018 and an all time low of 0.613% in 2009. Provision coverage amo...

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Finance

VietinBank has been growing its revenues and asset by 16.4% and 17.7% a year on average in the last 10 years. Its loans and deposits have grown by 19.0% and 19.5% a year during that time and loans to deposits ratio reached 101% at the end of 2019. The company achieved an average return on equity of 14.1% in the last decade with net profit growing 13.9% a year on average. In terms of operating efficiency, its cost to income ratio reached 37.0% in 2019, compared to 46.0% average in the last decade.

Equity represented 6.23% of total assets or 8.39% of loans at the end of 2019. VietinBank's non-performing loans were 1.16% of total loans while provisions covered some 120% of NPLs at the end of 2019.

Valuation

VietinBank stock traded at VND 20,900 per share at the end of 2019 resulting in a market capitalization of USD 3,358 mil. Over the previous five years, stock price rose by 51.4% or 8.66% 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 8.23x and price to book value (PBV) of 1.01x in 2019.

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