VietinBank Chairman reveals business results for the first 9 months of 2024

On the morning of October 17, the 2024 Extraordinary General Meeting of Shareholders of Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) took place successfully with the participation of 87 delegates, representing 168 shareholders, equivalent to more than 4.6 billion shares, accounting for 86.37% of the total number of voting shares of the bank.

Total assets increased by 9.7% over the same period

At the General Meeting of Shareholders, Mr. Tran Minh Binh - Chairman of the Board of Directors of VietinBank informed that in the first 9 months of 2024, the bank's total assets increased by 9.7% compared to the same period in 2023. The bank's outstanding credit increased by 9% and complied with the growth limit.

Since the beginning of the year, VietinBank has always been leading in credit growth. Although it slowed down somewhat in October, the bank will strive to boost credit growth to 14-15% and under favorable conditions, it will be 16% according to the additional credit room granted by the State Bank.

In addition, VietinBank's mobilized capital also increased by 7.9% over the same period based on prudent management and conversion. The bad debt ratio was controlled below 1.4% and other ratios ensured safety and compliance with regulations.

Chairman of the Board of Directors of VietinBank Tran Minh Binh speaks at the General Meeting of Shareholders.

Recently, VietinBank also announced the Board of Directors' Resolution approving and officially announcing the business plan targets for 2024. In particular, the bank set a pre-tax profit target of VND 26,300 billion.

Mr. Binh also informed that by the end of the first 9 months of 2024, VietinBank always leads in the difference between income and expenses before provisioning. In 2023 and 2024, the bank will increase provisions to VND 25,000 - 26,000 billion and will gradually decrease in the following years according to risk appetite, to realize the bank's business results target.

Regarding the bank's future operational plan, Mr. Binh said that the bank will continue to carry out digital transformation. From 2023 to now, VietinBank has implemented 45 digital transformation initiatives.

By 2025, VietinBank will synchronously and drastically implement the remaining 63 digital transformation initiatives. Important initiatives related to bidding and procurement procedures will be delayed, expected in the first quarter of 2026.

The Bank continues to synchronously deploy solutions to balance capital sources, link business activities with sustainable development factors, operate safe corporate governance, and fulfill social responsibilities.

2 candidates officially elected to the Board of Directors

The extraordinary general meeting of shareholders of VietinBank has approved the list of two successful candidates to be elected to the bank's Board of Directors. According to the Chairman of VietinBank, the completion of senior personnel work is an important premise to ensure the bank's strong and sustainable development.

Specifically, the Congress approved the election of Mr. Nguyen Tran Manh Trung - Deputy General Director of VietinBank. Mr. Trung was born in 1983, with a bachelor's degree in Banking and Finance from the National Economics University and a master's degree in Banking and Finance from the Banking Academy.

Mr. Tran Minh Binh informed about 2 additional members elected to the bank's Board of Directors.

He has nearly 20 years of experience in the field of finance and banking. From 2005 to present, he has held many different roles and positions while working at VietinBank.

From the position of Corporate Customer Relations Officer in the period 2005 - 2011, to Deputy Head of Risk Management and Debt Management Department... From July 2015 to May 2022, he held the role of Director of VietinBank Hanoi Branch. From September 2022 to present, Mr. Trung has held the position of Deputy General Director of VietinBank.

Another candidate elected to the Board of Directors of VietinBank is Mr. Nguyen Viet Dung, Secretary of the Governor of the State Bank of Vietnam (SBV).

Mr. Dung was born in 1986, with a Bachelor's degree in Development Economics from the National Economics University and a Master's degree in International Business from the University of Bolton (UK).

Since 2013, Mr. Dung has started working at the State Bank, holding the position of interest rate specialist and then the Deputy Governor's secretary. From March 2022 to present, Mr. Dung has held the role of Secretary of the Governor of the State Bank.

Previously, the Board of Directors had 9 members with Mr. Tran Minh Binh as Chairman. After the extraordinary General Meeting of Shareholders, the total number of members of the bank's Board of Directors officially increased to 11 members.

Source: https://www.nguoiduatin.vn/chu-tich-vietinbank-he-lo-ket-qua-kinh-doanh-9-thang-nam-2024-20424101709503736.htm