VietinBank continues to focus resources, determined to successfully complete its goals and business plans for 2025.
Sustainable scale growth
According to the Financial Report for the fourth quarter of 2024, with proactive efforts to maximize all resources, VietinBank's business activities in 2024 grew more than the previous year.
Total assets at the end of 2024 were VND 2.4 million billion, up 17.4% compared to the beginning of the year. Customer loans reached VND 1.7 million billion, up 16.9% compared to the beginning of the year. VietinBank's outstanding credit grew positively, higher than the average growth rate of the entire banking industry. Customer deposits reached VND 1.6 million billion, up 13.8% compared to the beginning of the year, in line with the orientation of capital balance, liquidity and compliance with the Bank's operational safety ratios.
VietinBank's net interest income in 2024 increased by 17.8% compared to the previous year. The positive growth results come from efforts to increase scale, promote the role of a leading state-owned commercial bank in providing capital for the economy, VietinBank has implemented credit packages and preferential interest rate programs to support people and businesses; at the same time, effectively balance capital, promote CASA growth...
In particular, net profit from other activities in 2024 increased by 45.8% compared to 2023 as the bank focused resources, flexibly and synchronously implemented measures to accelerate the progress of handling and recovering bad debts across the system. The results of recovering bad debts in 2024 showed remarkable growth.
Along with that, VietinBank has synchronously deployed many solutions to strengthen credit quality control, recover and handle bad debts, and continue to maintain its position as one of the banks with good debt quality with a bad debt loan ratio of 1.2%. The bad debt loan coverage ratio is 171%. Pre-tax profit in 2024 increased by 27.1% compared to the previous year.
Highlights of 2024
Last year, promoting the role of a large state-owned commercial bank, VietinBank pioneered in implementing the directions and orientations of the Party, the Government and the State Bank of Vietnam (SBV) in operating monetary policy, stabilizing exchange rates, interest rates and controlling inflation, making efforts to reduce deposit interest rates, cutting operating costs, creating conditions for further reduction of lending interest rates to provide capital for the economy, supporting businesses, people and the economy to recover and grow. The Bank has actively implemented a support package to overcome the consequences of storm No. 3 (Yagi) with a disbursement scale of more than VND 31,000 billion; Preferential loan program for social housing, workers' housing; Preferential loan program for forestry and fishery products... As one of the units selected by the SBV to support gold price stabilization, VietinBank has quickly built a process and prepared resources to effectively and promptly implement the sale of gold bars.
In particular, in 2024, VietinBank completed an important "run-up" phase with 45 initiatives prioritized for implementation, laying a solid foundation for the digital transformation journey. The implementation of initiatives helps to enhance automatic processing capacity, reduce time and operating costs, and improve labor productivity. In particular, the birth of the Digital Factory in June 2024 became an important highlight; applying the Agile working method allows to shorten the time to bring products to customers and quickly collect feedback for continuous improvement. VietinBank puts people at the center of the transformation journey, personnel are supplemented promptly and continuously improved skills and knowledge; the spirit of digital transformation is spread, promoting consensus and innovation throughout the system.
With its achievements and positive contributions in 2024, VietinBank continues to be honored as the Vietnamese National Brand for the 8th consecutive time; the best Retail Bank, SME Bank, and Domestic Bank for FDI enterprises in Vietnam awarded by Global Banking and Finance Magazine. At the same time, the VietinBank brand also maintains its position in the TOP 200 most valuable banking brands in the world according to Brand Finance's rankings.
With the motto of safe, sustainable development and social responsibility, in 2024, VietinBank will spend a total of over 500 billion VND on social security work, joining hands to share social responsibility with the community.
Identifying 2025 as an important milestone, with the solid foundations that have been established, VietinBank will constantly innovate, create, focus on customers and always be ready to adapt to lead, develop safely - effectively - sustainably with the country entering a new era - "The era of national growth".
Source: https://nhandan.vn/vietinbank-dat-ket-qua-kinh-doanh-tich-cuc-nam-2024-post858768.html
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