Business performance continues to grow, safe and effective
In the context of the world economy having just experienced a year with many uncertainties and unpredictable fluctuations, the Vietnamese economy has maintained a steady recovery momentum and continued to record positive growth results. The GDP growth rate reached 7.09%, all sectors of the economy have improved, production and business activities have changed positively, regaining growth momentum as in the period before the Covid-19 pandemic. Accompanying the Government and the State Bank of Vietnam (SBV), VietinBank has drastically, synchronously and effectively implemented many solutions, thanks to which VietinBank's business activities in 2024 have achieved many outstanding results, achieving and exceeding the targets assigned by the General Meeting of Shareholders and the SBV:
Accordingly, total assets reached nearly VND 2,385 trillion, up 17.4% compared to the end of 2023; consolidated credit balance reached VND 1,726 trillion, up 16.8% compared to the end of 2023, higher than the credit growth rate of the entire banking industry at the end of 2024 (15.08%); outstanding loans grew evenly in the corporate and retail segments, focusing more on the retail segment and on production and business sectors, priority areas for development according to the orientation of the Government and the State Bank.
Customer deposits reached VND 1,606 trillion, up 13.8% compared to the end of 2023. In particular, VietinBank's CASA capital continued to grow strongly with CASA scale reaching nearly VND 400 trillion, in the TOP 3 banks with the highest CASA scale and growth rate in Vietnam. The ratio of CASA/total mobilized capital improved positively compared to the end of last year, up to 24.8%.
Total operating income reached VND 81.9 trillion, up 16.1% compared to 2023, the highest in the banking industry. Operating cost efficiency continued to improve, with the CIR ratio reaching 27.5%, down 1.4% compared to 2023.
Net profit from business activities before credit risk provision expenses in 2024 reached VND 54.9 trillion, up 18.5% compared to 2023, the highest in the banking industry. Profit before tax reached VND 31.8 trillion, up 27.1% compared to 2023. The ratio of bad debt/outstanding loans at the end of the fourth quarter of 2024 was controlled at 1.25% in the context of many unpredictable developments in the domestic and foreign economy. The bad debt coverage ratio reached 170.7%, continuing to remain at a high level. Efficiency indicators continued to be maintained: NIM in 2024 reached 2.92%, up 0.02% over the same period in 2023. ROA reached 1.44%, ROE reached 18.47%, improved compared to 2023.
Comprehensive digital transformation of business operations and administration
Overview of the 2025 Investor and Analyst Conference
In addition to business performance, VietinBank continues to vigorously implement initiatives to comprehensively digitalize business and governance operations. In 2024, VietinBank completed an important "run-up" phase with 45 initiatives prioritized for implementation. In June 2024, the launch of the Digital Factory became an important highlight in VietinBank's Digital Transformation journey, contributing to redefining banking services in the digital age in Vietnam.
With the operating philosophy of "Customer-centricity", VietinBank launches new, modern, market-leading products and services with high technology content, thereby bringing better and more complete experiences to customers. By the end of 2024, the VietinBank iPay Mobile application for individual customers has attracted more than 9 million customers with 1,960 million transactions, up 16.2% and 66% respectively compared to 2023. The proportion of transactions via the iPay channel reached 92.9%. For corporate customers, the eFAST application has attracted 266,000 businesses to use with 47.6 million transactions, up 17.5% and 46.3% respectively compared to 2023. The proportion of transactions via the eFAST channel reached 84%.
With solid foundations built and developed, VietinBank will constantly innovate to bring outstanding value to customers, shareholders and the community - towards a multi-functional, modern, leading bank in Vietnam.
Source: https://daibieunhandan.vn/vietinbank-nam-2024-chay-da-hieu-qua-but-pha-thanh-cong-post405474.html
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