Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has posted positive business results in the first half of the year despite the COVID-19 pandemic.
The bank reported a pre-tax profit of 10.8 trillion VND (469.6 million USD) in the first six months of the year, representing a 45% year-on-year increase.
Its return on equity (ROE) and return on asset (ROA) continued to improve. In addition, Vietinbank was approved by the State Bank of Vietnam for a charter capital increase from 37.2 trillion VND to 48 trillion VND. This would create a precondition for the bank to improve its financial capacity in the near future.
Since the beginning of the year, Vietinbank has boosting lending to small, medium and retail enterprises, increasing short term deposits to save capital costs, focus on financial management, and improve the efficiency of operating expenses.
VietinBank has also effectively implemented a campaign to attract new customers to use eFAST and iPay, open accounts through eKYC, and deploy free account packages to promote the expansion of its customer base.
The bank has been active in supporting customers who were affected by the COVID-19 pandemic by reducing lending interest rates and service fees, thus helping businesses and people access loans and financial services.
As of June 2021, Vietinbank reduced interest rates to nearly 7,500 customers affected by the pandemic with a total reduction of 4 trillion VND.
The bank has proactively devoted additional financial resources to setting up risk provisions for bad debts due to the impact of COVID-19.