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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 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...

Annual Quarterly LTM
Profit Statement 2017 2018 2019
Net Interest Income VND bil 27,725 22,781 33,425
Net Fee Income VND bil 1,855 2,768 4,056
Other Income VND bil 6,592 5,310 7,332
Total Revenues VND bil 36,172 30,859 44,812
Staff Cost VND bil 8,282 7,519 9,498
Operating Profit VND bil 19,863 15,578 28,212
Provisions VND bil 8,344 7,751 13,002
Net Profit VND bil 7,402 3,830 9,461
Balance Sheet 2017 2018 2019
Interbank Loans VND bil 107,510 130,512 129,315
Customer Loans VND bil 782,385 851,918 922,330
Total Assets VND bil 1,095,060 1,164,430 1,240,790
Shareholders' Equity VND bil 63,765 67,456 77,356
Interbank Borrowing VND bil 122,235 182,664 203,163
Customer Deposits VND bil 752,937 839,867 912,233
Issued Debt Securities VND bil 36,995 29,435 20,315
Ratios 2017 2018 2019
ROE % 11.9 5.84 13.1
ROA % 0.724 0.339 0.787
Costs (As % Of Assets) % 1.60 1.35 1.38
Costs (As % Of Income) % 45.1 49.5 37.0
Capital Adequacy Ratio % ... ... ...
Net Interest Margin % 2.71 2.02 2.78
Loans (As % Of Deposits) % 104 101 101
NPLs (As % Of Loans) % 1.14 1.58 1.16
Provisions (As % Of NPLs) % 92.1 95.0 120
Valuation 2017 2018 2019
Price/Earnings (P/E) 15.7 18.8 8.23
Price/Book Value (P/BV) 1.41 1.07 1.01
Dividend Yield % 2.89 0 ...
Earnings Per Share (EPS) VND 1,538 1,029 2,541
Book Value Per Share VND 17,126 18,117 20,776
Dividend Per Share VND 700 0 ...

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                              
Net Interest Income VND bil                 18,304 18,029 18,880 22,381 27,725    
Total Revenues VND bil                 22,651 22,207 25,798 29,115 36,172    
Operating Profit VND bil                 12,305 10,056 13,173 15,018 19,863    
Net Profit VND bil                 5,792 4,068 5,665 6,738 7,402    
balance sheet                              
Interbank Loans VND bil                 73,080 75,434 66,019 94,469 107,510    
Customer Loans VND bil                 372,989 435,503 533,530 655,089 782,385    
Debt Securities VND bil                 83,975 97,996 124,480 136,549 132,332    
Total Assets VND bil                 576,368 661,242 779,484 948,568 1,095,060    
Shareholders' Equity VND bil                 54,288 55,259 56,110 60,307 63,765    
Interbank Borrowing VND bil                 106,471 131,328 156,918 81,593 122,235    
Customer Deposits VND bil                 375,836 424,188 500,363 655,074 752,937    
Issued Debt Securities VND bil                 11,792 14,482 23,173 38,279 36,995    
ratios                              
ROE % ...               13.1 7.43 10.2 11.6 11.9    
ROA % ...               1.07 0.657 0.786 0.780 0.724    
Costs (As % Of Assets) % ...               1.92 1.96 1.75 1.63 1.60    
Costs (As % Of Income) %                 45.7 54.7 48.9 48.4 45.1    
Capital Adequacy Ratio % ... ... ... ... ...       13.2 10.4 10.6 10.4 ... ... ...
Net Interest Margin % ...               3.39 2.91 2.62 2.59 2.71    
Interest Income (As % Of Revenues) %                 80.8 81.2 73.2 76.9 76.6    
Fee Income (As % Of Revenues) % ... ... ... ...         6.71 5.31 5.66 5.83 5.13    
Staff Cost (As % Of Total Cost) %                 48.4 41.6 43.5 49.3 50.8    
Equity (As % Of Assets) %                 9.42 8.36 7.20 6.36 5.82    
Loans (As % Of Deposits) %                 99.2 103 107 100 104    
Loans (As % Assets) %                 64.7 65.9 68.4 69.1 71.4    
NPLs (As % Of Loans) % ...   ... ...         1.00 1.12 0.918 1.05 1.14    
Provisions (As % Of NPLs) % ...   ... ...         87.5 89.0 92.1 98.8 92.1    
valuation                              
Market Capitalisation (End Of Period) USD mil ... ... ... ...         2,861 2,403 3,080 2,461 3,968    
Number Of Shares (Average) mil ... ... ... ...         3,120 3,723 3,723 3,723 3,723    
Share Price (End Of Period) VND ... ... ... ...         16,200 13,800 18,600 15,050 24,200    
Earnings Per Share (EPS) VND ... ... ... ...         1,504 824 1,199 1,430 1,538    
Book Value Per Share VND ... ... ... ...         17,398 14,841 15,070 16,197 17,126    
Dividend Per Share VND ... ... ... ... ...       1,000 1,000 700 700 700   ...
Price/Earnings (P/E) ... ... ... ...         10.8 16.7 15.5 10.5 15.7    
Price/Book Value (P/BV) ... ... ... ...         0.931 0.930 1.23 0.929 1.41    
Dividend Yield % ... ... ... ... ...       6.17 7.25 3.76 4.65 2.89   ...
Earnings Per Share Growth % ... ... ... ... ...       -22.0 -45.2 45.5 19.3 7.55    
Book Value Per Share Growth % ...               37.2 -14.7 1.54 7.48 5.73    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                              
Interest Income VND bil                 44,308 41,523 42,513 52,967 65,929    
Interest Cost VND bil                 26,004 23,495 23,633 30,586 38,204    
Net Interest Income VND bil                 18,304 18,029 18,880 22,381 27,725    
Net Fee Income VND bil ... ... ... ...         1,520 1,179 1,460 1,698 1,855    
Other Income VND bil ... ... ... ...         2,827 3,000 5,459 5,036 6,592    
Total Revenues VND bil                 22,651 22,207 25,798 29,115 36,172    
Staff Cost VND bil                 5,005 5,058 5,492 6,945 8,282    
Depreciation VND bil ... ... ... ...         888 993 927 921 1,160   ...
Other Cost VND bil ... ... ... ...         4,453 6,100 6,206 6,230 6,867   ...
Operating Cost VND bil                 10,346 12,151 12,625 14,096 16,309    
Operating Profit VND bil                 12,305 10,056 13,173 15,018 19,863    
Provisions VND bil                 4,123 3,923 4,679 5,059 8,344    
Extra and Other Cost VND bil                 431 939 1,191 1,515 2,351    
Pre-Tax Profit VND bil                 7,751 5,195 7,303 8,444 9,169    
Tax VND bil                 1,943 1,112 1,619 1,687 1,740    
Minorities VND bil                 15.5 15.0 19.0 20.0 26.5    
Net Profit VND bil                 5,792 4,068 5,665 6,738 7,402    
Dividends VND bil ... ... ... ... ...       3,723 3,723 2,606 2,606 2,606   ...
growth rates                              
Net Interest Income Growth % ...               -0.749 -1.51 4.72 18.5 23.9    
Net Fee Income Growth % ... ... ... ... ...       18.9 -22.4 23.8 16.3 9.26    
Total Revenue Growth % ...               0.522 -1.96 16.2 12.9 24.2    
Operating Cost Growth % ...               7.99 17.4 3.91 11.7 15.7    
Operating Profit Growth % ...               -5.00 -18.3 31.0 14.0 32.3    
Pre-Tax Profit Growth % ...               -5.03 -33.0 40.6 15.6 8.58    
Net Profit Growth % ...               -5.76 -29.8 39.2 18.9 9.86    
market share                              
Market Share in Revenues % ... ... ...           12.8 12.0 12.4 12.2 ... ... ...
Market Share in Net Profit % ... ... ...           19.3 23.8 18.2 16.3 ... ... ...
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                              
Cash VND bil                 12,993 14,507 16,984 18,690 26,736    
Interbank Loans VND bil                 73,080 75,434 66,019 94,469 107,510    
Customer Loans VND bil                 372,989 435,503 533,530 655,089 782,385    
Retail Loans VND bil ...   ... ...         58,478 87,597 127,766 152,701 196,445   ...
Corporate Loans VND bil ...   ... ...         317,748 352,272 409,633 509,273 593,416   ...
Debt Securities VND bil                 83,975 97,996 124,480 136,549 132,332    
Fixed Assets VND bil                 6,809 8,502 8,412 10,463 10,624    
Intangible Assets VND bil                 281 401 260 166 815    
Goodwill VND bil ... ... ... ...         9.98 8.17 6.35 4.54 2.72    
Total Assets VND bil                 576,368 661,242 779,484 948,568 1,095,060    
Shareholders' Equity VND bil                 54,288 55,259 56,110 60,307 63,765    
Of Which Minority Interest VND bil                 213 225 242 260 296    
Liabilities VND bil                 522,081 605,983 723,373 888,261 1,031,300    
Interbank Borrowing VND bil                 106,471 131,328 156,918 81,593 122,235    
Customer Deposits VND bil                 375,836 424,188 500,363 655,074 752,937    
Retail Deposits VND bil ... ... ... ...         198,836 236,752 277,282 348,447 412,340   ...
Corporate Deposits VND bil ... ... ... ...         165,661 187,429 215,678 306,627 340,597   ...
Sight Deposits VND bil ...   ...           63,017 62,211 71,433 86,007 115,412    
Term Deposits VND bil ...   ...           301,355 347,142 412,035 548,045 631,945    
Issued Debt Securities VND bil                 11,792 14,482 23,173 38,279 36,995    
Other Liabilities VND bil                 27,982 35,984 42,919 113,315 119,129    
asset quality                              
Non-Performing Loans VND bil ...   ...           3,770 4,905 4,942 6,982 9,011    
Gross Loans VND bil ...   ... ...         376,289 439,869 538,080 661,988 790,688    
Total Provisions VND bil ...   ... ...         3,300 4,367 4,550 6,899 8,303    
growth rates                              
Customer Loan Growth % ...               13.1 16.8 22.5 22.8 19.4    
Retail Loan Growth % ... ... ... ... ...       17.4 49.8 45.9 19.5 28.6   ...
Corporate Loan Growth % ... ... ... ... ...       12.1 10.9 16.3 24.3 16.5   ...
Total Asset Growth % ...               14.5 14.7 17.9 21.7 15.4    
Shareholders' Equity Growth % ...               60.4 1.79 1.54 7.48 5.73    
Customer Deposit Growth % ...               20.3 12.9 18.0 30.9 14.9    
Retail Deposit Growth % ... ... ... ... ...       32.9 19.1 17.1 25.7 18.3   ...
Corporate Deposit Growth % ... ... ... ... ...       18.8 13.1 15.1 42.2 11.1   ...
market share                              
Market Share in Customer Loans %                 12.4 13.0 13.3 13.5 13.5 ... ...
Market Share in Corporate Loans % ... ... ... ... ... ... ...   10.5 10.5 10.2 10.5 ... ... ...
Market Share in Total Assets %                 10.5 11.0 11.2 11.7 11.3 ... ...
Market Share in Customer Deposits %                 10.2 9.92 9.91 11.0 11.1 ... ...
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                              
ROE % ...               13.1 7.43 10.2 11.6 11.9    
ROA % ...               1.07 0.657 0.786 0.780 0.724    
Costs (As % Of Assets) % ...               1.92 1.96 1.75 1.63 1.60    
Costs (As % Of Income) %                 45.7 54.7 48.9 48.4 45.1    
Capital Adequacy Ratio % ... ... ... ... ...       13.2 10.4 10.6 10.4 ... ... ...
Tier 1 Ratio % ... ... ... ...         9.38 8.32 7.17 6.31 5.73   ...
Net Interest Margin % ...               3.39 2.91 2.62 2.59 2.71    
Interest Spread % ...               2.96 2.54 2.35 2.33 2.47    
Asset Yield % ...               8.21 6.71 5.90 6.13 6.45    
Cost Of Liabilities % ...               5.24 4.17 3.56 3.80 3.98    
Payout Ratio % ... ... ... ... ...       64.3 91.5 46.0 38.7 35.2   ...
Interest Income (As % Of Revenues) %                 80.8 81.2 73.2 76.9 76.6    
Fee Income (As % Of Revenues) % ... ... ... ...         6.71 5.31 5.66 5.83 5.13    
Other Income (As % Of Revenues) % ... ... ... ...         12.5 13.5 21.2 17.3 18.2    
Cost Per Employee USD per month ... ... ...           998 1,003 1,006 1,145 1,296    
Cost Per Employee (Local Currency) VND per month ... ... ...           20,975,300 21,300,300 21,769,400 25,209,200 29,019,500    
Staff Cost (As % Of Total Cost) %                 48.4 41.6 43.5 49.3 50.8    
Equity (As % Of Assets) %                 9.42 8.36 7.20 6.36 5.82    
Loans (As % Of Deposits) %                 99.2 103 107 100 104    
Loans (As % Assets) %                 64.7 65.9 68.4 69.1 71.4    
NPLs (As % Of Loans) % ...   ... ...         1.00 1.12 0.918 1.05 1.14    
Provisions (As % Of NPLs) % ...   ... ...         87.5 89.0 92.1 98.8 92.1    
Provisions (As % Of Loans) % ...   ... ...         0.885 1.00 0.853 1.05 1.06    
Cost of Provisions (As % Of Loans) % ...               1.17 0.970 0.966 0.851 1.16    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                              
Employees ... ... ...           19,886 19,787 21,024 22,957 23,784    
Sight (As % Of Customer Deposits) % ...   ...           16.8 14.7 14.3 13.1 15.3    
Return on Loans %                 1.65 1.01 1.17 1.13 1.03    
Operating Profit (As % of Loans) % ...               3.50 2.49 2.72 2.53 2.76    
Costs (As % Of Loans) % ...               2.94 3.01 2.61 2.37 2.27    
Equity (As % Of Loans) %                 14.6 12.7 10.5 9.21 8.15    

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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% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of VND 2,708 b...

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 year. Historically, the NPL ratio hit an all time high of 2.61% in 2012-09-30 and an all time low of 0.010% in 2011-06-30. Prov...

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 year. Historically, the NPL ratio hit an all time high of 2.61% in 2012-09-30 and an all time low of 0.010% in 2011-06-30. Prov...

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 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 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 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 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 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 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...

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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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