Moody's upgrades Vietnamese bank
Moody's Investor Service (Moody’s) has upgraded the rating of Vietnam Bank for Industry and Trade (Vietinbank), citing its improvements in baseline credit assessment (BCA).
The United States-based rating agency lifted the banks' BCA to B2 from B3 while keeping Vietinbank’s issuer ratings and domestic-currency deposit ratings at B1 and long-term foreign-currency deposit at B2 with a “stable” outlook.
According to Moody’s, the upgrade reflects the bank’s improvement in mobilising capital.
According to Moody’s, the upgrade reflects the bank’s improvement in mobilising capital.
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As of September 30, 2016, Vietinbank’s total assets reached VND901 trillion (US$39.64 billion), up 15.56% from the end of 2015, exceeding the target set for the whole year.
Its outstanding loan balance was VND625 trillion (US$27.5 billion), up 16.23% from the end of last year, while deposits grew 27%. Bad debt accounted for 0.86% of the loan outstanding balance, the lowest rate in the banking sector.
As of the third quarter this year, the bank generated VND6.48 trillion (US$285.34 million) in pre-tax revenue, a year-on-year increase of 13.27%, making up of 82.1% of its target set for the period.
Its post-tax revenue was VND5.19 trillion (US$228.5 million), up 16.41% from the same period last year.
