Vietinbank expects pretax profit to rise 40 pct this year

Vietnam Bank for Industry & Trade, which sold shares to the public in December, said it expects pretax profit to increase 40 percent this year and that its stock will start exchange trading in July.

Pretax profit at VietinBank, as the country’s fourth-biggest lender is known, will rise to VND3.5 trillion (US$197 million) from VND2.5 trillion in 2008, Chairman Pham Huy Hung said in a telephone interview from Hanoi Tuesday.

“We are determined to keep the bad debt ratio below 1 percent and tightly control the quality of credit,” said Le Duc Tho, head of VietinBank’s investment department. The bank would “try to finalize all necessary procedures” for listing after its first shareholder meeting scheduled for June 4, he said.

The bank would seek a decision from shareholders on whether to list on the Ho Chi Minh Stock Exchange, or on the Hanoi Securities Trading Center, Tho said.

thanhnien, bloomberg

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