Fitch Upgrades VietinBank to “BB-” following Sovereign Upgrade; Outlook stable

On 22nd May 2018, Fitch Ratings has upgraded the Long-Term Default Ratings (IRDs) and revised the Support Rating Floors of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) to “BB-” from “B+”.

The rating actions follow Fitch’s upgrade of Vietnam’s sovereign rating to “BB” from “BB-” on 14 May 2018. The outlook on VietinBank has been revised to Stable from Positive to mirror a similar revision to the sovereign’s Outlook. According to Fitch, VietinBank is a high systemic importance among the top four Vietnamese banks by assets and have large domestic franchises.

As of 31st March 2018, VietinBank has continued reaching impressive business performance. More specifically, loans to customer accounted for 870 trillion VND, increasing by 3.9% compared with the end of 2017. Meanwhile, customer deposits grew by about 4.8% compared with 31 Dec 2017. Besides, profit-before-tax reached 3,028 billion VND, increasing by 19% compared with the same period of last year. As a result, the bank’s ROA and ROE stood at 1.11% and 15.23%, respectively.

VietinBank’s ratings upgraded by Fitch Ratings has strongly affirmed the bank’s reputation in the financial and banking market in Viet nam.

Thanh Binh

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