On 1st April 2016, Fitch Ratings announced to maintain the IDR rating of B+ for VietinBank, combined with a stable outlook.

According to Fitch, VietinBank is a major bank in terms of asset size and network, with high importance to the banking - financial system of Vietnam. As a result, VietinBank has an advantage in fund mobilization compared to other banks.

Fitch also maintained that the banking system is showing signs of stability thanks to the recovering economy. The relatively stable domestic currency as well as low inflation rate will allow better liquidity and funding for the banking system in Vietnam and therefore, soften the pressure on asset quality. However, banks' profit is tending to decrease due to the pressure on lowering interest rates to stimulate economic growth, as well as the higher credit costs that were caused by the tightened regulations of the SBV on NPL classification.

VietinBank is one of the pillar banks of the economy with the largest charter capital and strongest structure of shareholders of Vietnam's banking industry. According to the latest announcement of Brand Finance on Banking 500 - The world's most valuable banking brands, VietinBank has made an outstanding progress as it topped in the Top 400 of the most valuable banking brands over the world with the brand value of USD 249 million and A+ ranking.

As of 31/12/2015, the total assets of VietinBank reached VND 779,000 billion, up 17.8% compared to 2014; total fund mobilized added up to 702,000 billion, an increase of 18% compared to 2014; credit exposure amounted to 674,000 billion, up 24.2% compared to 2014.

Moreover, consolidated PBT in 2015 was VND 7,360 billion; ROAA and ROAE respectively obtained 10.2% and 1.0%. Besides, VietinBank has always been ranked as a bank with a stable outlook by international ranking agencies.

Thanh Binh

VietinBank - Vietnam Joint Stock Commercial Bank for Industry and Trade issued this content on 08 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 April 2016 03:55:13 UTC

Original Document: http://www.vietinbank.vn/web/home/en/news/16/fitch-maintains-credit-rating-b-plus-for-vietinbank-with-a-stable-outlook.html