VietinBankSc Posts VND82 Billion Profit in 2011

Vu Trung Thanh, CEO of VietinBankSc told Dau Tu Chung Khoan that the company has seen the market down trend since 2010 therefore the company switched to focus on providing services which contributed 50% revenue in 2011. Besides, with support from the mother VietinBank, its advisory and underwriting services have been playing important role in the broker’s 2011 success.

VietinBankSc has been realizing its target of being one of the top securities companies in Vietnam, Thanh said, citing that in 2011 the company has gained many “top position”: 1) being one of the top 5 best performance brokers; 2) being the sole securities company that has never booked loss in the 11 years life time; 3) being one of best liquid company with available capital of 300% requested level, providing enough cash for margin trading, advanced payment up to hundreds of billions of dong each trading day amid current tight liquidity conditions; 4) putting risk management the top priority therefore the company has no bad debts now.

Thanh expected the year 2012 to still be difficult and he holds cautious view. Thanh sees 2012 will be the year to screen out securities companies and he believes weak securities companies will be merged to survive. In his opinion, 20-25 securities companies is enough.

Thanh shared that VietinBank targets to be among few companies providing full broker house services as stipulated by law. The broker has developed some added value services such as: online money transferring, online advanced payment, odd share online trade, and online right implementation. Beside, margin productions are being completed to best serve customers, Thanh said.

Thanh noted that VietinBankSc is working with some insurance companies to provide deposit insurance for customers and ensure 100% transparency in VietinBankSc’s ability to make payment.