Vietnam Joint-Stock Commercial Bank for Industry & Trade shares climbed to the highest level in a month on Tuesday after the company forecast earnings will increase five per cent this year, Bloomberg reported.
Shares of the Hanoi-based lender rose 4.7 per cent to 20,000 dong at the 2:15 p.m. local-time close, the highest close since March 1. The Ho Chi Minh City Stock Exchange’s benchmark VN Index gained 0.7 per cent to a two-year high.
VietinBank forecast pretax profit will increase to 8.6 trillion dong ($410.8m) this fiscal year ending Dec. 31, according to a statement on its website. Total assets will rise 12 per cent to 565 trillion dong, the bank said. The company is targeting 13 percent credit growth, 10 percent deposit expansion and to maintain its bad-debt ratio at less than 3 percent of oustanding loans.
“It might be time to put some money into VietinBank,” Michel Tosto, director of institutional sales and brokerage at Ho Chi Minh City-based Viet Capital Securities, said today.