VietinBank Securities set record profit target
Judging that this year’s stock market is as difficult to explode as in 2021, the management of VietinBank Securities is still expecting a new peak of 505 billion dong profit.
The pre-tax profit growth plan of 5% was approved by the general meeting of shareholders of Vietnam Bank for Industry and Trade Securities (VietinBank Securities, stock code: CTS) on the morning of March 21. The company also expects a 10% dividend rate this year.
Tran Phuc Vinh, Chairman of the Board of Directors of VietinBank Securities, said that the brokerage and investment consulting segment could contribute 300 billion dong in this plan.
According to Vinh, this year’s stock market trading value is difficult to maintain as high as last year. The index representing the Ho Chi Minh Stock Exchange has room to rise but not much, even if there are a lot of negative factors, it may retreat because at the end of last year, there were many groups of stocks that strengthened. However, the number of new individual investors could still increase sharply as this investment channel becomes more popular.
“This is the reason why we have to exploit more new areas through technology investment, changing salary and bonus policies and commissions to attract ‘friendly’ brokers and collaborators,” said Vinh.
Management said the company is also investigating corporate bond consulting and is the issuing agent for the entire volume of bonds distributed through Vietinbank’s banking system. The company is expected to promote its capital business, take full advantage of cheap capital from foreign credit institutions and increase its margin loan balance close to the 200% equity limit.
Last year, VietinBank Securities had revenues of more than 1.060 billion dong. Owned businesses account for nearly 60% of this, followed by securities brokers and margin lending. The company’s pre-tax profit more than tripled in the same period last year, to more than 480 billion dong.
At the end of last year, the company had total assets of nearly 6,700 billion VND. Investments and financial assets amounted to more than 3850 billion VND, while loans were nearly 1,600 billion VND. The cash amount was more than 330 billion VND, 16 times higher than at the beginning of the year.
East
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