OTC Market News

Vietinbank H1 pretax profit reaches VND2.1 trillion   2009-07-13 - SanOTC

Viet Nam Bank for Industry & Trade, which sold shares to the public in December, said pretax profit reached VND2.1 trillion (US$118 million) in the first half.

Le Duc Tho, head of the bank’s Investment Department, declined to provide year-earlier figures in a telephone interview from Hanoi Friday.

VietinBank, as the country’s fourth-biggest lender is known, expects pretax profit to reach VND3.5 trillion this year, Chairman Pham Huy Hung said on May 26.

The bank raised VND1.09 trillion in an initial public offering (IPO) on December 25 when the government sold 53.6 million shares at an average of VND20,265 per share. The minimum bid in the IPO was VND20,000, and the stock traded at VND39,500 on the so-called over-the-counter market on Thursday, according to FPT Securities Inc. prices.

VietinBank plans to list 121 million shares at an initial price of VND50,000 on its trading debut scheduled for July 16, Tho said.