VietinBank Securities eyes another record year
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VietinBank Securities eyes record profits again this year through the stock market itself is likely to be down.
Its board has approved a profit target of VND505 billion ($22 million), 5 percent up from last year.
Last year pre-tax profits tripled to VND480 billion on revenues of VND1.06 trillion.
Tran Phuc Vinh, its chairman, said though the stock market is no longer booming like last year and growth is likely to be slower this year, he expected the number of new retail investors to keep rising.
“We need to invest in technology, and increase salaries, bonuses, and commissions to attract more brokers and collaborators”.
The brokerage is also set to enter corporate bond consultancy and distribution and step up financial activities by raising its margin rate to 200 percent of shares owned.
Questions & Answers
Q.What are VietinBank Securities' profit expectations for this year compared to last year?
What are VietinBank Securities' profit expectations for this year compared to last year?
VietinBank Securities aims for a profit target of VND505 billion this year. This represents a 5 percent increase from last year's pre-tax profits, which stood at VND480 billion.
Q.How does VietinBank Securities plan to achieve its profit goals despite a slower stock market?
How does VietinBank Securities plan to achieve its profit goals despite a slower stock market?
The company plans to invest in technology and increase remuneration for brokers and collaborators to attract talent. It also intends to enter corporate bond consultancy and distribution, and raise its margin rate to 200 percent of shares owned.
Q.What were VietinBank Securities' financial results from the previous year?
What were VietinBank Securities' financial results from the previous year?
Last year, VietinBank Securities reported pre-tax profits of VND480 billion, which was triple the figure from the year before. Revenues for the same period reached VND1.06 trillion.
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