Bank releases 2014 performance and plans for 2015 to be presented to upcoming AGM.
Vietnam International Bank (VIB) has released its business results and plans to be presented to its annual general meeting (AGM) at the end of March in Hanoi.
Profit before tax is expected to reach VND655 billion ($30.45 million) in 2015, a seven-fold increase over 2014, with total assets increasing 9 per cent to VND88.25 trillion ($4.1 billion), mobilized capital to stand at VND53 trillion ($2.46 billion), an 8 per cent increase, and the dividend payout to be 11 per cent.
VIB also details two credit growth plans. The first is for growth of 11 per cent, or VND42.38 trillion ($1.97 billion) (under State Bank of Vietnam criteria), while the second is for credit growth increasing 27 per cent, or VND48.53 trillion ($2.25 billion).
In 2014 VIB recorded VND523 billion ($24.31 million) in profit after tax and profit before tax of VND648 billion ($30.12 million). Net revenue was VND3.47 trillion ($161.30 million), an increase of 38 per cent against 2013. Total assets stood at VND80.66 trillion ($3.74 billion), and deposits totaled VND49.05 trillion ($2.28 billion), an increase 13 per cent.
Operating expenses rose by 4.6 per cent compared to 2013. Its provision fund received an additional VND2 trillion ($92.98 million), and its NPL ratio was controlled at 2.51 per cent, lower than 2013's 2.82 per cent.