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Banking & Finance

VIB releases 1H results

Released at: 09:16, 22/07/2016

VIB releases 1H results

Photo: VIB

Handsome performance seen in all major indicators.

by Hung Nguyen

Vietnam International Bank (VIB) has recently released its first half 2016 unaudited business results.

Pre-tax profit was VND303 billion ($13.58 million), up 7 per cent year-on-year and equal to 45 per cent of the annual plan.

Its lending balance was VND51.31 trillion ($2.3 billion), equal to 7.4 per cent growth and 0.6 per cent higher than the industry’s average. Deposit growth was also 7.4 per cent, reaching VND57.24 trillion ($2.56 billion), while total assets stood at VND86.75 trillion ($3.88 billion), up nearly 3 per cent compared with end of 2015.

As at June 30 its non-performing loan rate was 1.84 per cent compared to 2.05 per cent and 2.07 per cent at the end of the first quarter of 2016 and the end of 2015, respectively. Its capital adequacy ratio (CAR) continued to be higher than 16 per cent.

With profit achieved and safety indicators fully compliant with the State Bank of Vietnam (SBV) regulations, VIB recently paid an 8.5 per cent dividend in cash to shareholders and expects to pay an additional 16.5 per cent in bonus shares in the future, for an annual dividend payout of 24 - 25 per cent for two consecutive years.

Following various integrated marketing campaigns in 2015, in the first half VIB launched a number of major marketing campaigns with attractive product offers and fabulous benefits for both personal and corporate customers.

In May it officially introduced student loans with attractive interest rates and in high amounts with long terms, which aim to help young people realize their dreams of overseas study.

In the first half VIB experienced steady strong growth in products sold online, with a 140 per cent increase from January to June and 700 per cent from June 2015 to June 2016. Customers using internet banking increased 20 per cent from June 2015 to June 2016 while those using its mobile banking app increased 89 per cent in the same period.

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