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Banking & Finance

VIB's pre-provision profit up 26% in 9M

Released at: 16:24, 21/10/2016

VIB's pre-provision profit up 26% in 9M

Photo: VIB

Bank releases business results for first nine months of the year.

by Hung Nguyen

Accumulated profit before provisions of Vietnam International Bank (VIB) has been reported at VND940 billion ($42.13 million) during the first nine months of 2016, up 25.9 per year on-year, while total operating income increased 21 per cent year-on-year.

VIB's lending balance stood at VND53.37 trillion ($2.39 billion), 11.7 per cent higher against December 31, deposits grew 12.1 per cent since December 31 to VND59.77 trillion ($2.67 billion), fees and commissions increased 41 per cent year-on-year, total assets amounted to VND88.61 trillion ($3.97 billion), up 5 per cent since the end of 2015, according to the bank's Jan-Sep report released on October 20.

Tthe bank's non-performing loan (NPL) ratio meanwhile, fell to 1.54 per cent compared to 1.84 per cent at the end of the second quarter and 2.07 per cent compared to the end of 2015, and its capital adequacy ratio (CAR) stood at 15.6 per cent, significantly higher than the 9 per cent required by the State Bank of Vietnam (SBV).

VIB’s credit ranking was upgraded to B2 in a Moody’s report ranking Vietnamese banks released on October 20, putting it in the group of banks with the highest credit ranking in the market.

In early October VIB gained approval from the SBV to increase its charter capital to VND5.64 trillion ($25.278 million) from VND4.84 trillion ($216.92 million) by issuing bonus shares, which is in line with the plan passed at its general shareholders meeting in April.

In terms of digital banking, two quarters after being launched VIB received 7,000 user registrations each month in the third quarter, which is ten-times higher than in the second quarter. The number of customers using MyVIB and VIB Internet Banking continues to grow impressively, confirming the rapid movement from traditional to digital transactions.

Following integrated marketing campaigns introduced in the first half, in the third quarter VIB continued to launch other preferential campaigns with fantastic offers for both personal and corporate customers. These aim to provide customers with the best benefits in loans and other products when banking with VIB.

Through these campaigns the bank also convinces customers to apply for preferential loans with competitive, transparent and stable interest rates. The bank also proactively learns about customers’ financial needs in order to assist them in better planning their life now and in the future, enabling them to gain peace of mind and focus on the more important things in life.

Established in 1996, VIB has become one of the best performing joint stock banks in Vietnam, with 154 branches and transaction offices nationwide and more than 8,000 correspondent banks in 61 countries around the world. It has nearly 4,000 employees serving 1.6 million personal customers and 34,000 corporate customers.

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