VIB setting the bar high for 2018
VIB setting the bar high for 2018
On March 14, Vietnam International Commercial Joint Stock Bank (VIB) officially announced the 2018 targets and made proposals to pay dividend and conduct its ESOP, as well as raise charter capital.
Specifically, VIB set its target pre-tax profit in 2018 at VND2.005 trillion ($88.04 million), with 43 per cent growth rate of earnings. The bank also proposed to pay dividend in the form of cash and bonus shares (5-31 per cent).
The commercial bank also offered to conduct the employee stock ownership plan (ESOP) in the form of treasury shares to its staff. Additionally, the bank also plans to raise charter capital to VND8.1 trillion ($358.02 million).
In 2017 the commercial bank witnessed a five-year record growth rate with all business units exceeding their sales and profit targets.
As shown in the bank's recent documents, in 2017 it witnessed a five-year record growth rate with all business units exceeding their sales and profit targets.
Over the course of 2017 VIB's total assets reached VND123.2 trillion ($5.4 billion), which was 3 per cent up against the target approved at the last AGM. The bank expects to grow by 22 per cent throughout 2018. The bank also targets to reach the VND100-trillion ($4.42 billion) mark in deposits this year.
Furthermore, VIB's credit growth was rounded up at 26 per cent with bad debts stabilised below 3 per cent. This is expected to be the same in 2018.
Particularly, the bank's pre-tax profit in 2017 mounted up to VND1.405 trillion ($61.68 million), doubling 2016 performance as well as surpassing the goal set at the last AGM by 87 per cent.
Previously, VIB was the first Vietnamese bank to be named "The leading Bank in Vietnam for Trade Finance for SMEs" by the Asian Development Bank.
Likewise, the Vietnam-based commercial bank received IDG’s “Vietnam’s Outstanding Innovative Banking Service Award in 2017” for its MyVIB Social Keyboard. UK-based Global Brands Magazine also picked VIB as "The most innovative banking brand in Vietnam 2017” and by Global Banking & Finance Review (GBAF) as "Best Customer Service Bank Vietnam 2017.”
To boot, Moody's Investors Service raised VIB’s rating of local and foreign currency deposits from stable to positive, sending the commercial bank to the list of the highest credit-rating banks in Vietnam.
