VIB targets 43% earnings growth in 2018
VIB targets 43% earnings growth in 2018
Vietnam International Bank (VIB) has targeted a pre-tax profit of more than VND2 trillion (US$88 million) in 2018, surging 43 per cent against last year’s figure.
VIB expects its total assets to reach VND150.23 trillion, up 22 per cent year-on-year, and deposits to amount to VND100 trillion, growing by 22 per cent. The bank expects to maintain bad debts at below 3 per cent.
VIB will also propose a plan to increase its charter capital to maximum VND8.1 trillion at the forthcoming Annual General Meeting (AGM) of Shareholders on March 29 in Ha Noi.
The additional capital will be raised from offering and issuing new shares to investors as well as issuing bonus shares using share premium reserves, investment and development reserves, capital reserves and retained earnings, the bank said in a statement.
The capital hike is aimed to provide credit to corporate and individual customers with stable financial status and potential development and to priority customers in the prioritised poduction and business sectors as instructed by the Government, the bank said.
The capital source is also planned to invest in improving facilities, technology, products and risk management capacity, and upgrading the branch network to enhance the competitiveness of VIB and expand the presence of the bank in provinces and cities across the country, the bank added.
Last year saw the strongest and highest growth of VIB in the past five years, with all business units exceeding its sales and profit plan.
The bank recorded a pre-tax profit of over VND1.4 trillion, double the previous year and reaching 187 per cent of the plan approved in the last AGM.
Total assets reached VND123.2 trillion, surpassing the plan, while credit growth reached 26 per cent and bad debts were maintained at below 3 per cent.
VIB continued to be recognised by international institutions and State management agencies as one of the best banks in terms of quality and transparency. VIB was the first bank in Viet Nam to win the “Leading Vietnam Bank for Trade Finance for SMEs” award granted by Asian Development Bank.
It also received “Viet Nam’s Outstanding Innovative Banking Service Award” in 2017 by IDG for MyVIB Social Keyboard, the “Most Innovative Banking Brand in Vietnam 2017” award by the Global Brands magazine from the United Kingdom and the “Best Customer Service Bank Viet Nam 2017” award by Global Banking & Finance Review.
