HANOI, Vietnam -Tuesday 23 October 2018 [ AETOS Wire ]
(BUSINESS
WIRE)-- Vietnam International Bank (UPCoM: VIB) announced its financial
statements of the first 9 months 2018 with positive results.
Profit before tax grows 176%
VIB
reported profit before tax of VND 1,720 billion, up 176% year-on-year
(YoY), equal to 86% of its full year target. The revenue increased by
48% YoY, in which interest income and non-interest income up 50% and 37%
respectively; the latter accounted for 16% of total revenue and
continued upward trend. The cost-to-income ratio (CIR) significantly
dropped from 57% in 2017 to 48%. Provision expense in 9 months was lower
than YoY in the context that VIB no longer has bad debts in VAMC. The
return on equity ratio (ROE) reached 19.4%.
The
total asset of the bank reached over VND 132,500 billion, up 8%
year-to-date; lending and deposits reached VND 95,200 billion and VND
89,200 billion, up 13.1% and 14.8% year-to-date, respectively.
Non-performing loan ratio (NPL) remained at 2.5%.
VIB ranks among biggest retail banks
VIB
puts strong focus on Retail Banking business unit. Lending reached
67,400 billion, up 58% year-on-year, helping VIB become one of the
biggest retail banking. VIB continued to maintain the first position in
auto-loans taking 25% share of total market. VIB rank top 3 in
Bancassurance sales in Vietnam, increasing by 202% YoY. Multi-channel
credit card development model grows strongly; number of credit cards
increased by 84% YoY and total credit card spending of Q3/2018 went up
by 214% YoY. The positive growth in both size and quality has made VIB’s
retail revenue in the first 9 months of 2018 rise 92% YoY.
Effective risk management, no bad debts at VAMC & ready for Basel II
According
to Moody’s report issued on Aug 2018, Moody’s has upgraded the
long-term local and foreign currency deposit and issuer ratings of VIB
from B2 to B1. VIB’s capital adequacy ratio (CAR) reached 12.4%. Ratio
of short-term deposits used for long-term loans stood at 38.2 %, lower
than permitted maximum limit of 45%.
In
July 2018, VIB was recognised by the State Bank of Viet Nam and VAMC as
one of five banks to re-purchase all bad debts that they sold to VAMC.
Three years ago, only VIB & Vietcombank are ready to apply Base
II standards.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181023005507/en/
Contacts
Vietnam International Bank
Mr Duong Ngoc Dzung
dung.dn@vib.com.vn
Mobile: (+84) 903 001 977
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