VIB pre-provision profit rises 26% in Jan-Sept

Vietnam International Bank (VIB) has said that its accumulated profit before provision in the first nine months of this year soared almost 26% against the same period last year to VND940 billion (US$42.1 million).

According to a statement issued by the lender, its total outstanding loans had amounted to more than VND53.37 trillion by end-September, an 11.7% pickup from early this year. Total deposits at the bank had reached around VND59.78 trillion, a 12.1% increase.

VIB’s total assets had totaled VND88.61 trillion by September 30, up 5% versus the end of 2015. In particular, the bank’s non-performing loan (NPL) rate dipped to 1.54% from 1.84% at the end of the second quarter and from 2.07% late last year.

Its capital adequacy ratio (CAR) was also higher than the 9% requirement of the State Bank of Vietnam (SBV), standing at 15.6%.

In a report released on October 20, Moody’s upgraded VIB’s credit ranking to B2, listing it among the local banks with the highest credit rankings.

In early October, VIB got SBV approval to increase its charter capital to over VND5.64 trillion from about VND4.85 trillion by issuing bonus shares. This is in line with a plan approved at VIB’s general shareholder meeting in April.

In terms of digital banking, after two quarters of launch, VIB got 7,000 user registrations per month in the third quarter, 10 times higher than in the second quarter.

Established in 1996, VIB now has 154 branches and transaction offices nationwide and cooperates with over 8,000 correspondent banks in 61 countries. The bank has nearly 4,000 employees serving 1.6 million individual and 34,000 corporate customers.

Source: The Saigon Times

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