Wednesday,  Jul 24, 2019,13:20 (GMT+7) 0 0
VIB’s 2018 profit above expectations
Thursday,  Jan 24, 2019,08:35 (GMT+7)

VIB’s 2018 profit above expectations

Vietnam International Bank (VIB) on January 17 announced its 2018 financial results, with profit before tax reaching VND2,741 billion, growing by 95% year-on-year and beating the year’s plan by 37%.

This was the second consecutive year VIB’s annual profit had grown approximately 100%.

The bank saw its revenue increase by 48%, in which interest income and non–interest income expanded by 40% and 92%, respectively.

Non-interest income contributed 20% to the bank’s total revenue. The cost to income ratio (CIR) reached an efficient level of 44%, down by 13% year-on-year. Return on equity (ROE) sharply surged to 22.5%, making VIB one of the banks having the highest ROE.

Retail banking business continued to contribute significantly to the growth of VIB, with sales up by 90% compared to 2017. Wholesale banking and Treasury banking business operations also brought significant growth in profit of 22% and 49%, respectively. 

On December 31, 2018, the bank’s total assets reached nearly VND140,000 billion. Deposit rose by 22.7% year-on-year. Outstanding loans reached VND98,933 billion, up 17.5%, of which retail loans made up VND74,300, up by 48% after having risen by 83% in 2017.

Thanks to this impressive growth rate, VIB surpassed many big joint stock banks in terms of outstanding retail loans and secured its position as one of the joint stock banks with a high retail lending market share.

VIB’s equity is VND10,662 billion. Capital adequacy ratio (CAR) under Basel II was 10.2%. Non-performing loan ratio (NPL) is 2.2% with zero legacy loans sold to VAMC.

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