VIB aims for 24 per cent pre-tax profit growth in 2019

Tuesday, Mar 12, 2019 14:15

A client withdraws money from a VIB ATM. — Photo

Vietnam International Bank (VIB) has set a target of earning a pre-tax profit of VND3.4 trillion (US$146 million) in 2019, up 24 per cent year-on-year.

The bank’s total assets are expected to reach VND182.9 trillion while its total lending balance will amount to VND136.5 trillion by the end of this year.

VIB expected to maintain its bad debts at below 2 per cent, the bank said in a press release published on Monday.

This year, the bank plans to increase its charter capital to VND10.9 trillion besides granting bonus shares for shareholders and investors. It will also list its shares on the Ho Chi Minh Stock Exchange.

In 2018, VIB recorded a massive pre-tax profit rise of 95 per cent of more than VND2.74 trillion compared to the previous year.

The pre-tax profit was also 37 per cent higher than the target for the year, VIB said, adding that 2018 was the second consecutive year its profits saw a year-on-year rise of nearly 100 per cent.

The bank’s revenue increased by 48 per cent over the previous year, in which interest income and non-interest income grew by 40 and 92 per cent, respectively.

As of December 31, 2018, VIB’s total assets topped nearly VND140 trillion. The bank’s lending balance reached VND98.93 trillion, up 17.5 per cent year-on-year. Its retail lending balance witnessed a remarkable rise of 48 per cent to VND74.3 trillion.

According to VIB, its annual general meeting in 2019 was slated for March 28 in HCM City. — VNS

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