Transactions at VIB. The bank expects to reach $15.4 million in pre-tax profits this year. — Photo dantri.com.vn

HA NOI (Biz Hub) — Viet Nam International Bank (VIB) expects to quadruple its last year's pre-tax profits to achieve VND323 billion (US$15.38 million) this year, according to bank reports.

This information is scheduled to be presented at a shareholder's meeting to be held on April 29.

The total assets are expected to reach VND87.56 trillion (US$4.17 billion) in 2014, a year-on-year increase of 14 per cent.

Last year, pre-tax profits slumped over 88 per cent and the total asset value declined over 18 per cent, compared to the previous year. The bleak scenario was attributed to VIB facing key problems of overdue loans and bad debts and having to establish provisional funds at high levels.

The bank has a charter capital of VND4.25 trillion, or US$202.38 million. — VNS