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Transactions are carried out at VIB. — VNS Photo
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HA NOI (Biz Hub) — Vietnam International Bank (VIB) posted a pre-provision profit of more than VND1.16 trillion (US$52.1 million) in 2015, while its pre-tax profit stood at VND655 billion ($29.4 million), officials said.
As a result, the bank met its annual target, set earlier by the Council of General Shareholders.
According to the bank's pre-audited consolidated financial statements for the year, its total credit balance hit some VND56 trillion (more than $2.51 billion), with its lending balance reaching above VND47.7 trillion ($2.14 billion).
During the year, VIB met its target of 25 per cent lending growth, while its total assets saw a year-on-year increase of 5 per cent to reach more than VND84.4 trillion ($3.78 billion).
The bank's bad debt ratio fell to only 2.07 per cent, much lower than the SBV's target of less than 3 per cent. Subsequently, the bank's provision fund declined dramatically.
Currently, VIB is one of the few banks with strong equity, and it has the highest capital adequacy ratio of 18 per cent.
VIB said in a statement that the existing capital structure and profitability has also allowed the bank to bring optimal benefits to its shareholders. Last year, VIB made a 9 per cent dividend payment in cash, while distributing a 14 per cent share premium to its shareholders.
The bank plans to organise a general shareholders' meeting in April to pass its 2015 financial statements in creating a business plan for 2016. — VNS