VIB records 14% rise in Q1 after-tax profit

Thursday, Apr 20, 2017 16:14

Customers make transactions at VIB. — VNS Photo

Vietnam International Bank (VIB) posted after-tax profit of VND126 billion (US$5.53 million) in the first quarter of this year, up 14 per cent year-on-year.

According to the bank’s business results, released today, its net interest income, net fee and commission income and gain from investment securities also experienced positive growth of 16 per cent, 31 per cent and 21 per cent, respectively.

Debts purchased from the Viet Nam Asset Management Company have been handled well, resulting in a decrease of 2.19 per cent in the bank’s non-performing loan ratio as of March 31, lower than the 2.58 per cent seen at the end of 2016.

Meanwhile, the bank’s provision cost dropped by 8 per cent compared with the same period last year.

VIB’s balance sheet reached nearly VND106 trillion in the first three months, VND 1.4 trillion higher than the same period last year, mainly thanks to good growth momentum of the lending portfolio, the latest data revealed.

Lending balance, including corporate bonds, reached VND73.4 trillion. Of the total, loans to customers rose 5.7 per cent year-on year, or equivalent to VND3.4 trillion.

From January to March, VIB also mobilised deposits worth more than VND4 trillion, including certificates of deposit.

“We have made continuous improvements to our existing product portfolio, developed new products, and simplified processes to provide competitive financial services and products to best meet customers’ needs,” the bank said in its statement. — VNS

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