A VIB's branch in Ha Noi. — VNS Photo

HA NOI (Biz Hub) — Vietnam International Bank (VIB) earned before-tax profit of VND303 billion (US$13.5 million) in the first half of this year.

This is a seven per cent year-on-year increase and comprises 45 per cent of the before-tax profit target for 2016.

According to the bank's H1 unaudited financial result, the lending balance reached more than VND51.319 billion, equivalent to a 7.4 per cent growth rate 

During the reviewed period, the bank's deposit saw a yearly rise of 7.4 per cent to reach VND57.248 billion, while fee and commission incomes increased by 41 per cent year-on-year. Its total assets topped VND86.755 billion, up nearly three per cent in comparison with the end of 2015. 

As of 30 June, VIB's non-performing loan rate was 1.84 per cent, lower than 2.05 per cent and 2.07 per cent seen at the end of the first quarter and at the end of 2015, respectively. Meanwhile, the bank's capital adequacy ratio continued to be higher than 16 per cent, helping the bank to rank among the top banks in the market. 

With the profits earned and safety indicators well complying with SBV regulations, VIB recently paid an 8.5 per cent dividend rate in cash to its shareholders. 

"It is estimated that we will pay an additional 16.5 per cent dividend rate in bonus shares in the coming time, creating an annual dividend payout rate of 24-25 per cent for two consecutive years," the bank said in its statement. — VNS