VIB strives for $193 million pre-tax profit in 2020

Friday, Jun 12, 2020 13:18

The MyVIB mobile application. — Photo courtesy of VIB

Vietnam International Bank (VIB) has set a target of earning pre-tax profit of VND4.5 trillion (US$193 million) in 2020, according to the bank's business plan approved by the Board of Directors (BOD).

Under the plan, VIB expects its total assets to reach over VND220 trillion by year-end, up 20 per cent compared to 2019. The bank also targets its Return on Equity ratio at 26 per cent while striving for a 19 per cent growth in deposits.

The bank also plans to list its shares on Ho Chi Minh Stock Exchange this year.

"The BOD is authorised to decide the listing time after completely increasing the charter capital by bonus shares," the bank said in a statement.

Last year, VIB posted revenue of more than VND8.11 trillion, up 33 per cent year-on-year.

The bank’s service revenue doubled last year’s figure to VND3.42 trillion, accounting for 22 per cent of its total revenue.

Meanwhile, provision expenses dropped 7 per cent to VND605 billion as its non-performing loan ratio declined to 1.7 per cent from 2.2 per cent. The bank also reacquired all bad debts it sold to the Viet Nam Asset Management Company.

Thanks to these positive figures, the bank’s pre-tax profit went up significantly by 50 per cent to more than VND4 trillion in 2019. — VNS

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