VIB’s pre-tax profit skyrockets in 2019

Tuesday, Jan 21, 2020 15:40

Clients make transactions at a VIB branch. — Photo courtesy of VIB

The Vietnam International Bank (VIB) earned more than VND8.11 trillion (US$350 million) in revenue in 2019, up 33 per cent year-on-year, according to a financial report released on Monday.

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.

As of December 31, total assets amounted to nearly VND185 trillion; outstanding credit balance hit VND133 trillion; and deposits from customers and valuable papers topped VND140 trillion.

Late last year, VIB became the first bank in Viet Nam to complete the three pillars of Basel II, which are minimum capital, supervisory review and market discipline. — VNS

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