VIB's pre-tax profit surges 52% in Q3

Monday, Oct 12, 2020 14:04

Clients at VIB. — Photo courtesy of the bank

Vietnam International Bank (VIB) posted pre-tax profit of over VND1.66 trillion (US$72 million) in the third quarter of 2020, up 30 per cent month-on-month and 52 per cent year-on-year, according to its third quarter 2020 financial report published on Monday.

In the first nine months of this year, VIB's total revenue surpassed VND7.85 trillion, up 34 per cent year-on-year. Of which, its fee income reached more than VND1.63 trillion, accounting for 21 per cent of total revenue.

During the period, the bank's pre-tax profit saw a yearly increase of 38 per cent to over VND4 trillion. Its return on equity ratio (ROE) was 28.9 per cent, among the highest in the banking industry.

As of September 30, 2020, the bank's total assets reached over VND213 trillion while its credit over VND151 trillion, up 14.2 per cent year-over-year, triple the industry average, according to the data.

From January to September, the bank has continued to invest in technology, branch networks and people, recruiting more than 1,500 employees.

On October 5, VIB's shareholders approved to cancel its trading on UPCOM. That will allow the bank to list nearly one billion shares to Ho Chi Minh Stock Exchange next month.

Previously, the bank also got the approval of the State Bank of Viet Nam to divide bonus shares at the rate of 20 per cent for existing shareholders to increase its charter capital to over VND11 trillion.

For many years, VIB has always maintained its position as one of the leading banks in the trend of digital banking services with special emphasis on mobile phone platforms. VIB is the only bank in Viet Nam that has won a customer experience award for four consecutive years and Digital Bank of the Year award for three consecutive years by The Asset magazine.

The bank has launched a new version of MyVIB application and officially applied e-KYC into issuing e-banking accounts for VIB customers, that allows registration and transactions on the phone after just a minute. — VNS


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