VIB reported pre-tax profit increasing from VND1.4 trillion in 2017 to VND4.08 trillion in 2019. — Photo the courtesy of VIB

The Vietnam International Joint Stock Bank (VIB) plans to move 924.5 million shares to the Ho Chi Minh Stock Exchange from the Unlisted Public Company Market (UPCoM), according to an exchange filing.

The Vietnamese lender was reported to have sent registration documents for listing shares worth nearly VND9.24 trillion (US$398 million) to Viet Nam’s main stock exchange early this week.

It is expected the share listing will proceed in November. The bank has been traded on UPCoM since 2017.

VIB reported pre-tax profit increasing from VND1.4 trillion in 2017 to VND4.08 trillion in 2019.

In the first six months of 2020, the lender's net income reached VND3.7 trillion, up 27 per cent compared to the same period last year.

In 2020, VIB targets pre-tax profit of VND4.5 trillion. As of the end of the second quarter, it has completed more than 52 per cent of the year's goal.

The lender was established in 1996 with an initial capital of VND50 billion and 23 employees. It increased charter capital to VND1 trillion in 2006.

In 2009, it signed a co-operation agreement with Commonwealth Bank of Australia and charter capital was increased to VND3 trillion.

On the UPCoM, the price of VIB share increased 4 per cent compared to the beginning of the year, with an average trading volume of more than 1.9 million shares per day. Currently, VIB shares are traded at around VND22,700 apiece. — VNS