The Vietnam International Bank (VIB) has reported pre-tax profit of over VND1.4 trillion (US$62 million) in 2017, surging 100 per cent year-on-year or far surpassing the yearly target.

VIB’s total assets also saw a positive yearly increase of 18 per cent to VND123 trillion ($5.4 billion), while the bank’s total credit balance amounted to approximately VND90 trillion ($3.95 billion), up 26 per cent year-on-year, according to its business results, which were released on Tuesday.

As per the results, the bank’s capital adequacy ratio (CAR) was 13.1 per cent, its ratios of non-performance loan (NPL) and return on equity (ROE) stood at 2.49 per cent and 12.7 per cent, respectively. Earnings per share were VND2,000, which was considered a high rate among domestic banks.

On January 17, 2017, VIB debuted more than 564.4 million shares on the Unlisted Public Company Market (UPCoM), a move that the bank hoped would create transparency in its activities, share price, market capitalisation and share liquidity, to make it easier for investors to make decisions.

After 12 months, the bank’s share price has increased by 71 per cent to VND29,200 per share from VND17,000 on the first trading day.

Meanwhile, VIB has also been in the top ranking of Moody’s for many consecutive years. As one of 10 banks selected by the State Bank of Viet Nam to pilot Basel II, VIB said it will implement Basel II before the deadline set by the State Bank.

“We are making greater efforts in ensuring the bank’s operation with the best and most transparent standards," VIB general director Han Ngoc Vu said.

In the years to come, VIB will focus on expanding its scale and continue perfecting the quality of products and services, the bank said.

Top priority will be given to expanding its retail operations, consolidating its leading position in a number of products catering to individuals, small and medium-sized enterprises, bettering customer service, improving labour productivity and bettering risk control in line with international standards.

The bank’s 2018 shareholders meeting will be held in late March. — VNS