Vietnam International Bank (VIB) today announced its business results for the first nine months of 2019. Besides financial activities, prestigious international organizations also rates VIB highly on other business activities and services.
Steady revenue and profit growth
Total revenue acquired VND 2,332 billion. Accounting for 22% of total revenue, service revenue reached VND 1,275 billion. Other income from collecting bad debt increased significantly compared to the same period of 2018. Operating expenses (OPEX) reached VND 2,435 billion. Cost to income ratio (CIR) decreased to 41.5%. Provision expenses only increase by 3% due to controlled credit quality.
Quality and safety balance sheet
As of 30 September 2019, total assets of the bank amounted to nearly VND 176 trillion. Credit outstanding balance reached VND 127.5 trillion, deposits from customer and valuable papers amounted to VND 129 trillion. Assets quality and non performing loans (NPL) decreased from 2.24% at the beginning of the year to 1.78%, and from 2018 onwards there was no longer VAMC debt.
Equity had an increase of 17% to VND 12.5 trillion year over year (YOY), of which charter capital reached VND 9,245 billion, up 18%. Capital adequacy ratio (CAR) under Circular No.41/2016/TT-NHNN was estimated at over 9.5%. As one of the first two banks to be recognized by the State Bank of Vietnam for Basel II application from January 1, 2019 onwards, VIB is currently implementing internal capital adequacy assessment (ICAAP) to fully apply 3 pillars, and prepare for improved governance and capital adequacy ratio.
Keep leading the market in mortgage and auto loans, card issuance, life insurance distribution
VIB has reported high and quality retail growth. The two main lending products of VIB, mortgages and auto loans accounted for 80% of total lending portfolio. VIB has been the no.1 bank in the market for auto loans for three years in a row.
VIB is also recognized as the leading bank in credit cards in Vietnam, which has taken steps towards becoming a cashless society. After consistently releasing new credit cards with unique and particular utilities in the third quarter of 2019, VIB has pioneered to introduce the leading card technology solution Smart Card for the first time in Vietnam. This technology helps to reduce waiting time from 4-5 working days to 3-4 hours; fastest meet customer’s demand; enhance safety, maximum security and protect environment. VIB international debit card (IDC) upgraded secure function comprehensively and freely for the first time in Vietnam, including: card risk insurance and cardholder identity protection; attractive and unlimited refund, up to 2% on all purchases as well.
In addition to being in top bank about life insurance distribution to customers, VIB is a prestigious partner of Prudential. VIB distributed over 76% Prudential bancassurance in Vietnam.
Most prestigious bank
Besides financial activities, prestigious international organizations also rates VIB highly on other business activities and services. Moody’s Investors Service rated VIB at the level B1 on credit rating. For the 3rd year in a row, the Asset magazine awarded VIB ‘Digital Bank of the year’ and ‘Best Retail Digital Banking Experience‘. The international card organization MasterCard recognized VIB as a leading bank in e-commerce transactions and value of credit card spending in 2018. VIB is the only Vietnam bank to be honored as the ‘Leading SME trade bank’ by Asian Development Bank (ADB) in 2019.