VIB’s H1 pre-tax profit suprasses the yearly target

Vietnam International Bank, VIB, Vietnam International Bank, VIB, Banking,
A phone screen shows VIB's MyVIB app. — Photo courtesy of the bank

Vietnam International Bank (VIB)'s pre-tax profit exceeded 52 per cent of its business plan, reaching over VND2.35 trillion (US$101 million) in the first half of this year, according to the bank's financial report published on Tuesday.

In the period, total operating income of VIB stood at more than VND4.81 trillion. with fee income hitting VND1 trillion, accounting for 21 per cent of total operating income.

Operating expenses (OPEX) reached nearly VND2.04 trillion while its cost to income ratio (CIR) stabilised by 42 per cent.

As of June 30, 2020, the bank's total assets surpassed VND202 trillion. Its total credit saw a year-on-year increase of 6 per cent to over VND140 trillion of which retail loans rose by 8 per cent year-on-year.

According to the report, Non Performing Loan (NPL) ratio of VIB was at 1.96 per cent in the six-month period.

"With strict and flexible risk management, the bank has maintained prudential ratios and safety ratios, capital adequacy (CAR) ratio of Basel II at 10 per cent, compared to at least level 8 per cent stipulated by the State Bank of Viet Nam (SBV)," the bank said in a statement.

Following the Prime Minister's guidelines and the direction of the SBV, from the first quarter of 2020, VIB has actively supported to reduce interest rates between 0.5 per cent and 2 per cent for customers affected by the COVID-19 pandemic.

As of June 30, 2020, about 8,800 customers were granted over VND9.2 trillion of outstanding loans to counter the shock after the disease.

The bank also supported VND10.5 billion worth of medical masks and protective clothing to prevent COVID-19 in response to the campaign of the SBV. — VNS

News Related


Footwear exports over seven-month period fails to break US$10 billion mark

The opening seven months of the year saw leather and footwear exports only reach turnover of US$9.53 billion, therefore dropping out of the list of top ten export items exceeding US$10 billion which... Read more »

Over 70,600 Hanoians returnees from Da Nang test negative for COVID-19

Hanoi has managed to test 70,689 residents who recently returned from Da Nang by using quick testing methods and PCR diagnostics, with all the tests coming back negative, said Nguyen Khac Hien, director... Read more »

‘One-trillion-dong profit club’ led by Vinhomes JSC

The Vinhomes Ocean Park, a project developed by real estate firm Vinhomes JSC. — Photo Twenty-five companies have entered the “one-trillion-dong profit club” for January-June, despite the economy being ravaged by the... Read more »

One more Covid-19 patient dies in Vietnam

A 62-year-old woman with Covid-19 in Da Nang has been confirmed dead Tuesday, becoming the seventh fatality of the pandemic in Vietnam. Read more »

Flood maroons many places in Northern region, leaving two dead

Flood maroons many places in Northern region, leaving two dead Read more »

Seventh COVID-19 fatality recorded in Vietnam

A 62-year-old COVID-19 female patient in central Da Nang city died of serious underlying health conditions and the novel coronavirus (COVID-19), taking Vietnam’s death toll to seven, the Ministry of Health reported on... Read more »

Vietnam earns 1.76 billion USD from vegetable, fruit export in 7 months

Vietnam recorded a trade surplus of 6.5 billion USD over the past 7 months, much higher than the 2 billion USD figure in the same period of 2019, according to the Ministry of... Read more »

E-wallet firms battle for slice of cashless payment pie

E-wallets were gearing up the race for shares in cashless payment and eyeing rapid growth in the context of COVID-19 pandemic. — File Photo E-wallets firms are battling for a piece of the... Read more »

COVID-19: Vietnam reports 10 more cases

The Ministry of Health said on Tuesday morning there were 10 new cases of COVID-19, including 7 cases in Da Nang and 3 cases in Quang Nam linked to Da Nang Hospital. Read more »

Leading tour operator reports loss of US$3.4 mln

With COVID-19 precluding travel, Vietravel reported a first-half loss of VND80 billion (US$3.4 million), down from a profit of VND30 billion in the year-ago period. Read more »