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

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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

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