Ho Chi Minh City, Vietnam, April 5, 2021 / PRNewswire / –
Vietnam International Bank (VIB, Vietnam – Stock Code: VIB) held the 2021 Annual General Meeting of Shareholders on March 24, 2021 in Ho Chi Minh City.
Summarize 2020 with impressive growth results sustained for many consecutive years
According to the meeting report, in 2020, the total assets of VIB increased by 33% compared to the beginning of the year, reached 245 billion VND. Pre-tax profit up 42% compared to 2019, reached 5,803 billion VND. With this profit, Return On Equity (ROE) reached 30%, helping VIB to maintain its position in the highest group in the banking industry in terms of business performance. Meanwhile, NPLs continued to fall below 1.5%.
VIB has established itself in the market as a leading retail bank with an average annual growth rate of over 50% over the past four years, ranked at the top of the industry with good asset quality . The retail outstanding balance accounted for 84% of the total outstanding balance, of which over 95% of retail loans have collateral.
VIB is one of the market leaders in scale, quality and growth rate of core retail banking products and services such as auto loans, mortgages, business loans, banking services. payment, deposits, insurance. The bank has also focused on investing and developing high-tech products and services.
VIB’s pioneering steps in digital transformation and the application of cutting-edge technologies have radically changed the user experience, especially in core consumer activities such as card payments and e-banking, and are helping to create a breakthrough in cashless payment technology. In particular, the MyVIB application was ranked as the best digital bank of the year and the best customer experience in Vietnam by The Asset magazine for four consecutive years.
As the first private equity-based commercial bank to complete the 3 pillars of Basel II standards, VIB continues to be a pioneer in the pilot application of Basel III standards in risk management. This demonstrates VIB’s commitment to international standards to ensure effective risk management coupled with strong quality growth.
VIB establishes business plan for 2021 to pursue sustainable growth, based on solid governance
VIB’s AGM agreed to approve the business plan for 2021. Specifically, total assets are expected to increase by 26%, bringing the bank’s assets to over 300 billion VND. Based on the credit growth limit approved by the State Bank of Vietnam (SBV), the credit balance is targeted to reach 225 trillion VND, equivalent to 31% – growth possible based on intrinsic skills. The capital balance should reach 235 trillion VND, equivalent to credit growth. Depending on the diversification of sources of income from credit activities and service fee income, the increase in the technological content of products and services, profit before tax is expected to increase by 29%, 7,500 billion VND.
The general meeting approved the capital raising plan via free shares and a public offer
With strong growth in recent years, as well as the bank’s financial potential and specific business strategies, VIB’s general assembly approved the capital increase plan, including the raising of capital through the payment of 40% share dividends and the issuance of additional shares. The charter capital expected after these capital increase plans is approximately 16,000 billion VND, optimizing the strong growth of total assets and respecting business security ratios in 2021.
Pursue the 2017-2026 10-year transformation journey, leader in terms of scale and quality in many key businesses
In a spirit of continuous innovation and creativity in the transformation journey, VIB focuses on the development of high-tech financial solutions to best meet clients’ needs and provide them with an exceptional experience.
The General Assembly also considered that the 2017-2026 10-year transformation journey will continue to demonstrate sustainable and customer-focused growth and affirm VIB’s leadership position in terms of quality and scale.
All the reports and proposals of the board of directors and the supervisory board have been approved by the shareholders of the 2021 general assembly of the VIB.
SOURCE International Bank of Vietnam