Eximbank went beyond all expectations in 2017
Overcoming various obstacles and difficulties in 2017, Eximbank went out of their way to achieve certain proudly positive results. In particular, the pre-tax profit reached over VND 1000 billion, more than 2.5 times that of 2016 and increased 69% comparing to initial plan. The bad debt ratio dropped sharply to 2,23% (comparing to 2,95% at the beginning of the year)
According to Le Van Quyet, Eximbank’s General Director, with the optimistic financial results in 2017, Eximbank also completed the adjustment of capital structure and credit structure to ensure following strictly the capital adequacy –related regulations of The State Bank of Vietnam. In addition, the cumulative loss and the warning of The Stock Exchange imposing on the EIB stock for two years will be removed soon.
In 2018, following the overwhelming success of solid operating results in 2017, Eximbank will emphasis on addressing the unsolved problems in the restructuring process to attain the stable and sustainable growth. In specific, Eximbank will concentrate on 3 key objectives:
– Firstly, put priorities on dealing with bad debts and non-performing assets.
– Secondly, expand operation network in high potential areas and gradually narrow the gap between Eximbank and competitors.
– Thirdly, implement the New Eximbank project to enhance the quality of management, operation, efficiency and productivity in the whole system.
Good news releases: SMBC shows strong commitment to supporting Eximbank
Yutaka Moriwaki, member of Board of Directors of Eximbank cum Head of The Restructuring Project On the behalf of SMBC, shared some key activities deployed in 2017:
– Wholesales customers: Established the Wholesale Customer Department and FDI, strengthened the capacity of commercial financing solutions.
– Retail customers: Established the Retail Business Development Department and Treasury Department, launched Daimler auto loan center.
– Internal management: Completed the well-developed KPI and the performance evaluation process (PEP), hired consultants to advance the compensation policy, reorganized and reduced the number of deputy general manager, hired the consulting firm to reform the credit process.
It is worthwhile to note that SMBC intends to increase the shareholding percentage to reflect clearly their commitment to Eximbank in particular and the Vietnamese economy in general.