VIB to repurchase bad debts from VAMC

After a period of actively selling non-performing loans to the Vietnam Asset Management Company (VAMC), Vietnam International Bank (VIB) and local banks are buying back the debts from the VAMC to self-handle.

The State Bank of Vietnam and the VAMC have just approved and recognized VIB as one of banks buying VAMC bonds before schedule, including Vietcombank, Techcombank and Military Bank of Vietnam.

Previously, VIB has released financial report of 1H 2018 which was reviewed by Ernst & Young, with profit of VND1,151 billion, grown 3 fold YOY and 57% of the year plan. Net sales reached VND2,700 billion, increased 56% YOY. Lendig reached VND91,700 billion, up 8.9% of which retail banking increased 25% comparing to the beginning of the year and over 74% YOY. CAR was maintainded at 12.5%. The cost-to-income ratio (CIR) at 49%.

Since 2015, VIB has reached lending growth of over 25%, of which retail banking accounted for more than 70% of total lending as well as there was no bad debts at VAMC, VIB has become one of the market leaders in retail banking business, with highest rate in both scale and quality among joint stock commercial banks and contributes high proportion of revenue growth and profit. The bank expected that 2018 profit before tax would be over VND 2,500 billion, by 70% YOY.

VIB is also one of the top of digital banks with MyVIB mobile banking application, that developed under the co-ordinated design of digital banking experts from Commonwealth Bank of Australia (CBA) as the largest bank of Australia. MyVIB has received many prestigious international awards from 2016 to 2017

Currently, VIB has a total assets of VND127 trillion, in which equity is VND9,660 billion with a network of 162 branches in 27 key cities. VIB has serving 2 million individual customers and tens of thousands of corporate customers. VIB has a strategic shareholder which is Commonwealth Bank of Australia (CBA) as one of the 15 largest capitalization banks in the world.