At the Annual General Shareholders Meeting of Vietnam International Bank (VIB) in HCMC on March 28, 2019, shareholders of the bank have approved the business plan for 2019, which includes a pre-tax profit of VND3.4 trillion (US$146 million), up 24 per cent from last year, and VND182.9 trillion in total assets.
Shareholders also approved the plan to pay dividends at a 26.5 per cent rate in 2019, including 5.5 per cent in cash, 18 per cent in bonus shares and 3 per cent in treasury shares.
They also agreed to increase the bank’s charter capital to VND10.9 trillion from VND7.84 trillion and use more than 7.7 million of treasury shares worth VND175 billion to reward employees.
Shareholders also passed other important business targets, including that deposits will reach VND127.2 trillion and non-performing loans will be kept at below 2 per cent.
Dang Khac Vy, Chairman of the Board of Directors has briefed the meeting on the bank’s 10-year transformation strategy from 2017 to 2026, with a focus on customers, products and personnel resources.
VIB has built and implemented a model that shares profits and maintains quality services. It has also paid attention to developing competitive and innovative products.
The bank has focused on improving the capacity of employees and providing attractive welfare packages, Vy said.
He said VIB’s profit targets are usually modest and cautious.
In 2017, its pre-tax profit reached VND1.4 trillion and exceeded 87 per cent of the target. In 2018, pre-tax profit hit VND2.74 trillion.
The VIB leader expected pre-tax profit in 2019 will be 20-30 per cent higher than its plan.
At the meeting, Michael John Murphy, Member of the Board of Directors, the representative of Commonwealth Bank of Australia (CBA), the largest shareholder at VIB told Vietnam Insider that, “We have been with VIB for more than 10 years and we are totally happy with our investment as the bank has significant transformed over the last few years and it has growth potential”.
VIB is one of the leading commercial joint stock banks in Vietnam, which provides banking products and services to organizations and individuals. It offers current accounts and term deposits; mortgage loans; personal loans; auto loans; micro SME loans, fixed asset investment loans, working capital loans, overdrafts, medium and long term corporate loans, project finance, corporate bonds, factoring, and hotels and apartment financing; Internet and mobile banking services; and debit, credit, and prepaid cards. VIB also offers insurance products; trade finance and guarantee services; payroll and remittance services; and foreign exchange and hedging services. It operates approximately 164 branches and transaction offices in 27 provinces and cities in Vietnam. The bank was founded in 1996 and was headquartered in Hanoi, Vietnam and relocated its headquarter to Ho Chi Minh City in November 2018.
- Vietnam Insider