VIB AGM: Journey to a large scale and quality retail banking
HANOI, Vietnam, July 7, 2020 /PRNewswire/ -- The Annual General Meeting (AGM) of Vietnam international bank (VIB) was held on June 30, 2020 in HoChiMinh City. The meeting passed all the reports and proposals of Board of Directors (BOD), control board (CB), including proposal about bonus shares and raising capital.
Reporting to the meeting, VIB's BOD said that VIB had a year 2019 with the strongest and highest growth in the past 5 years: Profit before tax reached VND4.082 billion, up 1.5 times compared to 2018, exceeded 120% of plan; total assets reached VND185 billion; credit outstanding balance was VND133 trillion, deposits from customer and valuable papers up 47% on year; non performing loan maintained 1,68% and no more VAMC. In 2019, VIB was the first Joint Stock bank to implement 3 pillars of Basel II with CAR ratios at 9,6%.
Regarding the 2020 business plan, BOD submitted to the AGM a credit growth plan of 24% depending on the approval of the SBV's credit growth target. Profit before tax in 2020 is expected to reach 4,500 billion, up 10% compared to 2019. VIB BOD also shared that profit in the first 6 months is expected to reach about 2,350 billion, up nearly 30% yoy, and reach 52% of the year plan.
Regarding the capital plan, the AGM has approved the plan to increase the charter capital to over 11 trillion by distributing bonus shares at the rate of 20%. The AGM also approved the plan to list on the HCM stock exchange (HOSE) by the end of this year after completing the capital raising procedures.
To become a large-scale and top-quality bank, VIB focuses on customers, product, service and digital banking with online selling platform - MyVIB application. During the Covid-19, VIB has offered the financial support package to cut interest rate from 0.5% to 2% for individual customers who have been affected by the Covid-19 pandemic. Besides, VIB has increased in investment and launched digital products and card products to encourage e-commerce and non-cash payment, and make economic stimulus. The bank self-diversified credit card line with outstanding features, which have never been introduced in Vietnam. With the new credit card Online Plus, VIB is the first bank to apply Big Data and AI technology in registering and managing credit cards in the market.
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