Vietnam International Bank forecasts VND3.4 trillion profit before tax

KUALA LUMPUR, March 13 (Bernama) -- Vietnam International Bank (VIB) has released documents for its Annual General Meeting 2019, expected to be on March 28.

VIB has targeted its profit before tax of VND3.4 trillion, increasing by 24 per cent year-on-year. The total asset is predicted to reach VND182.91 trillion and total lending balance amounts to VND136.51 trillion. (VND1,000 = RM0.18)

Deposit only from tier 1 market is planned to achieve VND127.20 trillion and the bank expects to maintain bad debts at below two per cent.

VIB also plans to increase its charter capital by up to VND10.9 trillion and grant bonus shares for shareholders and private issue for investors. Nearly 10 per cent room of the bank are still available for foreign investors.

To optimise interests of its shareholders, the plan to list VIB’s shares on Ho Chi Minh Stock Exchange will be implemented.

Moreover, the bank also submits to the General Meeting of Shareholders to approve the election plan of BOD, BOS term VIII (2019-2023) with seven members of BOD (including two foreigners) and three full-time BOS members.

Meanwhile in 2018, the bank’s performance grew significantly in the last five years, exceeding in revenue and profits.

Profit before tax reached VND2.74 trillion, doubling year-on-year and achieved 137 per cent of the target. Total assets amounted to nearly VND140 trillion.

Last year, VIB was twice rated by Moody’s, based on the positive business results and financial strength.

The bank expects to pay cash dividend (5.5 per cent) and bonus shares to the shareholders (18 per cent), as well as over 7.7 million of treasury shares to reward employees.

-- BERNAMA