HO CHI MINH CITY, Vietnam--(BUSINESS WIRE)--Vietnam International Bank (UPCoM:VIB) has just released documents for Annual General Meeting 2019, expected to be organized on March 28.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190312005307/en/
2019’s VIB plan
VIB has targeted its profit before tax of VND3,400 billion, increasing by 24% year-on-year. Total asset is expected to reach VND182,908 billion and total lending balance amounts to VND136,509 billion. Deposit only from tier 1 market is planned to achieve VND127,198 billion. The bank expects to maintain bad debts at below 2%.
The bank plans to increase its charter capital up to VND10,900 billion, and grant bonus shares for shareholders and private issue for investors. Nearly 10% room of the bank still be available for foreign investors.
In addition, the plan to list VIB’s shares on Ho Chi Minh Stock Exchange will be implemented to optimize interests of its shareholders. Moreover, VIB also submits to the General Meeting of Shareholders to approve the election plan of BOD, BOS term VIII (2019-2023) with 7 members of BOD (including 2 foreigners) and 3 full-time members of BOS.
Positive business results in 2018
VIB’s performance in 2018 has grown significantly in the last 5 years with the exceeding in revenue and profits. In particular, profit before tax reached VND2,743 billion, doubling year-on-year and achieved 137% of the target. Total assets amounted nearly VND140 thousand billion; lending growth reached 17% and non-performing loan was remained at 2.2%. On July 2018, VIB became 1 of the first 5 banks to buy all bad debts from VAMC.
VIB has been recognized by international institutes and state management agencies as one of the best banks in term of quality and transparency. On November 2018, VIB became the first commercial joint stock bank approved by the State Bank of Vietnam to apply Basel 2. VIB has been twice rated by Moody’s based on the positive business results and financial strength.
VIB has been awarded as the most innovative workplace environment 2018 by International Finance Magazine in building democratic and convenience working environment, promoting learning culture and comprehensive welfare model, applying competitive remuneration regulation, paying salary based on the contribution.
VIB expects to pay 5.5% of cash dividend and 18% of bonus shares for the shareholders, as well as over 7.7 millions of treasury shares to reward employees.