VIB pays impressive dividend in 2016

22-Jul-2016 Intellasia | Dan Tri | 6:00 AM Print This Post

The Vietnam International Commercial Joint Stock Bank (VIB) has released its unaudited business results in the first six months of 2016. Accordingly, the bank attained 303 billion dong profit, up by seven percent compared to the same period of last year and completed 45 percent of the annual profit plan.

VIB’s outstanding loans reached 51.319 trillion dong, up by 7.4 percent, higher than the average level of the system. The bank’s outstanding deposits grew by 7.4 percent, reaching 57.248 trillion dong. The income from fees and services rose by 41 percent compared to the same period of last year. As of late June 2016, the total assets of VIB reached 86.775 trillion dong, up by three percent compared to late 2015.

The financial statement of VIB also showed that the bank’s bad debt ratio as of June 30th was 1.84 percent, while it was 2.05 percent at the end of the first quarter and 2.07 percent at the end of 2015. The capital adequacy ratio of VIB continued to be in the leading group of the market, reaching over 16 percent.

Recently, the bank has made dividend payment at 8.5 percent in cash and expected to pay an addition of 16.5 percent in bonus shares according to the approval of the Shareholders Committee. This has increased the dividend payment rate of VIB in both cash and bonus shared to 24-25 percent in two consecutive years.

Previously, the Board of directors for the new term was elected at the bank’s shareholders meeting in April 2016. In particular, there are eight members in the board, including two members from the bank’s strategic partner – Commonwealth Bank of Australia (CBA), and two new independent members – Ian Park (from New Zealand) and Tran Tuan Phong.

The bank’s Supervisory Board remained unchanged with two full-time members and one member from the CBA.

The members of VIB’s Board of directors, Supervisory Board and Managing Board will continue to direct VIB to follow advanced management standards, approaching international standards. This is one of the reasons the prestigious magazine the Banker awarded VIB as the 2015 Vietnam Bank of the Year and the credit rating Moody’s set high ranking for VIB.

In the first six months of 2016, VIB grew strongly and stably in the banking technology area with growth rate of 140 percent of the products sold through online channel. The use of mobile banking and online banking applications also increased significantly by respectively 89 percent and 20 percent compared to the same period of 2015.


Category: Finance, Vietnam

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