VIB posted profit of US$61.3 million in 2017
VIB`s pre-tax profit reached VND1.4 trillion (US$61.3 million) in 2017, double last year`s figure and exceeding 87% of the year plan, stated the bank at its annual shareholders meeting on March 29.
Consequently, the lender's total assets worth VND123.2 trillion (US$5.4 billion), while credit growth is set at 26%.
VIB's pre-tax profit reached VND1.4 trillion (US$61.3 million) in 2017.
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VIB is expected to pay 5% dividends in cash and 31% in bonus shares, combined with treasury stock as bonus for staff.
In 2018, VIB set pre-tax profit target of VND2 trillion (US$87.6 million). The lender also proposed 2 credit growth scenarios following the State bank of Vietnam's instructions at VND105.2 trillion (US$4.6 billion) and VND95.9 trillion (US$4.2 billion), respectively.
VIB's total assets are expected to reach VND150.2 trillion (US$6.5 billion), up 22% year on year. The Vietnamese lender set capital mobilization at VND100 trillion (US$4.4 billion), increasing 22% compared to previous year.
On the plan to increase equity, VIB's board set the maximum increase of VND2.4 trillion (US$105 million), equivalent to the issuance of 245 million shares.
VIB's decision to increase charter capital will allow the lender to be more flexible in capital utilization, expanding its customer base for lending and developing its network to meet customer demand.
With regard to the future listing in Ho Chi Minh Stock Exchange (HoSE), VIB first will look for partners to sell treasury stock and divide the bonus shares, said Dang Khac Vy, VIB board chairman at the meeting.
Substantially, the listing on HoSe will allow investors to have access in VIB's information, the market, according to Vy, will realize the true value and potential of VIB shares, which is expected to be much higher than the current market price of VND40,000 (US$1.75) per share.
Another bank, SHB, has successfully issued more than 83.92 million shares to pay dividends, raising its charter capital from VND11.2 to VND12 trillion (US$490-528 million), according to the State Securities Commission on March 7.
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