|Transactions are carried out at VPBank. The bank's pre-tax profits increase 30 per cent in 2013 over the previous year. -- Photo ndh.vn
HA NOI -- Vietnam Prosperity Joint Stock Commercial Bank (VPBank) announced impressive results last year despite the economic downturn that had severely impacted the financial sector.
VPBank's total debt balance rose 30 per cent, while its total assets increased 16.4 per cent; its pre-tax profits posted a 30 per cent rise over the previous year.
The bank last year met all of its set targets, boasting a customer base exceeding 450,000, a surge of 60 per cent over figures from 2012.
It also launched several products including the Priority Customer Centre, VPBank Lady card, VPBizcard and Smartcash, with an aim to bring new experiences and suitable products to each customer segment, especially for women, the youth, and small-and-medium-sized enterprises.
The bank also had a strong transition in their operating model, which focused on specialisation and centralisation as well as on building a modern retail bank.
It consolidated human resources by attracting high-ranking staff and foreign consultants.
VPBank was recognised by both domestic and foreign organisations for its development, prestige and provision of high-quality services and was awarded prizes for best payment bank, best service quality bank, typical brand, and the most creative retail bank.
Global ratings agency Moody's issued a B3 rating to the debt and deposits of the VPBank for both local and foreign currency for the first time, saying the outlook was stable.
The ratings took into consideration VPBank's relatively advanced governance standards and progressive management plan to modernise credit risk management and operational controls.
Its charter capital was VND5.77 trillion, with 200 units in 33 provinces and cities nationwide.
The bank's total assets of VND103 trillion (US$4.9 billion) position it as a mid-tier joint stock commercial bank. It aims to become one of the three largest commercial banks in the country. — VNS