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| Currently, VIB has a network of 162 branches in 27 key cities. - VNS Photo |
Viet Nam News
HÀ NỘI — Ratings agency Moody’s Investors Service has announced its ratings report on Vietnam International Bank, also known as VIB, and other local banks in Việt
Moody’s has upgraded the VIB’s long-term local and foreign currency bank deposit and issuer ratings to B2 from B1.
The ratings agency has also changed the outlook for the local currency deposit and local and foreign currency issuer ratings of VIB from positive to stable. All other ratings were maintained.
As of June 30, 2018, VIB’s total assets had reached VNĐ127.24 trillion (US$5.8 billion).
During the first half of 2018, the bank’s lending increased by 9.3 per cent to VNĐ87.3 trillion while deposits grew 10.2 per cent to VNĐ75.3 trillion.
In the first half of the year, VIB tripled its pre-tax profit from a year earlier to VNĐ1.15 trillion, equivalent to 57 per cent of its 2018 target.
The bank expects its pre-tax profit to reach over VNĐ2.5 trillion by the end of the year, 25 per cent higher than the target set by its shareholders.
Earlier this month, the bank announced that it had repurchased more than VNĐ1.46 trillion worth of debt from the Việt Nam Asset Management Company (VAMC).
With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which repurchased all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. — VNS
