The bank's representative reports 2018's business results at the meeting. — Photo courtersy of the bank

HÀ NỘI – The National Citizen Bank (NCB) has approved its main business tasks for 2019, including a capital hike and restructuring plan, in its annual shareholders’ meeting on Friday in Hà Nội.

Việt Nam’s economy is forecast to maintain positive performance in 2019, despite the many difficulties for the banking system.

To ensure its steady development, the bank will stick to the Government and central bank’s monetary and credit policies, contributing to the country’s socio-economic development and provide essential capital for enterprises.

The NCB will accelerate the process of issuing shares and co-operating with investors to increase charter capital in accordance with the plan approved by the State Bank of Việt Nam, a representative of the bank said at the meeting.

NCB’s charter capital has been VNĐ3 trillion (US$129 million) since 2011. Last year, the central bank approved the bank’s plan of raising charter capital to more than VNĐ5 trillion.

The bank has completed key business targets of 2018. It recorded net revenue from business activities of more than VNĐ224 billion ($9.6 million) and net profit of more than VNĐ36 billion, up 65 per cent year-on-year.

Most business activities such as service fees and net revenue from services achieved growth of 40 per cent compared to 2017.

Ending 2018, NCB’s total assets exceeded VNĐ72 trillion. Lending and capital mobilisation maintained growing momentum, of which deposits grew up VNĐ5 trillion to VNĐ56 trillion and lending to customers reached VNĐ35 trillion, up VNĐ3 trillion compared to 2017.

The quality of the asset balance sheet continued to improve and the bad debt ratio was controlled in accordance with the central bank’s regulations.

For each customer segment, the bank focuses on different products, such as home and car loans for individual clients and financial consultancy for small and medium enterprises. They are the main source of the bank’s revenue.

The NCB is also developing digital banking services, with NCB Smart upgraded to be more attractive and user-friendly. The digital banking service has attracted nearly 19,300 customers in 2018, up 195 per cent against 2017.

In addition, other e-banking services and connection with online payment gateway VNPayment has been expanded. As a result, total revenue from online payment transactions reached VNĐ10.6 billion last year, up 58 per cent year-on-year.

The NCB aims to be an effective retail bank, leading in digital banking and making it different by developing a smart financial advisory model.

The bank has been honoured by several prestigious titles, including Top 50 famous Vietnamese brands by Vietnam Intellectual Property Association, Top 500 Việt Nam’s largest enterprises by Vietnam Report, the best work to place in Việt Nam in 2018 by Global Business Outlook Magazine.

Speaking at the meeting, the representative of the State Bank of Việt Nam said: “As the representative of a State agency, I acknowledge and appreciate the efforts of NCB in developing safe, efficient and policy compliance business activities. I believe the bank will continue its strong development in the future. ” — VNS