AGM 2019: VIB pays cash dividend in four consecutive years

This is the first time VIB has held its AGM in Ho Chi Minh City

Also, the meeting (AGM) passed all reports and proposals of the Board of Directors (BOD), the Supervisory Board (BOS), as well as approved the members of BOD and BOS in the new management term.

According to the AGM prospectus, VIB’s performance in 2018 was the most upbeat in the last five years with exceeding revenue and profit targets.

In particular, its pretax profit reached VND2.743 trillion ($119 million), doubling year-on-year and equal 137 per cent of the target; total assets reached nearly VND140 trillion ($6.08 billion); lending growth reached 17 per cent and non-performing loan was kept at 2.2 per cent.

VIB has bought all bad debts from state-owned Vietnam Asset Management Company (VAMC) and also became the first commercial joint stock bank to be approved by the State Bank of Vietnam to apply Basel II.

After receiving 41 per cent of cash dividend and bonus shares in 2018, VIB’s shareholders agreed with the plan to pay 5.5 per cent in cash and 18 per cent in bonus shares and 3 per cent in treasury shares in 2019.

Dang Khac Vy, chairman of the BOD, shared VIB’s 10-year transformation strategy lasting from 2017 to 2026, focusing on customers, products and humans.

To customers, VIB has built and strongly implemented a win-win model, sharing profits and maintaining best quality services. To products and services, VIB has always targeted to have preeminent products, which are highly competitive, innovative and pay due heeds to customers’ benefits.

To humans, VIB has focused on improving the capacity of employees, as well as giving the most attractive welfare package.

The bank has been operating in light of Vietnamese and international risk management standards, including Basel II and anti-money laundering (AML).

Regarding the bank’s profit target which was set at VND3.400 trillion ($147.8 million) in 2019, Vy said that VIB’s profit targets are usually modest and cautious.

In 2017, its pre-tax profit reached VND1.405 trillion ($61 million) and exceeded 87 per cent of the target. In 2018, pre-tax profit hit VND2.743 trillion ($119.2 million), up 37 per cent of the goal.

The VIR leader, therefore, hopes their pretax profit in 2019 would be upped 20-30 per cent compared to the plan.

This is the first time of VIB to hold its AGM in Ho Chi Minh City after being approved by the central bank to relocate its headquarters to the city last November.