VIB toasts a largely prosperous 2010

VIB Bank

The bank (VIB) reported total asset value of approximately VND94 trillion ($4.54 billion). The figure is up 65.9 per cent against 2009 and 22 per cent surpassing the projection.

Outstanding loans came at VND41.7 trillion ($2 billion) , up 57.6 per cent on-year and total mobilised capital hit VND61 trillion ($2.94 billion), up 78.3 per cent against 2009 and 17.3 per cent more than projection.

VIB raked in VND1,057 billion ($51 million) in pre-tax profits, 11.2 per cent over projection. The bank’s total chartered capital climbed to VND4 trillion   ($193 million) by September 2010 and its ownership capital totalled VND6.5 trillion ($314 million) by the year’s end.

“VIB’s achievements in 2010 were the offspring of our concerted efforts over the past years,” said VIB general director An Thanh Son.

Accordingly, from early 2010 VIB embraced on a series of projects to ensure effective implementation of its business strategy.

Significantly, in respect to branch system reshuffle VIB introduced a fresh business and service model to bring a face-lift to the workplace and put into place a smart business culture in which customers held the central role in all business transactions.

On September 1, 2010 the Commonwealth Bank of Australia (CBA) became VIB’s strategic partner through holding 15 per cent stake in VIB in the initial stage, which will increase to 20 per cent in early 2011 after getting the nod from the State Bank and the prime minister.

The strategic tie-up was expected to help VIB bolster expertise in capital sources, technology and risk management and ensure success of its long-term initiatives and strategies, particularly bringing VIB’s service quality to a new height.

“2010’s achievements, alongside careful preparations to take up business opportunities and advancements in materialising our business strategy to 2013 will be a firm foundation for the bank to maintain high and stable growth in the forthcoming years,” Son said.