VPBank lifts curtain on high mobilisation rate

January 08, 2013 | 10:00

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VPBank has revealed high mobilisation and credit growth rates compared to its peers.

By the end of 2012, VPBank had mobilised capital of VND60,000 billion ($2.88 billion), an 88 per cent on-year increase.

The bank, in which Singapore’s Overseas Chinese Banking Corporation (OCBC) holds a 15 per cent stake, saw its total outstanding loans grow by 16 per cent. This is almost double the banking system’s 8.91 per cent total credit growth in 2012.

In mid-August 2012, the State Bank approved to raise the bank’s credit growth limit to 30 per cent.

“The economy’s capital absorption ability did not allow VPBank to use up all our credit growth limit. Nevertheless, this result is a positive one given the current economic situation and it has shown the bank’s outstanding efforts,” said Nguyen Duc Vinh, general director of VPBank, who took up the position ago after being Techcombank’s CEO.

In 2012, the bank’s total assets also increased to VND98,000 billion ($4.7 billion), up 22 per cent on-year. The bank already raised its chartered capital to VND5,770 billion ($277 million) from VND5,050 billion ($242 million) early last November. In 2012, the bank set the targeted consolidated profit of VND1,300 billion ($62 million).

According to Vinh, 2013 would continue to be a difficult year for the economy, but less difficult than 2012.

“In 2013, VPBank will focus on developing the small- and medium-sized enterprises segment and focus on retail banking,” said Vinh.

VPBank is one of five banks that have just received the National Brand Award for 2012.

By Trinh Trang

vir.com.vn

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