VPBank toasted as Vietnam’s largest private bank on VNR500

Since 2016, VPBank has been a permanent fixture on the list of the best-performing local banks

This is the fourth consecutive year VPBank carved out a spot in the ranking.

According to Vietnam Report, the list and the ranking of businesses were drawn and assessed objectively and independently based on their actual revenue in the most recent year and growth pace in the previous years. Other criteria such as total asset value, total labour pool, ROA, ROE, and media reputation have also been used as integral auxiliary factors during the judging process.

Particularly, in the VNR500 ranking, VPBank came before every other private bank and placed fifth in the Vietnamese banking system, after four state-owned banks (Vietcombank, VietinBank, BIDV, and Agribank), and ranked 26^th among the top 50 largest Vietnamese firms, side-by-side with leading brands such as Vingroup, Doji, Truong Hai, Hoa Phat, and Vinamilk. This year, VPBank moved up three ranks against 2018 and eight ranks compared to 2016.

A VPBank representative said that their ranking in the recently-released VNR500 has objectively reflected their business efficiency.

In recent years, the bank has managed stable operations and been doing a smart job with exploiting diverse sales channels. It has secured great benefits from its digital ecosystem to bring extra benefits to customers.

Early this month, VPBank scooped up two awards, the Outstanding Digital Bank Award 2019 by IDG and Vietnam Banks Association, and the Vietnam Enterprise Innovation Award by Asia IoT Business Platform (AIBP) leveraging the bank’s laudable achievements in the application of science-technology initiatives to its operations.

Since 2016, VPBank has been consistently on the list of local banks with the best business performance. By the end of October 2019, the bank’s pretax profit reached VND8.423 trillion ($366.22 million), equal to 90 per cent of the full-year plan and a 26.4 per cent jump on-year.

Credit growth stood at 15.3 per cent, much higher than the sector’s average. Its total operating income has also topped the performance of local private banks, touching VND29.610 trillion ($1.29 billion) as of October 31, 2019, and up 20.8 per cent compared to the same period of 2018.

The VNR500 2019 awards ceremony will take place on January 9, 2020 at InterContinental Hanoi Landmark 72 in Hanoi.