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Vietnam Banking News

Vietnam Business » Vietnam Banking News » VIB plans to reach 2010 pre-tax profit of 906.7b dong

VIB plans to reach 2010 pre-tax profit of 906.7b dong

Vietnam International Commercial JS Bank (VIB) yesterday organised the 2010 annual shareholder meeting in which the chair Han Ngoc Vu reported that the bank last year reached total assets of 56.639 trillion dong, a year-on-year growth of 63.1 percent, total deposits of 1 at 34.210 trillion dong, total outstanding loans of 27.353 trillion dong, pre-tax profit of 614.3 billion dong, up 166.5 percent against 2008 and bad debt ratio of 1.27 percent.

Currently the bank has 117 business sites in 27 cities/provinces with nearly 2,500 staffs.

Last December, after issuing extra 60 million shares to the existing shareholders, VIB Banks chartered capital increased to three trillion dong. The bank plans to offer 20 percent of three trillion dong to a foreign strategic shareholder but the plan yet to be fully completed.

In late 2009, VIB also established VIB Asset and Debt Management Co Ltd (operating under the one member limited company) with an initial chartered capital of 50 billion dong.

On March 17, VIB-Ngo Gia Tu Co kicked off work on VIB-NGT building at No 16 Phan Chu Trinh St, Hoan Kiem Dist, Hanoi, which will become the headquarter of VIB later.

This year VIB could hike its chartered capital from current three trillion dong to 4.250 trillion dong through three share issue phases. Firstly, the bank will issue 40 million more shares to the existing shareholders to raise capital from three trillion dong to 3.4 trillion dong. Secondly, VIB will retail 60 million shares to the foreign strategic partners. If calling capital from a foreign strategic shareholder or negotiations between two sides is not successful, VIB will delete the second capital increase phase and only reach the maximum chartered capital of 3.4 trillion dong in 2010 fiscal year.

Lastly, 25 million odd shares of VIB will be offered to the foreign strategic shareholder who bought shares of VIB in the second phase. Thanks to this, foreign strategic holding in VIB could be raised to maximum 85 million shares equalling to 20 percent of a 4.250 trillion dong chartered capital. Similar to the second phase, if facing inconveniences, the maximum chartered capital of VIB in 2010 will be only 3.4 trillion dong (ending phase 1) or four trillion dong (ending phase 1 and 2) in 2010 financial year.

In addition, Han Ngoc Vu revealed, his bank has not been able to list on the stock market because the negotiations with foreign strategic shareholder have not come into fruition. "We are [VIB] seeking a foreign strategic partner", he said.

Vietnam Business And Financial News Network. Source [intellasia.net]

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