HANOI, Vietnam, Jan. 18, 2019 /PRNewswire/ -- Vietnam International Bank (VIB) on 17 Jan 2019 announced its annual financial results of 2018. Accordingly, profit before tax reached VND2,741 billion, growing by 95% year-on-year and 37% higher than the plan. This is the second consecutive year that VIB's profit rate grew by approximately 100%.
Revenue increased by 48%, in which interest income and non-interest income increased by 40% and 92%, respectively. Non-interest income contributed 20% to total revenue. Cost to income ratio (CIR) reached an efficient level of 44%, reducing by 13% year-on-year. Return on equity (ROE) sharply increased to 22.5%, among banks with the highest ROE.
Retail banking business continued making key contribution with revenue grew up by 90%. Wholesale banking and Treasury banking businesses also gained significant growth in profit of 22% and 49%, respectively.
On 31 Dec 2018, total asset of the bank reached nearly VND140,000 billion. Deposit rose by 22.7% year-on-year. Lending balance reached VND98,933 billion, up 17.5%, of which, retail lending balance was VND74,300, rising by 48% in 2018 after having risen by 83% in 2017. Thanks to this impressive growth rate, VIB surpassed many big joint stock banks in terms of retail lending balance and affirmed its position as one of the joint stock banks with high retail lending market share.
VIB's equity is VND10,662 billion. Capital adequacy ratio (CAR) under Basel II was 10.2%. Non-performing loan ratio (NPL) is 2.2% with zero legacy loan sold to VAMC.