VIB reports third-quarter profit of VND2,147 billion – 70% of housing and car loans according to nguoiquansat.vn

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VIB third quarter profit of VND2,147 billion – 70% outlook for housing and car loans

VIB (HM:) is positioned as a retail bank and is facing a sharp increase in bad debt rates. Vietnam International Commercial Joint Stock Bank (stock code VIB) announced its third quarter financial report and operating results for the first nine months of 2023.

One of the criteria worth noting is profit. In the third quarter, VIB achieved an after-tax profit of VND2.147 billion, a year-on-year decrease of 3.9%. Thanks to growth in the first half of the year, VIB’s cumulative pre-tax profit in the first nine months of this year reached VND8,325 billion. After-tax profit reached VND6.66 trillion, a year-on-year increase of 6.5%.

Outstanding loans to customers As of the end of the third quarter, it reached VND2.4563 million, an increase of 5.9% from the beginning of the year, of which short-term debt accounted for 35% of the total outstanding customer loans.

At the end of the third quarter, total customer deposits reached VND213,534 billion, a year-on-year increase of 6.7%, of which demand deposits only accounted for 11.3% of total customer deposits.

It is worth noting that with its strategic positioning as a retail bank, VIB’s retail loan ratio accounts for 90% of total outstanding customer loans. Since 2019, VIB has gradually shifted customer loans to retail.

VIB’s retail loan portfolio includes home loans (54%); car loans (16%); business loans (19%) and card loans and other loans (11%).Total Home Loans and Auto Loans 70% Outstanding loans to customers. Among them, up to 77% are home purchase loans, and only 23% are construction and maintenance loans.

Card loans and other loans combined accounted for 11% of outstanding customer loans. VIB records show that as of the end of the third quarter of 2023, the number of cards in circulation was 670,000, an increase of only 3.1% from the end of the second quarter and an increase of 8.9% from the beginning of the year. The total amount of card consumption reached approximately VND24 trillion.

VIB’s bad debts also increased by 5.3% from the previous quarter, and were as high as 58.8% compared with the beginning of 2022. The bad debt ratio remained at a low level, rising from 1.79% at the end of 2022 to 2.27% at the end of the third quarter.

VIB said the outlook for credit growth in 2023 is 14.25%, lowering lending rates. At the same time, deposits increased by about 15%. It is worth noting that VIB will invest in technology and digitalization, with investment projects up to VND1 trillion.

Based on the above data, VIB expects pre-tax profits to reach VND 11 trillion in 2023.

VIB plummeted, chairman Dang Khac Vy’s family lost 1.1 trillion VND))>

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