Representative from VIB receives the award. (Photo: VIB)

Hanoi (VNA) - Vietnam International Bank (VIB) has won the “Bank of the Year 2016” award, making it the first local bank to receive the prestigious award for two consecutive years.

The award was presented by The Banker (Financial Times) magazine in London (United Kingdom) on December 7.

In addition to VIB’s efforts in business operations reflected by Tier 1 capital, total assets, net profit, return on equity (ROE) and non-performing loan ratio, The Banker highly praised the bank for its transparent management model, sustainable growth strategy, and efficient support for Start-up and small and medium-sized enterprises.

Besides, VIB’s application of advanced banking technologies, continuous innovation, and efficient and effective marketing activities during the year based on its understanding of market segments were also well recognised by The Banker, which then helped the bank make a difference on the market.

Over past 10 months, the bank’s total assets and capital adequacy ratio (CAR) reached more than 93 trillion VND (over 4 billion USD) and 14.46 percent, respectively and the bank's equity reached 8.38 trillion VND, while its non-performing loan ratio decreased sharply to 1.49 percent.

VIB is one of the few local banks selected by the State Bank of Vietnam (SBV) to pilot Basel II. Among the banks selected for pilot implementation of the Basel II, VIB has the highest readiness level with its CAR of approximately 13 percent according to Basel II standards. Specifically, VIB’s advanced technology platform is also well in place for Basel II.

Previously, VIB was approved by SBV to increase its charter capital to more than 5.64 trillion VND in a move to help expand the bank’s business activities.

In the latest report by Moody’s, VIB had its credit rating upgraded to B2, making it continue to be in the top banks with the leading credit ratings in the market.

The “Bank of the Year” award is exclusively granted to the top bank in each country. It is the world’s longest running and most prestigious international banking title.

Each year, The Banker selects one winning bank for each of the countries judged. Over 1,000 applications from 154 countries are collected and judges select winning banks based on evidence provided to determine the bank in each country which saw the maximum overall progress in the past 12 months.

The judging is carried out by an editorial committee on the basis of submitted entries, data from The Banker's Top 1000 database and the editors' personal knowledge of the market.-VNA