VIB's CEO Han Ngoc Vu delivers his speech at the ceremony in Hanoi (Photo courtesy of VIB) Hanoi (VNA) - VietnamInternational Bank (VIB) has become the first bank in Vietnam to complete thethree pillars of Basel II, which are minimum capital, supervisoryreview and market discipline.
Basel II is the second editionof the Basel Accords, which are recommendations on banking law and regulationsissued by the Basel Committee on banking supervision. It aims to enhancecompetition and transparency in the banking system and make banks more resistantto market changes.
During an recent announcementceremony in Hanoi, Tran Dang Phi from the State Bank of Vietnam (SBV) said hebelieved VIB's completion of Basel II pillars marks an important foundation forthe bank, supporting safer and more efficient business activities.
VIB has embarked on the BaselII journey since early 2018 and became one of the first banks in Vietnam tofully comply with Circular 41 and now Circular 13 before the regulator’sdeadlines.
At the event, the bank’s CEO HanNgoc Vu said VIB considers the implementation of all Basel II threepillars as one of the important tasks in the long-term for the bank's riskmanagement.
The bank posted revenue of morethan 5.87 trillion VND (252 million USD) and pre-tax profit of 2.33 trillionVND (100 million USD) in the past nine months of 2019.
Total assets amounted to nearly176 trillion VND (7.6 billion USD) while the bank’s credit outstanding balancereached 127 trillion VND (5.5 billion USD).
Non-performing loans decreasedto 1.78 percent as of September 30 from 2.24 percent at the beginning of thisyear. Its equity saw a yearly increase 17 percent to 12.5 trillion VND (539million USD), of which charter capital topped 9.24 trillion VND (398.5 millionUSD), up 18 percent year-on-year./.
VNA
