VIB wins Bank of the Year 2016 Award for two consecutive years

The Vietnam International Bank was just honoured the prestigious award “Bank of the Year 2016” from The Banker, an English-language monthly financial affairs publication owned by Financial Times Limited, one of the world’s leading business news and information organisations.

The “Bank of the Year” is exclusively awarded to 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 most overall progress in the past 12 months.

Banks failing to satisfy The Banker’s judging criteria will not be invited for application. 

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

The entries are discussed at length and the judging process takes several weeks or more. In cases of doubt, their research team will go back to the bank or banks in contention for further information.

This is the second consecutive year the bank (VIB) has won the award. It is also the first time in Vietnam when a local bank was awarded by The Banker for two consecutive years.

In addition to VIB’s efforts in business operations reflected by Tier 1 capital, total assets, net profit, ROE and non-performing loan ratio, The Banker highly praised VIB for its transparent management model, sustainable growth strategy, and efficient support for start-up and SMEs.

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 helps the bank make a difference on the market.

According to the business result achieved by VIB in the first 10 months of 2016, the bank’s total assets and capital adequacy ratio (CAR) reached VND93,079 billion ($4.23 billion) and 14.46 per cent, the bank's equity reached VND8,381 billion ($381 million), respectively, while its non-performing loan ratio decreased sharply to 1.49 per cent.

VIB is one of 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 is a bank that has the highest readiness level with its CAR of approximately 13 per cent according to Basel II standards.

Specially, 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 VND5,644 billion ($256.5 million) 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 solidly be among Vietnam’s top banks with the best credit ratings in the market.

By Mai Thuy / vir