Moody’s takes rating actions on VIB

Ratings agency Moody’s Investors Service has just announced its ratings report on Vietnam International Bank, also known as VIB, and other local banks in Vietnam.

Moody’s has upgraded the long-term local and foreign currency bank deposit and issuer ratings of VIB to B2 from B1.

The ratings agency has also changed the outlook for the local currency deposit and local and foreign currency issuer ratings of VIB to stable from positive. All other ratings were affirmed.

Until June 30, 2018, VIB’s total asset has reached VND127,238 billion, up 3.4% year-to-date. In the first half of the year 2018, the bank’s lending increased by 9.3 to VND87,283 billion; deposits grew 10.2% to VND75,331 billion. In 1H 2018, VIB tripled its pre-tax profit from a year earlier to VND1.151 billion, equivalent to 57% of its 2018 target.