VPBank to continue impressive growth
With its efforts to overcome difficulties affecting the economy in general and the finance and banking sector in particular, Vietnam Prosperity Joint-stock Commercial Bank (VPBank) continues to achieve impressive growth in 2013, particularly in the size of loans, deposits and customers.
In 2013, there was an increase in VPBank’s total debit balance of more than 30%, in customer mobilization of more than 35%, in total assets of 16.4%, and in profit before tax of over 30 % compared to 2012. VPBank also satisfied the objectives as approved by the General Meeting of Shareholders. Regarding the number of customers, VPBank currently has 450,000 active customers, which has increased sharply compared to 2012 by nearly 60%.
In 2013, VPBank has launched the Priority Customer Center, new card products namely VPBank Lady, VPBizcard , VPBank Smartcash, etc aiming to bring new experiences and products suitable for each customer segment, especially focusing on female customers, the young, as well as small and medium enterprises.
Year 2013 also recognizes VPBank’s powerful transformation in operation model towards centralization, specialization, heading towards a modern retail bank capable of fast extension while ensuring risk control. Moreover, VPBank has also paid special attention to strengthening human resources in 2013, recruited more senior staff, including experienced foreign experts from organizations such as McKinsey, Citibank, ING, Alliance Bank, etc. Besides, the key positions in the operation machine have also been supplemented to ensure a continuous and professional operation system and create a new spirit and a new life for VPBank.
“Year 2013 marks a milestone in VPBank’s development history as we celebrate 20 years of age with stable growth and consolidation in all aspects, prepare intensively and invest in foundation system in both width and depth towards a powerful development in the future,” said Mr. Nguyen Duc Vinh, VPBank’s CEO.
As the recognition of VPBank’s development, reputation and service quality in 2013, many domestic and foreign organizations have honored VPBank in ranking and voting programs, including Straight - Through - Processing (STP) Award by Citibank; Most Satisfactory Banking Services Award 2013 by the Vietnam Economic Times; Typical Brand 2013; Most Innovative Retail Bank Vietnam 2013 by Global Banking & Finance Review; STP (Straight-Through-Process) Award 2012 by the Bank of New York Mellon (BNY Mellon).
Specifically, in October 2013, Moody's (a global credit rating firm) has assigned the first time ratings of B3 to VPBank with a stable outlook. The rating on VPBank deposit in VND is at B3, equivalent to Moody's ratings of BIDV, Vietinbank, MB, ACB, Techcombank, Sacombank. The bank financial strength rating (BFSR) is at E and baseline credit assessment (BCA) at Caa1, equivalent to 7 leading banks in Vietnam on Moody's rating list.
After more than 20 years of operation, VPBank has charter capital of over VND 5,770 billion with a network of over 200 transaction points in 33 cities and provinces, with over 4,000 employees. VPBank has also deployed the comprehensive transformation program with support from one of the world’s leading consulting companies since 2010, aiming to become one of the 5 leading joint-stock commercial banks, and one of the 3 leading retail joint-stock commercial banks in Vietnam. VPBank’s strategies focus on two points: Aggressive organic growth, especially on target customer segments; and Building strong foundation systems in terms of human resources management, information technology, finance, risk management, operation. Two target customer segments are namely personal and SME customers. In addition, VPBank will also exploit opportunities in the segment of large business customers and consumer credit.