—
International Banker recently held its annual Banking Awards to acknowledge the top Asian and Australasian banking institutions and individuals. VPBank received awards in two categories: Best Commercial Bank of the Year Vietnam 2016 and Best SME Bank of the Year Vietnam 2016.International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions and individuals that have set the bar for industry excellence. The 2016 Banking Awards acknowledge the organisations and individuals within the banking and financial industries in Asia and Australasia that drive global economic commerce, create capital and opportunities for economic growth within their regions, set the benchmarks for technological advancement and customer service, while maintaining high levels of regulatory compliance and corporate governance. The standout institutions working within retail, commercial, investment and private banking are recognized with these awards. In addition, special awards are given to outstanding CEOs in each region.
Honoured with double awards to acknowledge and celebrate its innovation and leadership in the areas of commercial and SME banking in Vietnam, VPBank has achieved a prominent position on the 2016 International Banker Asia and Australasian Banking Awards list.
Vietnam Prosperity Bank is one of the first established joint stock commercial banks in Vietnam, having been in business for 23 years. And it has only been from 2010 onwards that VPBank has implemented its ambitious, full-scale plan to become a banking industry leader in Vietnam. The results being generated by VPBank must seem like just rewards for the effort and investment that the bank has put in—especially since 2010, when it adopted a new name and wholly new brand identity. In terms of achievable goals, it is aiming, by 2017, to become one of the five leading joint-stock commercial banks as well as one of the top three retail joint-stock commercial banks in Vietnam. Given the spectacular growth that the bank has managed in recent times, as well as the positive outlook for Vietnam’s banking industry in general, there is little evidence to suggest that VPBank won’t easily surpass all of the steep performance thresholds that it has set for itself.
Its spectacular results have truly cemented VPBank’s position as one of Vietnam’s top commercial banks. In 2015 the bank’s net worth swelled by 49 percent over 2014. Profitability also skyrocketed last year, with return on equity rising significantly and profit before tax nearly doubling. VPBank has maintained strong double-digit growth on its commercial banking business over the last few years. This year has seen a surge in the number of customers acquired by the bank, while deposit and lending balances of this segment achieved astronomical growth. One area on which the Bank has placed particular focus recently has been operational efficiency. It has principally done this by further cementing close partnerships with other VPBank units, and in doing so has streamlined credit-processing procedures and payment processes, as well as minimising the turnaround time in specific cross-divisional operations.
On the SME banking front, VPBank managed to sizeably grow profitability thanks to rapid loan-portfolio and deposit growth, and the maintenance of a high standard of credit quality with a low nonperforming-loan ratio. The strict management of operating expenses has also been particularly effective. New, innovative products have been introduced into VPBank’s offering, with the bank being one of the few among its peers to expand its unsecured business instalment-loan product into the micro-SME segment—an area that is considered to be underserved in the country at present. Other capital-financing products within the SME business have also enjoyed healthy growth in recent times, including business-finance loans secured by real estate and credit-program loans secured by other assets. The bank additionally introduced a business line, Household Banking, that aims to target the mass-market, self-employed sector within Vietnam, known as household customers. VPBank appears to be blazing a trail to provide banking solutions for this customer segment. Innovatively designed products and solutions have been developed that specifically support the country’s household and family businesses across a wide range of lending scenarios. The division’s brand, CommCredit, provides catered services that serve every stage of the customer’s lifecycle and development. The bank makes extra efforts, moreover, to ensure that repayment is simple, allowing customers more time to focus on their businesses.
For further information, please visit: http://internationalbanker.com/banking/vietnam-prosperity-bank-banking-industry-leader-making/
About International Banker: International Banker is the flagship brand of Finance Publishing. Finance Publishing is one of the world’s leading sources of authoritative analysis on finance, international banking and world affairs. It delivers information with excellence through a wide range of accessible formats, from websites, newsletters and magazines, to conferences.
Contact Info:
Name: Phillip Mann
Email: Send Email
Organization: Finance Publishing
Phone: +44 (0) 20 7887 2533
Website: http://internationalbanker.com
Release ID: 132061
Google
RSS