VIB to list 924.5 million shares on Vietnam’s main exchange

The Vietnamese lender was reported to have sent registration documents for listing shares worth nearly VND9,245 billion ($398 million) to the Vietnam’s main stock exchange on Monday.

It is expected that the share listing will be proceeded in November. The bank has its shares traded on unlisted public market since 2017.

In three years since after the listing, VIB reported pre-tax profit increasing from VND1,405 billion ($60.5 million) in 2017 to VND4,082 billion ($175.8 million) in 2019.

In the first six months of 2020, the lender's net income reached VND3,701 billion ($159.4 million), up 27% compared to the same period last year.

In 2020, VIB targets pre-tax profit of VND4,500 billion ($193.8 million). As of end of second quarter, it has completed over 52% of the whole year goal.

The lender was established in 1996 with an initial capital of VND50 billion ($2.1 million) and 23 employees. It increased charter capital to VND1,000 billion ($43 million) in 2006.

In 2009, it signed a strategic cooperation agreement with Commonwealth Bank of Australia and charter capital was increased to VND3,000 billion ($129.4 million).

On the UPCoM, price of VIB share increased 4% compared to the beginning of the year, with an average trading volume of more than 1.9 million shares per day. Currently VIB share is traded at around VND22,100 apiece ($0.95).