Foreign bank "dumps" more than 300 million VIB shares, earns 5,300 billion VND

(NLDO) – The total amount of money that VIB 's strategic shareholder CBA received after the divestment deal at this bank is more than 5,300 billion VND.

At 10:30 a.m. on October 30, the price of VIB shares of the International Bank was at VND19,000, up 1.33% compared to the previous session. VIB shares continued to increase after the trading session with a "huge" volume of over 300 million shares.

A day ago, foreign investors agreed to sell 300 million shares of VIB, equivalent to more than 10% of the bank's charter capital.

On the same day, Commonwealth Bank of Australia (CBA) announced that it had sold about 10% of VIB's shares through the Ho Chi Minh City Stock Exchange (HoSE).

The transaction was made on October 29 and is expected to be settled on October 31, earning about 320 million AUD, equivalent to more than 5,300 billion VND.

VIB stock price still increases for the second consecutive session after strategic shareholder divests capital

According to CBA's announcement, the divestment is in line with the bank's strategy to focus on its business activities in Australia and New Zealand. After the transaction is completed, CBA will still hold approximately 5% of VIB. CBA is one of the leading banks in the Asia- Pacific region and ranked 13th globally.

Regarding VIB's business activities, the business results report for the first 9 months of 2024 shows that outstanding credit increased by nearly 12%, higher than the industry average of 9%. In the third quarter alone, VIB's credit growth reached nearly 7% and was one of the retail banks with the best credit growth in the industry. VIB's capital mobilization increased by 8%, nearly double the industry average, meeting capital needs for credit activities.

However, VIB's pre-tax profit after the first 9 months of the year reached 6,600 billion VND, down 21% over the same period.

The bank explained that the profit decrease was due to interest rate support, expansion investment and cautious provisioning with a provisioning level of about VND3,230 billion, an increase of 2% along with a higher provisioning coverage ratio compared to the same period.

Source: https://nld.com.vn/ngan-hang-nuoc-ngoai-xa-hon-300-trieu-co-phieu-vib-thu-ve-5300-ti-dong-196241030105135842.htm