National Citizen Bank to maintain growth momentum in 2019

10:00 | 27/04/2019
While the global and Vietnamese economies are both facing numerous difficulties, National Citizen Bank (NCB) still reported positive business results in 2018 and will make an effort to maintain this growth momentum this year.
national citizen bank to maintain growth momentum in 2019
National Citizen Bank held its annual shareholders' meeting on April 26

On April 26, NCB held its annual shareholders’ meeting to review its operations in 2018 and approve the development plan for 2019.

Notably, NCB’s positive business results in 2018 will contribute to its target for effective, stable, and breakthrough development for 2016-2022. Accordingly, it acquired VND224 billion ($9.7 million) in net profit and an on-year increase in pre-tax profit. Besides, the revenue from service fees and other services saw an increase of 40 per cent on-year.

By the end of 2018, NCB reported total assets of VND72 trillion ($3.13 billion) and mobilised VND56 trillion ($2.43 billion) from customers and issued loans worth VND35 trillion ($1.52 billion), up VND5 trillion ($217.4 million) and VND3 trillion ($130.4 million), respectively, on-year. Bad debts were controlled at the level permitted by the State Bank of Vietnam (SBV).

In last year, NCB focused on implementing strategic products like loans for customers to buy houses and private vehicles and issue advisory programmes for small and medium-sized enterprises. Especially, upgrading the NCB Mobile Banking App (NCB Smart) with new and friendly interface helped to lure in more customers to use the app with the total customer volume of 19,238, up 195 per cent on-year.

Besides, adding more utilities for the e-banking service while expanding the VNPayment e-payment system contributed to increasing the e-payment volume to VND10.59 trillion ($460.4 million), up 58 per cent on-year.

Aiming to become one of the leading retail banks by applying cutting-edge digital banking solutions and financial consulting services, NCB was honoured to receive the “Strong Vietnamese Brands Award” for four consecutive years by Vietnam Economic Times.

Besides, NCB gained public approval by being voted as one of the Top 50 most famous trademarks in Vietnam by Vietnam Intellectual Property Association, Top 500 Largest Enterprises in Vietnam by Vietnam Report, Top Vietnamese best places to work in 2018 by Global Business Magazine, Top banks for corporate social responsibility in Vietnam by Global Business Magazine, among others.

Reports showed that the economic growth in 2019 is on the rebound and the outlook seems brighter than in 2018. However, the global downtrend has impaired banking prosperity in general. In the context of this macroeconomic development, NCB would continue to follow the SBV’s monetary and credit policies to maintain sustainable growth in 2019.

NCB is expected to contribute to Vietnam’s socioeconomic growth, meet the need for financial assistance and give valuable support to enterprises. Specifically, NCB would be actively involved in the process of promoting issuing shares and co-operating with strategic investors to raise bank capital according to the approval of SBV.

At the meeting, SBV’s representative announced, “SBV acknowledged and highly appreciated the continuous efforts of NCB on efficient and compliant business activities, strictly following its regulations and the laws, training high-skilled human resources and bolstering the development of digital banking. We firmly believe in NCB’s future, adding value to shareholders, partners, and customers by fostering the issuance of shares.”

The meeting ended with high agreement of shareholders and NCB will concentrate on following through its strategic orientation by achieving sustainable growth and expanding market share through diversifying services and improving customer experience.

Furthermore, the expertise and success from the past reinforces NCB’s advantages to become one of Vietnam’s leading retail banks, with exceptional access to emerging markets by providing top-notch customer services with less hassle or paperwork via its mission “Your bank.”

By Kim Huong

Based on MasterCMS Ultimate Edition Ver 2.8 2018