ABBank pays 7.4 per cent stock dividend

Thursday, Jul 11, 2019 18:08

At an ABBank transaction office in HCM City. The bank has issued over 39 million shares to pay dividends for 2017, increasing its charter capital. — Photo courtesy of ABBank

An Binh Commercial Joint Stock Bank (ABBank) has paid a 7.4 per cent dividend for 2017 in shares.

The 39 million shares increased the lender’s charter capital from over VND5.3 trillion (US$229.13 million) to VND5.7 trillion ($246.16 million).

Dao Manh Khang, its chairman, said: “Increasing the charter capital plays an important role in creating a better financial foundation for ABBank. The consensus of shareholders in issuing shares to pay dividends and increase charter capital proved the trust and expectation of shareholders in ABBank’s development potential. ”

Among the bank’s strategic goals for this year are adopting digital banking technologies to come up with competitive products for the retail customer and small and medium-sized businesses, cut costs and improve efficiency and focus on risk management.

At its annual general meeting recently, shareholders approved a number of business targets for 2019, including deposits of VND82.6 trillion and loans outstanding of VND61.3 trillion.

The bank targets pre-tax profit of VND1.22 trillion, a 35 per cent increase from last year. — VNS

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