VIB shareholders approve dividend payouts of 26.5 per cent

Friday, Mar 29, 2019 19:10

VIB held its shareholder meeting in HCM City for the first time this year. — VNS Photo

Vietnam International Bank (VIB) received shareholder approval to pay dividends at a 26.5 per cent rate in 2019, including 5.5 per cent in cash, 18 per cent in bonus shares and 3 per cent in treasury shares.

At their meeting in HCM City on Thursday, shareholders approved the business plan for this year, which includes a pre-tax profit of VND3.4 trillion (US$146 million), up 24 per cent from last year, and VND182.9 trillion in total assets.

They also agreed to increase the bank’s charter capital to VND10.9 trillion from VND7.84 trillion and use more than 7.7 million of treasury shares worth VND175 billion to reward employees.

Shareholders also passed other important business targets, including that deposits will reach VND127.2 trillion and non-performing loans will be kept at below 2 per cent.

Dang Khac Vy, chairman of the VIB Board of Directors, briefed the meeting on the bank’s 10-year transformation strategy from 2017 to 2026, with a focus on customers, products and personnel resources.

VIB has built and implemented a model that shares profits and maintains quality services. It has also paid attention to developing competitive and innovative products.

The bank has focused on improving the capacity of employees and providing attractive welfare packages, Vy said.

He said VIB’s profit targets are usually modest and cautious.

In 2017, its pre-tax profit reached VND1.4 trillion and exceeded 87 per cent of the target. In 2018, pre-tax profit hit VND2.74 trillion.

The VIB leader hopes pre-tax profit in 2019 will be 20-30 per cent higher than the goal.

This is the first time VIB has held its annual general meeting in HCM City after being approved by the central bank to relocate its headquarters to the city last November. — VNS

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