Vietbank targets 46% growth in profits, HOSE listing

Saturday, Apr 29, 2023 09:59

Duong Nhat Nguyen, Vietbank’s chairman, speaks at the 2023 annual general meeting on April 26. — Photo courtesy of the bank

Shareholders of Vietbank approved last year’s results, targets for this year, profit distribution plans, and other important proposals at its annual general meeting held online on April 26.

Duong Nhat Nguyen, the lender’s chairman, said last year pre-tax profits and total assets were up 3.2 per cent and 7.7 per cent to VND656 billion ($28.2 million) and VND111.3 trillion ($4.7 billion).

Deposits and loans outstanding were VND81.1 trillion and VND67.5 trillion, up 9 per cent and 19.2 per cent.

Its net interest income and earnings from other core business activities such as services and foreign exchange trading were all higher.

Its capital adequacy and liquidity ratios were within the levels stipulated by the State Bank of Vietnam.

In 2023 Vietbank eyes pre-tax profits of VND960 billion ($41.2 million), a 46 per cent increase from last year.

The bank also targets having assets of VND125 trillion ($5.3 billion), deposits of VND95 trillion ($4.1 billion) and loans outstanding of VND75.6 trillion ($3.2 billion).

It also hopes to expand market share, improve asset quantity and quality, and keep non-performing loans at less than 3 per cent as prescribed by the central bank.

Vietbank plans to switch the listing of its VBB stock from UPCoM to the Ho Chi Minh Stock Exchange at a favourable time.

It will increase its charter capital by over VND1 trillion ($42.9 million) through a share issuance to existing shareholders at a rate of 21 per cent to nearly VND5.8 trillion.

To accomplish the targets it plans to focus on developing a retail-oriented traditional customer base while prioritising production and service businesses, reduce the proportion of risky assets and improve profitability and further cut costs and improve operational efficiency indicators.

Nguyen said Vietbank is confident of achieving its targets.

The bank reported VND197 billion ($8.4 million) in pre-tax profits in the first quarter, up 74.3 per cent year-on-year. — VNS

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