ABBANK plans to increase its charter capital to over VND9.4 trillion (US$408.08 million) and targets higher business goals. — Photo courtesy of the bank

An Binh Commercial Joint Stock Bank plans to increase its charter capital to over VND9.4 trillion (US$408.08 million) from the current VND5.7 trillion ($247.6 million) by the end of this year.

This was approved at its annual general meeting in Ha Noi last week, where shareholders also approved business targets for this year and a number of other important proposals.

The targets include a 44 per cent increase in pre-tax profits to VND1.97 trillion ($85.6 million) and keeping the return on equity at 16.9 per cent, return on assets at 1.3 per cent and non-performing loans ratio at under 3 per cent.

In its five-year business plan for until 2025 ABBANK eyes a place in the top eight private banks with the best ROE, an active customer base of two million, and revenues from services and personal customer segment accounting for at least 20 per cent and 70 per cent.

It has also identified improving service quality and increasing the number of products used per customer as among the key tasks in the coming period, thereby helping increase its earnings from services.

To achieve the goals, it will accelerate digitisation of its products and services and internal operations activities. It has also invested in developing specialised products, and wants to further exploit services related to guarantee, international payments, foreign currency trading, insurance, bonds and traditional customers in the electricity sector.

Dao Manh Khang, the bank’s chairman, said: "2021 will open a new period for ABBANK with greater strides in core competencies as well as digitisation of banking and financial services.” — VNS