A customer makes transaction at a branch of ACB in Ha Noi. In the first quarter this year, ACB’s pre-tax profit totaled VND3.1 trillion, 61 per cent higher than the same period of 2020. — Photo courtesy of ACB

The State Bank of Viet Nam has given the green light for Asia Commercial Bank (ACB) to increase its charter capital by more than VND5.4 trillion (US$235 million), by issuing 540 million shares to pay dividends, equivalent to 25 per cent.

Upon completion, ACB’s charter capital will increase from VND21.6 trillion to more than VND27 trillion. The Bank said the increase in charter capital is aimed at increasing medium and long-term capital sources for credit extension and investment in Government bonds, as well as for renovation and investment in strategic projects in the coming years.

In the first quarter of this year, the bank’s pre-tax profit totaled VND3.1 trillion, 61 per cent higher than the same period of 2020. Undistributed post-tax profit reached more than VND10.3 trillion.

As of March 31, total assets were reported at VND449.5 trillion, up 1.1 per cent compared to the beginning of the year. Customer deposits decreased by 0.3 per cent to VND352.2 trillion.

Outstanding loans to customers increased by 4 per cent to VND324.3 trillion. The bank’s bad debt stood at VND2.95 trillion, an increase of nearly 61 per cent compared to the end of 2020. — VNS