The Saigon-Hanoi Bank (SHB) successfully increased charter capital to over VND12 trillion (US$528.6 million).

According to the State Securities Commission, it received SHB’s announcement about the bank’s successful issue of more than 83.92 million shares to pay dividends, raising the charter capital from VND11.2 trillion to over VND12.03 trillion.

This increase was allowed as part of a plan approved at last year’s SHB shareholder meeting.

According to SHB, the capital hike will help the bank increase its capital utilisation, expand lending and develop its network to better meet the needs of customers.

SHB CEO Nguyen Van Le said that the issue of shares to increase the charter capital of SHB is necessary and important to help the bank modernise its facilities, improve governance and develop new products and services, thereby raising its competitiveness.

By the end of last year, SHB’s total assets reached VND277.99 trillion, placing it among the top 5 private commercial banks in Viet Nam. The bank last year posted a pre-tax profit of VND1.93 trillion, up 66 per cent against the previous year and 11 per cent higher than the yearly plan. — VNS