At a SHB transaction room. The lender has finalised the rights to pay a 2023 cash dividend at a rate of 5 per cent. — Photo courtesy of SHB

The General Meeting of Shareholders of SHB approved a 2023 dividend rate of 16 per cent, including 5 per cent in cash and 11 per cent in shares, which is expected to increase charter capital to VNĐ40.6 trillion.

On July 2, Saigon-Hanoi Commercial Joint Stock Bank (SHB) announced July 19 as the date when shareholders will get the 5 per cent cash dividend, with the payout scheduled for August 6. The record date is the date on which a company determines which shareholders are eligible to receive dividends or other distribution.

This decision follows the resolution of the 2024 Annual General Meeting regarding the 2023 dividend plan. The 2023 dividend rate of 16 per cent includes 5 per cent in cash and 11 per cent in shares, with the charter capital expected to rise to VNĐ40.6 trillion. SHB is finalising documents for regulatory submission and preparing for a 2023 stock dividend issuance at a rate of 11 per cent in Q3 2024.

Previously, the State Bank of Vietnam amended SHB's establishment and operation licence to record a charter capital of over VNĐ36.6 trillion, following the issuance of more than 43.5 million shares under the Employee Stock Ownership Plan (ESOP).

SHB’s 2024 plans include total assets exceeding VNĐ701 trillion. A 14 per cent growth in total credit balance (adjusted as per the State bank's approval) and a mobilisation of market 1 in line with actual credit growth. The pre-tax profit target is a 22 per cent increase, reaching VNĐ11.2 trillion, with a projected 2024 dividend payout rate of 18 per cent. — VNS