ABBANK holds its 2025 annual general meeting in Hà Nội on April 18, where shareholders approved various targets and business strategies. — Photo courtesy of ABBANK

HÀ NỘI — Shareholders approved ABBANK’s key business targets for 2025, including a whopping 131 per cent increase in pre-tax profits to VNĐ1.8 trillion (US$69.36 million), at its annual general meeting in Hà Nội last week.

The lender also targets increases of 5 per cent in deposits and issuance of valuable papers to VNĐ115.5 trillion ($4.45 billion), 16 per cent in loans outstanding to VNĐ127.8 trillion ($4.9 billion) and 13 per cent in total assets to VNĐ200 trillion ($7.7 billion).

It targets keeping its non-performing loan ratio at under 3 per cent and reducing it to 2 per cent.

Đào Mạnh Kháng, its chairman, said: “ABBANK aims for stronger growth in 2025 based on the solid foundation built in previous years, building on key achievements and bold transformation initiatives taken in 2024. ABBANK will continue to strengthen its internal capabilities, accelerate digital transformation, and pursue a sustainable development strategy in 2025.”

To achieve these targets, ABBANK outlined five strategic priorities for 2025: strengthening core business operations and restructuring its network to enhance the customer experience, streamlining its operating model to improve efficiency and align with modern development trends, enhancing business capabilities with a customer-centric, digital-first approach, reinforcing risk management and operational efficiency for sustainable credit growth, and promoting innovation and sustainable development aligned with environmental, social and governance (ESG) standards.

A key component of the bank’s strategy is deepening its understanding of micro-markets and tailoring financial solutions to specific customer segments.

This “customer insight” approach significantly contributed to its solid performance in 2024, with the number of retail customers growing by 7.17 per cent and SME clients by 4.81 per cent from 2023.

ABBANK also reported strong digital banking growth in 2024, driven by improved features on its digital app.

The number of digital users increased by 11.8 per cent and transaction numbers by 70.08 per cent.

Shareholders approved the bank’s proposal not to distribute profits for the year and instead use its entire undistributed profit of VNĐ2.3 trillion ($89.7 million) to bolster capital for future strategic plans.

The AGM also approved changes to the board of directors. John Chong Eng Chuan’s position was terminated due to a change in Maybank’s capital representation at ABBANK.

Trần Bá Vinh stepped down from his role as an independent board member at his request.

They were replaced by Syed Ahmad Taufik Albar and Trịnh Thành Hải. — VNS