Dương Nhất Nguyên, Vietbank’s chairman, speaks at the 2023 annual general meeting on April 26. — Photo courtesy of the bank

HCM CITY — Shareholders of Vietbank approved last year’s results, targets for this year, profit distribution plans, and other important proposals at its annual general meeting held online on April 26.

Dương Nhất Nguyên, the lender’s chairman, said last year pre-tax profits and total assets were up 3.2 per cent and 7.7 per cent to VNĐ656 billion ($28.2 million)  and VNĐ111.3 trillion ($4.7 billion).

Deposits and loans outstanding were VNĐ81.1 trillion and VNĐ67.5 trillion, up 9 per cent and 19.2 per cent.

Its net interest income and earnings from other core business activities such as services and foreign exchange trading were all higher. 

Its capital adequacy and liquidity ratios were within the levels stipulated by the State Bank of Vietnam. 

In 2023 Vietbank eyes pre-tax profits of VNĐ960 billion ($41.2 million), a 46 per cent increase from last year. 

The bank also targets having assets of VNĐ125 trillion ($5.3 billion), deposits of VNĐ95 trillion ($4.1 billion) and loans outstanding of VNĐ75.6 trillion ($3.2 billion). 

It also hopes to expand market share, improve asset quantity and quality, and keep non-performing loans at less than 3 per cent as prescribed by the central bank. 

Vietbank plans to switch the listing of its VBB stock from UPCoM to the Ho Chi Minh Stock Exchange at a favourable time.

It will increase its charter capital by over VNĐ1 trillion ($42.9 million) through a share issuance to existing shareholders at a rate of 21 per cent to nearly VNĐ5.8 trillion. 

To accomplish the targets it plans to focus on developing a retail-oriented traditional customer base while prioritising production and service businesses, reduce the proportion of risky assets and improve profitability and further cut costs and improve operational efficiency indicators.

Nguyên said Vietbank is confident of achieving its targets.

The bank reported VNĐ197 billion ($8.4 million) in pre-tax profits in the first quarter, up 74.3 per cent year-on-year. — VNS