ABBank plans to double profits in 2024

An Binh Commercial Joint Stock Bank (ABBank - UPCoM: ABB) recently announced documents to be submitted to the 2024 Annual General Meeting of Shareholders (AGM).

Accordingly, in 2024, ABBank sets a pre-tax profit target of VND 1,000 billion, an increase of 95%, nearly double the results achieved in 2023. For other indicators, ABBank plans to have total assets of VND 170,000 billion, an increase of 5% compared to the results achieved in 2023.

Mobilization from customers increased by 13% to VND 113,349 billion. Outstanding credit is expected to increase by 13% to VND 116,272 billion, the bad debt ratio is controlled below 3%, in 2023, the bank successfully controlled this ratio below 3%.

While other indicators are targeted to increase, only the ratio of service fees and guarantees to total revenue is forecast to decrease by 7.34 percentage points, to 13.66% compared to 2023.

Regarding fund allocation and profit distribution after tax in 2023, ABBank's Board of Directors said that the bank's profit after tax in 2023 is 398.2 billion VND.

After setting aside funds, the remaining profit for 2023 is VND 298.7 billion. The remaining unused profit from previous years is VND 1,542 billion. Thus, ABBank's total undistributed profit is nearly VND 1,840.7 billion.

On that basis, propose the Board of Directors to approve and submit to the General Meeting of Shareholders for approval the retention of all remaining undistributed profits to supplement capital sources to implement the strategic plan, creating internal accumulation to increase charter capital in the future.

At the same time, ABBank also submitted to the General Meeting of Shareholders for approval the dismissal and election of replacement members of the Board of Supervisors. The reason given was that the bank's General Meeting of Shareholders on April 28, 2023 approved the number of members of the Board of Supervisors for the 2023-2027 term as 3 people, including Ms. Nguyen Thi Hanh Tam, Ms. Pham Thi Hang and Ms. Nguyen Thi Thanh Thai.

However, on January 18, 2024, Ms. Pham Thi Hang submitted her resignation based on her personal wishes, effective from the time the General Meeting of Shareholders approved the dismissal. After that, ABBank's Board of Directors issued a document nominating Mr. Nguyen Hong Quang, currently holding the position of Advisor to ABBank's Supervisory Board, to the position of Member of the Supervisory Board.

According to information provided by ABBank, Mr. Nguyen Hong Quang has a Master's degree in Business Administration, a Bachelor's degree in Banking and Finance and a Bachelor's degree in Accounting and Auditing, with nearly 22 years of experience working at ABBank (from June 2002 to present), including nearly 5 years as Director of Small and Medium Enterprise Customer Division and Member of ABBank's Executive Board.

ABBank's General Meeting of Shareholders is expected to be held from 8:30 to 12:00 on April 5, 2024 at the 4th Floor Hall, GELEXIMCO Building, No. 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City .

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