With new chairman, PGBank expects to increase profit by 135.3%

At the 2025 Annual General Meeting of Shareholders held this morning, April 24, the Prosperity and Development Joint Stock Commercial Bank (PGBank) approved the plan to increase its charter capital to VND10 trillion by the end of 2025 and the profit target of VND1,001 billion, and elected the Board of Directors and Supervisory Board for the 2025-2030 term.

Accordingly, in 2025, the bank aims to achieve pre-tax profit of VND 1,001 billion, an increase of 135.3% compared to 2024; total assets of VND 91,226 billion, an increase of 24.9%, equivalent to an increase of VND 18,211 billion compared to the end of 2024; total outstanding credit of VND 48,653 billion, an increase of 17.1% compared to 2024; total mobilization of VND 78,449 billion, an increase of 17.6% compared to 2024. Bad debt on total outstanding debt is expected to be controlled below 2% in accordance with regulations of the State Bank.

Launching the Board of Directors of Prosperity and Development Joint Stock Commercial Bank (PGBank) for the 2025-2030 term

To achieve this ambitious goal, PGBank has set four key tasks: continue to effectively streamline the organizational structure to improve labor productivity; strongly transform digitally to enhance customer experience; improve operating processes, optimize system-wide performance; manage risks and control bad debt ratios well. At the same time, focus on effective cost control, reducing the cost-to-operating income ratio.

In the period of 2025-2030, the Board of Directors aims to make PGBank one of the Top 15 joint stock commercial banks with the highest growth in operating income (TOI); increase charter capital to at least VND 20,000 billion by 2030; increase annual revenue growth from 25% - 30%; Cost-to-income ratio below 40%, bad debt ratio below 2%; seek domestic and international strategic shareholders; always comply with the prescribed limits and safety ratios.

The congress also approved the structure of the board of directors and the board of supervisors for the 2025-2030 term, accordingly, Ms. Cao Thi Thuy Nga - Independent member of the board of directors will become Chairwoman of the bank's board of directors for the 2025-2030 term.

It is known that by the end of 2024, the bank's total assets will reach 115% of the plan (an increase of 32% compared to 2023); outstanding loans will reach 103% of the plan (an increase of 15.8% compared to 2023); total capital mobilization will reach VND 66,685 billion, completing 118% of the plan, an increase of 33.9%, equivalent to an increase of VND 16,888 billion compared to the end of 2023; bad debt ratio will reach 2.07% (down 0.5% compared to 2023); pre-tax profit will reach VND 425 billion, reaching 76.8% of the plan (an increase of 21% compared to 2023).

Over the past 5 years, PGBank's key indicators have grown strongly: total assets doubled: from 36,153 billion in 2020 to 73,015 billion in 2024; equity reached 5,166 billion VND, up 32% compared to 2020; pre-tax profit in 2024 reached 425 billion, 2 times higher than in 2020; customer loans increased by nearly 62% in 5 years (2020: 25,675 billion, 2024: 41,533 billion); bad debt ratio was well controlled, below 3%; capital adequacy ratio (CAR) maintained above 10-12%, always higher than the State Bank's standards.

Thuy Linh

Source: https://congthuong.vn/co-chu-tich-moi-pgbank-du-kien-tang-loi-nhuan-1353-384684.html