EVNFinance has charter capital of more than 7,000 billion VND after many increases - Photo: EVF
Electricity Finance Joint Stock Company - EVNFinance (EVF) recently announced its audited semi-annual financial report for 2024.
What is noteworthy in EVNFinance's loan balance?
Non-interest income contributes a portion of revenue to this financial company, but mainly from services. The investment securities trading segment alone lost more than VND14 billion, while in the same period it made a profit of more than VND344 billion.
This period, EVNFinance's credit risk provisioning costs also increased sharply, from VND247 billion in the same period last year to more than VND495 billion in the first half of this year.
As a result, this financial company reported pre-tax profit of more than 310 billion VND, up 56% over the same period.
Basically, the audited business results are unchanged compared to the previous self-prepared report.
Significant difference after audit, the report had to clarify more details in the customer loan section.
Specifically, EVNFinance's total outstanding customer loans at the end of June this year reached more than VND 37,968 billion.
Notably, there are groups of customers with the same representative or working in the same building with loans of more than VND 24,900 billion. This amount accounts for more than 65% of the company's total outstanding loans.
In addition, if divided by sector, EVNFinance's outstanding loans are also quite large related to real estate.
Specifically, this company has short-term loans of more than VND 11,369 billion to contribute capital to business cooperation contracts to implement long-term real estate projects with collateral being property rights and assets formed in the future.
How are transactions between EVNFinance and related parties?
In 2018, according to Government regulations, EVN divested from EVNFinance. By the end of 2020, EVN had completed the entire divestment process from this enterprise after selling the remaining 2.65 million shares.
Currently, EVNFinance's chairman is Mr. Pham Trung Kien. Charter capital increased from the initial level of VND 2,500 billion to more than VND 7,042 billion at the end of 2023.
Data: Audited financial statements
Regarding shareholder structure, as of December 31, 2023, domestic shareholders hold 99.55% of shares, foreign shareholders only own 0.45%.
Notably, EVNFinance's shareholder structure is significantly diluted when the number of institutional shareholders is up to 56 units but only holds 17.43%, the remaining individuals hold 82.57% with 55,774 shareholders.
EVNFinance's 2023 annual report does not mention details of institutional shareholders holding shares in the company.
Meanwhile, in the management report for the first 6 months of this year, EVNFinance showed that there were transactions (deposit certificates or lending activities) with a number of related companies in the "ecosystem" Amber or Amya Holdings.
However, EVNFinance said that from April 4, 2024, Amber Fund Management Joint Stock Company is no longer related to them.
Similarly, Amber Fund Management Joint Stock Company and Amber Safe Bond Investment Fund also have transactions with EVNFinance. A member of the Board of Directors of EVNFinance is the operator of the Amber Safe Bond Investment Fund.
However, the management report for the first 6 months of 2024 also shows that Amber Safe Bond Investment Fund is no longer related to EVNFinance from April 5, 2024.
Transactions arising between the company and related parties of company insiders are shown in the periodic management report every 6 months, twice a year.
In addition, EVNFinance's management report also shows that there were transactions with Amya Holdings Joint Stock Company with a loan balance of more than VND 356 billion. EVNFinance's Board of Directors is a member of Amya Holdings' Board of Directors.
Source: https://tuoitre.vn/evnfinance-rot-hon-11-369-ti-dong-vao-bat-dong-san-20240925105654566.htm
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