Eximbank (Stock code: EIB) has just been approved by the State Bank of Vietnam (SBV) to amend its charter capital to more than VND18,688 billion.
Thus, Eximbank's charter capital was increased by VND 1,218 billion (the previous charter capital was more than VND 17,469 billion) through the form of issuing shares to pay dividends from accumulated undistributed profits up to 2023 after setting aside funds, according to the charter capital increase plan approved by the Bank's 2024 Annual General Meeting of Shareholders.
The State Bank's approval to increase charter capital is not only important for Eximbank in its sustainable development strategy, increasing the bank's competitiveness, but also affirms Eximbank's reputation in the Vietnamese financial market at the present stage.
The increased charter capital will be used to expand Eximbank's business operations on the principle of ensuring safety, efficiency and bringing the highest benefits to shareholders.
In addition, the increased charter capital also facilitates the expansion of credit supply capacity, investment in modern technology, development of innovative financial products and better meeting the increasingly diverse needs of individual and corporate customers, especially small and medium enterprises (SMEs).
About trade finance
Recently, the Asian Development Bank (ADB) decided to increase the trade finance limit for Eximbank from 75 million USD to 115 million USD.
The increase in Eximbank’s trade finance limit by ADB is the result of the bank’s transparent business operations, effective risk management and strong support for businesses, especially small and medium-sized enterprises (SMEs). The new limit from ADB not only helps Eximbank expand its financial resources but also strengthens the bank’s position in the field of trade finance.
By making the most of funding resources from ADB, Eximbank is committed to providing optimal financial solutions, supporting Vietnamese enterprises, especially small and medium enterprises (SMEs), accompanying the economy on the journey of integration and sustainable development in the coming time, specifically import-export financing (ensuring cash flow for international transactions), letters of credit (L/C) (ensuring safe and efficient payments) and green trade financing (supporting sustainable and environmentally friendly projects).
About business
In the first 9 months of 2024, Eximbank achieved business results beyond expectations. The Bank's total assets increased by 11% compared to the beginning of the year, reaching a growth rate of 16.9% over the same period. Total capital mobilization increased by 9.1% compared to the beginning of the year, up 12.2% over the same period. Meanwhile, outstanding loans increased by 15.1% compared to the beginning of the year, up 18.9% over the same period.
In particular, pre-tax profit in the first 9 months of 2024 increased by 39% over the same period, demonstrating efficiency in management and business operations. The capital adequacy ratio (CAR) has always been maintained at 12-14%, far exceeding the State Bank's prescribed threshold of 8%, affirming the stability and solid financial potential of Eximbank.
With the increase in charter capital and new steps in international cooperation, Eximbank commits to continue to innovate, improve the quality of products and services and promote digital transformation to meet the increasingly diverse needs of customers. At the same time, the Bank will continue to be a reliable partner, accompanying the development of businesses and the Vietnamese economy.
Source
Comment (0)