For the first time in 10 years, Eximbank shareholders are about to receive cash dividends.

For the first time in 10 years, Eximbank shareholders are about to receive cash dividends.

Eximbank will pay a cash dividend of 3% (VND300/share), equivalent to approximately VND522 billion for this dividend. At the same time, Eximbank will pay a stock dividend of 7%.

Eximbank closes the right to pay cash dividends for the first time in 10 years.

Ho Chi Minh City Stock Exchange (HoSE) announced the last registration date for 2023 cash dividend payment and stock issuance to pay 2023 dividend of Vietnam Export Import Commercial Joint Stock Bank (Eximbank, code EIB - HoSE floor).

Accordingly, the bank will pay a cash dividend of 3% (VND300/share). With more than 1.7 billion shares in circulation, it is estimated that the bank will have to spend approximately VND522 billion for this dividend. This is Eximbank's first cash dividend payment in the past 10 years. The last time Eximbank shareholders received cash was in June 2014.

Along with that, the bank plans to issue 121.9 million new shares at a rate of 7% (shareholders owning 100 shares will receive 7 new shares). If the issuance is successful, Eximbank's charter capital will increase from VND17,469 billion to VND18,688 billion.

Previously, Eximbank had paid stock dividends twice at the rate of 20% and 18% for 2023 in February 2023 and October 2023. As for cash dividends, this is a rare distribution by this bank since the last time in 2014 at the rate of 4%.

The ex-dividend date is September 19, 2024, and the record date is September 20, 2024. Cash dividends will be paid to shareholders on October 4, 2024.

Regarding business performance, in the second quarter of 2024, net interest income in the second quarter of 2024 increased by 38% year-on-year, reaching nearly VND 1,512 billion. Net profit from other activities was more than VND 213 billion, 3 times higher than the same period. Meanwhile, foreign exchange trading activities decreased by 33% year-on-year and investment securities purchasing activities lost VND 5 billion.

Operating expenses increased by 21% to VND934 billion. Credit risk provisions increased by 24% to VND221 billion. The bank reported pre-tax profit of more than VND813 billion, up 52% ​​compared to the second quarter of 2023.

In the first 6 months of the year, Eximbank earned more than VND 1,474 billion in pre-tax profit, up 5% over the same period. Compared to the pre-tax profit plan of VND 5,180 billion for the whole year of 2024, Eximbank achieved 28% of the target after the first half of the year.

As of December 31, 2023, the total assets of this bank increased by 5% compared to the beginning of the year, to VND 211,999 billion. Of which, deposits at the State Bank increased by 38% (VND 5,599 billion), deposits at other credit institutions decreased by 27% (VND 31,542 billion), customer loans increased by 8% (VND 151,327 billion)... Total bad debt as of June 30, 2024 was VND 4,000 billion, an increase of 7% compared to the beginning of the year. The ratio of bad debt/outstanding debt decreased from 2.65% at the beginning of the year to 2.64%.

Recently, Eximbank announced that its major shareholder is Gelex Group Joint Stock Company (code GEX - HoSE). Gelex owns more than 85.5 million shares (equivalent to 4.9% of the bank's charter capital). The second largest shareholder is VIX Securities Joint Stock Company (code VIX - HoSE) with more than 62 million shares (3.58%).

On the stock market, EIB shares are trading at around VND18,300/share, equivalent to the end of last year.

Source: https://baodautu.vn/lan-dau-sau-10-nam-co-dong-eximbank-sap-nhan-co-tuc-bang-tien-d224564.html