Expected pre-tax profit of over 20,000 billion VND
On the morning of April 13, the Annual General Meeting of Shareholders of Asia Commercial Joint Stock Bank (HoSE: ACB) took place with 73.13% of shareholders participating. The meeting elected the Board of Directors and the Supervisory Board for the 2023-2028 term, and approved the 2023 business plan with a pre-tax profit target of over VND 20,000 billion.
The shareholders elected 9 members of the Board of Directors, and the members elected Mr. Tran Hung Huy as Chairman. The Board of Supervisors has 3 members, and Mr. Huynh Nghia Hiep was elected as Head of the Board.
The Board of Directors for the 2023-2028 term includes 6 members of the Board of Directors of the previous term, and does not include Mr. Huang Yuan Chiang - Independent Board Member.
The three new candidates include Mr. Do Minh Toan (Chairman of ACBS Securities Company, former General Director of ACB), Mr. Nguyen Van Hoa (Deputy General Director of ACB) and Mr. Trinh Bao Quoc (Member of the Board of Directors of Vietnam Industrial Park Group Corporation).
The new term Supervisory Board includes Mr. Huynh Nghia Hiep (Head of the Board), Ms. Nguyen Thi Minh Lan and Ms. Hoang Ngan (Full-time members).
The remuneration and operating budget of the Board of Directors and the Board of Supervisors in 2023 is proposed to be 0.6% of profit after tax according to the audited Consolidated Financial Statements in 2023.
At the Congress, Mr. Tran Hung Huy - Chairman of ACB Board of Directors said: "ACB has successfully achieved the targets of total asset growth; maintained high business results; and complied with the limits and safety ratios as prescribed by the State Bank ."
ACB shareholders also approved important issues such as the plan to increase charter capital from dividends in common shares.
Accordingly, ACB expects pre-tax profit to be over VND20,000 billion. Total assets are expected to increase by 10%. Capital mobilization (including valuable papers) is expected to increase by 8.1%. Credit is expected to increase by 9.7% according to the current granted limit.
Mr. Tran Hung Huy - Chairman of ACB Board of Directors.
The bad debt ratio will be controlled below 2%. Dividends from 2022 profits will be distributed at a rate of 25%, of which 15% will be in shares and 10% in cash.
Thus, after completing the dividend stock issuance, ACB's charter capital is expected to increase from VND33,774 billion to VND38,840 billion, ranking second in the private banking group.
After the capital increase, Dragon Financial Holdings Limited remains the only major shareholder of ACB with a ratio of 6.92%.
Towards Net Zero
Mr. Tu Tien Phat - General Director of ACB said that ACB's business results in the first quarter of 2023 were relatively positive when the bank's total profit was estimated at VND 5,100 billion, an increase of 24% over the same period.
ACB's liquidity situation remains abundant with mobilization growth better than the same period last year, reaching VND423,000 billion, up more than 2% compared to the beginning of the year. In addition, in the context of bad debt showing signs of increasing, this ratio at ACB continues to be controlled at a low level of less than 1%.
ACB's 2023 Annual General Meeting of Shareholders is held in Ho Chi Minh City.
In addition, the Chairman of ACB's Board of Directors also emphasized the systematization of the action program on environment, society and governance (ESG), especially the E factor (environment) towards the goal of Net Zero (net zero emissions) and considered this an important content in ACB's business strategy .
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