Prosperity and Development Joint Stock Commercial Bank (PGBank - UPCoM: PGB) has just announced its financial report for the first quarter of 2024 with a bright spot of net interest income reaching VND 377.5 billion, up 11.3% over the same period last year.
However, the bank's non-interest business activities were less positive, recording a loss of nearly VND8.9 billion, while in the same period last year, this activity brought the bank a profit of VND14 billion.
The bank's net profit from foreign exchange trading was only VND26 million, while in the first quarter of 2023 it earned more than VND13 billion. The bank also lost VND1 billion from trading investment securities. The bank's other activities earned a profit of VND8.6 billion, down 2.8 times compared to the same period last year.
As a result, PGBank's net profit from business activities reached VND158 billion, down 22.7% compared to the profit of VND204.5 billion in the previous year.
During the period, PGBank reduced risk provisioning costs to VND42 billion, down 17.6%. The bank reported pre-tax profit of VND116 billion, down 31.9%; after-tax profit reached VND92.8 billion, down 23.8% compared to the first quarter of 2023.
As of March 31, 2024, the bank's total assets were recorded at VND58,763 billion, up 5.9% compared to the beginning of the year. Of which, cash and gold deposited at other credit institutions were VND18,543 billion. Loans to customers reached nearly VND35,186 billion, down slightly by 0.4% compared to the beginning of the year.
Regarding loan quality, as of today, PGBank's total bad debt is VND 1,032.2 billion, an increase of 2.38% compared to the total bad debt of VND 1,008 billion at the end of 2023. Mainly due to the increase in substandard debt (group 3 debt) of VND 257.7 billion, an increase of 16.6% compared to 2023.
Recently, PGBank announced the 2024 General Meeting of Shareholders document, setting out a business plan with total assets of VND 63,503 billion, an increase of 14.4% compared to 2023; total net revenue of VND 2,086 billion, an increase of 49.7% compared to 2023. The bank sets a pre-tax profit target of VND 554 billion, an increase of 57.7% compared to 2023.
Regarding the 2023 profit distribution plan, PGBank recorded a profit after tax of VND 279.9 billion. After setting aside funds, the bank's undistributed profit in 2023 was VND 200.4 billion. PGBank plans not to pay dividends in 2024.
In 2024, PGBank also plans to increase its charter capital by a maximum of VND800 billion, from VND4,200 billion to VND5,000 billion through a public offering of shares to existing shareholders.
Specifically, the bank will issue a maximum of 80 million common shares at an offering price of VND10,000/share. The exercise ratio is 21:4 (shareholders owning 21 purchase rights will be able to purchase 4 new shares). The expected offering time is in 2024 and 2025. The specific issuance time will be decided by the Board of Directors in accordance with the approval of the State Bank and the State Securities Commission.
PGBank's General Meeting of Shareholders is scheduled to take place at 8:00 a.m. on April 20 at the Clubhouse Hall, The Five Villas & Resort Ninh Binh, Yen Thang Commune, Yen Mo District, Ninh Binh.
On the stock market, at the end of the session on April 19, PGB shares increased by 1.09% to VND 18,500/share with a trading volume of 12,773 units .
Source
Comment (0)