NCB increases charter capital more than doubles, comprehensively restructuring the bank in 2024

Accordingly, NCB implemented a plan to issue individual shares to increase charter capital by 6,200 billion VND. It is expected that after completing the issuance, NCB's charter capital will increase from 5,602 billion VND to 11,802 billion VND. All proceeds from the private offering of shares to investors will be used to supplement working capital (5,300 billion VND); technology and digital transformation (500 billion VND); building brand identity (200 billion VND) and renovating and upgrading facilities (200 billion VND).

NCB's 2024 business plan targets VND 105,892 billion in total assets, an increase of 10% compared to 2023; outstanding customer loans are expected to reach VND 64,344 billion and customer mobilization to reach VND 86,050 billion, respectively increasing by more than 16% and 8% compared to the end of 2023. NCB is also determined to increase the customer base by 15% by the end of the year, reaching 1.15 million customers. The cumulative number of customers using the NCB iziMobile digital banking application by the end of 2024 is expected to reach 595,051 customers, an increase of 34%; the cumulative number of credit cards is expected to reach 31,991 cards, an increase of 28% compared to 2023. Thereby, the bank expects CASA to reach VND 6,075 billion, an increase of 24% compared to the 2023 results.

NCB tăng vốn điều lệ hơn gấp đôi, tái cơ cấu toàn diện ngân hàng trong 2024- Ảnh 1. — NCB plans to increase charter capital to 11,802 billion VND

NCB's Board of Directors shared with shareholders about the comprehensive restructuring of the bank. Accordingly, implementing the "Project on restructuring the system of credit institutions associated with bad debt settlement in the period of 2021-2025" according to Decision 689/QD-TTg of the Prime Minister and the guidance of the State Bank, NCB has worked with Ernst & Young Vietnam Co., Ltd. (E&Y) to independently, objectively and comprehensively assess and identify the current situation of the bank, proactively identify goals and propose comprehensive solutions to restructure the bank. NCB also cooperated with KPMG to assess the current status of the internal control system, develop a roadmap to improve the internal control system in line with NCB's development orientation in the following years.

To date, NCB is the first credit institution to complete the construction and submit to the State Bank of Vietnam a restructuring plan (PACCL) and received comments from the State Bank of Vietnam on February 7, 2024. Currently, NCB's PACCL has been basically completed according to the State Bank's request, in which it fully and comprehensively presents the current state of NCB's operations in all aspects, on that basis, determining the overall and comprehensive goals and solutions to overcome existing problems and improve the bank's operational efficiency, ensuring NCB's healthy, safe and sustainable development.

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