North Asia Commercial Joint Stock Bank: New prospects after 30 years of establishment

The meeting was attended by shareholders accounting for 91.72% of the shares with voting rights at the meeting, along with representatives of the State Bank of Vietnam; Board of Directors, Board of Supervisors, Board of Management and representatives of officers and employees of BAC A BANK.

The Congress approved the 2023 Business Results Report and the 2024 Business Plan; approved the 2023 Profit Distribution Plan; the 2024 Charter Capital Increase Plan; the Plan to amend and supplement the BAC A BANK Charter and especially elected members of the Board of Directors and members of the Supervisory Board for the new term 2024-2029, along with many other important contents.

The Presidium of the 2024 Annual General Meeting of BAC A BANK. Photo: BAB

New step in the banking modernization roadmap

In 2023, facing difficulties due to adverse impacts from the world economy, domestic financial market and interest rate fluctuations in the last months of the year, BAC A BANK proactively and flexibly managed the Bank's business operations, ensuring compliance with all indicators, capital safety ratios, and operational safety as prescribed by the State Bank. Therefore, all activities of BAC A BANK recorded stable and sustainable growth.

Deputy General Director Chu Nguyen Binh reports at the General Meeting of Shareholders. Photo: BAB

The Bank has made efforts to complete most of the basic business plan targets. In particular, BAC A BANK's total assets reached more than VND 152 trillion, an increase of 18.2% compared to 2022; charter capital reached VND 8,334 billion, an increase of 2.5%; capital mobilization increased by 21.8% with flexible management, closely following the capital market situation, ensuring liquidity to effectively meet the Bank's operational and business needs.

Low bad debt ratio - only 0.92% of total outstanding debt, achieving the target of controlling bad debt ratio below 1.5%; credit growth always ensures compliance with the State Bank's credit limit regulations, credit quality is increasingly improved, increasing by 5% compared to the previous year, pre-tax profit reached 1,048 billion VND.

Shareholders participate in discussion at the meeting. Photo: BAB

Investment consulting activities continue to be promoted, focusing on projects related to high-tech agriculture, healthcare, education, and resort tourism. These are areas of activity that bring many practical benefits to the community and are of great significance to socio-economic development.

In addition, BAC A BANK has made a clear transformation in the roadmap of diversifying banking products and services, initially deploying the Kiosk Banking channel to bring optimal experience to customers. Along with that, the CoreBanking system, Internet & Mobile Banking transaction channels, and Card management system are continuously upgraded and updated.

Also in 2023, the Bank has officially and successfully launched 2 international credit card products BAC A BANK - Mastercard. With the number of newly opened cards recorded in 2023, BAC A BANK is expected to continue to effectively exploit card business - to become one of the Bank's key products.

Hero of Labor Thai Huong - Vice Chairman of the Board of Directors, General Director of BAC A BANK spoke and answered shareholders. Photo: BAB

With a strategic vision to become a modern, multi-functional bank, BAC A BANK has built a Digital Banking model under the brand name BAC A BANK - Alpha Bank and started implementing the first phases of the project. BAC A BANK has also invested in expanding and upgrading the data center, deploying an advanced security system, ensuring that the information technology infrastructure system always operates smoothly, safely and securely.

BAC A BANK's 2024 outlook after 30 years of establishment

2024 - an important milestone associated with the 30-year journey of building and developing BAC A BANK with new breakthroughs. Based on the business plan built from the beginning of the year, the Board of Directors built a plan to orient BAC A BANK's business activities in 2024, compared to 2023, it is expected that: total assets will increase by 7.5%; charter capital will increase by 18.2%; customer deposits will increase by 4.5%; outstanding loans will increase by 10.3%; revenue from services and guarantees will increase by 17.4%; pre-tax profit will reach VND 1,100 billion, the network will increase by 12 transaction points.

Shareholders participating in voting. Photo: BAB

At this General Meeting, the Board of Directors of BAC A BANK presented to shareholders and approved the plan to increase charter capital to nearly VND 9,900 billion in 2 forms: issuing common shares to pay dividends to existing shareholders and offering common shares to existing shareholders. The General Meeting also agreed on the 2023 stock dividend rate of 6.93%, the source of implementation is taken from the remaining after-tax profit of BAC A BANK in 2023, after setting aside funds.

In the exciting atmosphere of the Congress, shareholders discussed and agreed on the contents of the reports and submissions of the Board of Directors, the Board of Supervisors, and the Board of Management; raised many questions related to current issues of concern such as: The situation of credit provision implementation and the credit development plan in the coming time; Solutions to prevent and combat risks to ensure the rights of customers transacting at BAC A BANK; The proportion of service fees on total revenue; The roadmap for dividend payment in shares in 2023 and increasing charter capital according to plan; Assessing the causes and positive results that BAC A BANK has achieved in the period of 2019 - 2024; The Bank's development orientation in 2024 and in the medium and long term.

The new Board of Directors was introduced at the Congress. Photo: BAB

After a face-to-face discussion, the Board of Directors satisfactorily answered shareholders' questions and acknowledged their positive contributions to help the Bank's operations develop and improve.

Speaking at the Congress, Labor Hero Thai Huong - Vice Chairman of the Board of Directors, General Director of BAC A BANK said: In 2023, despite many difficult market conditions, BAC A BANK is still steadfast in its goal of "People's Bank" to proactively overcome all difficulties, receiving the trust and support of customers, partners and shareholders.

2024 marks 30 years of maturity, BAC A BANK continues to affirm its distinct direction that has been planned since the early days of its establishment with a suitable development strategy. Focusing on closely following the investment consulting and credit granting orientation for customer groups operating in the fields of high-tech agriculture, supporting and processing industries, resort tourism, nursing, green ecology, education... with good financial capacity, long-term development orientation, methodical customer approach plan, aiming at the international market.

Labor Hero Thai Huong, Vice Chairman of the Board of Directors, General Director of BAC A Bank

Keeping up with the digital transformation trend of the entire system, BAC A BANK expands research and acquires world-class terminal technology, cooperates with leading consultants to choose the appropriate investment scale for the Bank's implementation capacity and meets the diverse needs of many customer groups.

In 2024, welcoming the meaningful 30th anniversary, BAC A BANK Alpha Bank promises to launch competitive products and services in the current digital banking market with many added features and utilities provided to customers.

New term with growth target

The Congress also approved the election of members of the Board of Directors and the Supervisory Board for the new term 2024 - 2029. In the period 2024 - 2029, BAC A BANK continues to follow the consistent orientation of focusing on lending to projects in industries and professions that bring many benefits and meanings to the community and society and follow the modern orientation, advanced management, providing full and diverse financial services.

The new term Supervisory Board was introduced to the Congress. Photo: BAB

With the efforts, determination, and lessons learned from the 2019 - 2024 term, the new Board of Directors (2024 - 2029) will closely follow the growth targets and tasks assigned by the General Meeting of Shareholders, together with the cooperation of the Board of Supervisors, the Board of Management and the solidarity and enthusiasm of all officers and employees, the trust of shareholders, customers and partners will be the driving force for BAC A BANK to strive and confidently complete the set business plan targets, effectively implement the approved restructuring plan associated with bad debt settlement for the period 2021 - 2025, contributing positively to the overall success of the banking industry.

Source: https://baonghean.vn/ngan-hang-thuong-mai-co-phan-bac-a-nhung-trien-vong-moi-sau-30-nam-thanh-lap-post288627.html