Increase capital to 11,800 billion VND, comprehensive restructuring in 2024

On April 13, 2024, National Citizen Commercial Joint Stock Bank (NCB) successfully held the 2024 Annual General Meeting of Shareholders.

Increased charter capital to over 11,800 billion VND

The General Meeting of Shareholders approved the 2024 business plan, according to which the bank aims to achieve 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 deposits 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 its customer base by 15% by the end of 2024, 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 will 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.

Ms. Bui Thi Thanh Huong - Chairwoman of the Board of Directors of National Citizen Commercial Joint Stock Bank shared with shareholders at the General Meeting.

By the end of 2023, NCB reached the milestone of 1 million customers according to the target set at the 2023 Annual General Meeting of Shareholders. Total assets reached nearly VND 96,250 billion, an increase of about 7% compared to the end of 2022 and exceeding the set plan.

The General Meeting of Shareholders also approved the proposal to continue implementing the plan to increase charter capital and other proposals. In particular, in 2024, NCB will continue to implement the plan to issue individual shares to increase charter capital by an additional VND 6,200 billion. It is expected that after completing the issuance, NCB's charter capital will increase from VND 5,602 billion to VND 11,802 billion.

The entire amount of money raised from the private offering of shares to investors will be used to supplement working capital (VND 5,300 billion); technology and digital transformation (VND 500 billion); building brand identity (VND 200 billion) and renovating and upgrading facilities (VND 200 billion).

The General Meeting of Shareholders agrees to assign/authorize the Board of Directors to decide on all related tasks and issues to organize, implement and carry out necessary tasks in accordance with the provisions of law and instructions of competent state agencies to complete the increase in charter capital according to the plan approved by the General Meeting of Shareholders, ensuring compliance with the provisions of law and NCB's internal regulations.

Regarding the implementation progress, the Bank said that it has prepared a proposal and received approval from the State Bank. NCB is implementing procedures for capital increase according to regulations, including preparing documents to submit to the State Securities Commission for approval of private offering of shares.

Resolutely implementing the bank restructuring plan for the period 2023-2025

At the Congress, the Board of Directors of NCB 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 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.

Overview of NCB Shareholders' Meeting.

NCB also cooperated with KPMG to assess the current status of the internal control system and 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 a restructuring plan (PACCL) and received comments from the State Bank on February 7, 2024.

Currently, NCB's PACCL has been basically completed according to the State Bank's requirements, which 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.

Based on the opinions of the General Meeting of Shareholders on the Progress Report and Results of the Construction of the PACCL, the Board of Directors of NCB will complete and approve the PACCL in accordance with the provisions of the Bank's Charter and organize its implementation. The Board of Supervisors is responsible for organizing the monitoring of the progress and results of the implementation of the approved PACCL .

Source: https://www.nguoiduatin.vn/dhdcd-ncb-tang-von-len-11800-ty-dong-co-cau-toan-dien-trong-2024-a658846.html