Asia Commercial Joint Stock Bank ( ACB ) recently released documents for the 2024 annual general meeting of shareholders. Accordingly, by the end of 2023, ACB had basically completed its set goals with total assets reaching VND 719,000 billion, an increase of 18.25% over the previous year and reaching 107% of the plan. Customer deposits were valued at VND 535,000 billion, reaching 108% of the plan.
In 2023, ACB set a pre-tax profit target of VND20,068 billion. By the end of the year, the bank had achieved 100% of this target. Only customer loans reached VND488,000 billion, reaching 98% of the plan.
Continuing in 2024, the bank sets a profit target of VND22,000 billion, up 10% over the previous year. At the same time, ACB sets a target of total assets of VND805,050 billion, up 12%, customer deposits and valuable papers up 11% to VND593,779 billion. The bad debt ratio remains below 2% while this ratio at the end of 2023 is 1.21%.
The bank also set a target of VND555,866 billion in customer loans, up 16% year-on-year. According to ACB, this is a credit growth rate that the bank considers appropriate to the market situation, while complying with the credit growth limit for 2024 assigned by the State Bank.
ACB believes that in 2024, the domestic economy is expected to still face many difficulties and challenges as global demand has not yet recovered strongly. With the Government's solutions to remove difficulties in many markets such as real estate, corporate bonds, etc., the economy in 2024 is likely to recover.
Also in the documents of the General Meeting of Shareholders, ACB presented the profit distribution plan for 2023 and the profit and profit distribution plan for 2024. Accordingly, the bank's profit that can be used to pay dividends in 2023 is VND 19,886 billion.
ACB's Board of Directors plans to pay a dividend of 25%, of which 15% is in shares (shareholders owning 100 shares will receive 15 additional shares) and 10% is in cash, corresponding to the retained earnings of VND9,710 billion. Similarly, in 2024, the bank also plans to pay a dividend of 25% with the corresponding capital used of VND11,166 billion.
After the dividend, ACB's charter capital is expected to increase to more than VND44,666 billion, an increase of up to VND5,826 billion, corresponding to the maximum number of shares expected to be issued of 582.6 million shares. The expected completion date of the charter capital increase issuance plan is the third quarter of 2024.
The Bank believes that increasing charter capital is extremely necessary to increase medium and long-term capital for credit activities, investment in government bonds, additional capital to build offices, renovate, repair, and relocate distribution channel headquarters; invest in strategic projects and improve financial capacity.
ACB's 2024 Annual General Meeting of Shareholders is scheduled to take place on April 4 at Sheraton Saigon Hotel, 88 Dong Khoi, Ben Nghe Ward, District 1, Ho Chi Minh City. The last registration date to exercise the right to attend the meeting is March 1, 2024 .
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