Ho Chi Minh City Development Joint Stock Commercial Bank ( HDBank - HoSE: HDB) has just announced documents for the 2024 Annual General Meeting of Shareholders.
By the end of 2023, HDBank's total assets will reach VND 602,315 billion, up 44.7% compared to 2022 and exceeding the plan by 15.8%. The bank's total outstanding credit balance will reach VND 353,441 billion, up 31.8% compared to 2022. Total capital mobilization will reach VND 536,641 billion, up 46.5% compared to 2022.
The bank recorded pre-tax profit of VND13,017 billion, completing 98.6% of the consolidated profit plan and 103.4% of the individual profit plan assigned by the General Meeting of Shareholders.
Entering 2024, HDBank plans to have pre-tax profit of VND 15,852 billion, an increase of 22% compared to 2023. Regarding other targets, HDBank sets a target of total assets of VND 700,958 billion and total mobilization of VND 624,474 billion, both increasing by 16%; total outstanding debt of VND 438,420 billion, an increase of 24% compared to 2023.
HDBank's Board of Directors also plans to submit to the General Meeting of Shareholders a plan for profit distribution and dividend payment in 2023 and a plan for dividend payment in 2024. Accordingly, the bank's after-tax profit is nearly VND 10,071 billion, after setting aside funds, the remaining profit is VND 8,469.6 billion, plus the remaining undistributed profit from previous years of VND 529 billion. The profit that HDBank can use to pay dividends is VND 8,998.9 billion.
The bank plans to pay a cash dividend of 10% and a stock dividend of 15%. In 2024, HDBank plans to pay a dividend of up to 30% (of which it plans to pay a cash dividend of up to 15%).
In 2024, HDBank plans to increase its charter capital by VND 4,569 billion, from VND 29,076 billion to VND 33,645 billion through issuing shares to employees (ESOP) and issuing shares to pay dividends.
The bank plans to issue 20 million ESOP shares to increase its charter capital by an additional VND 200 billion, which was approved by the General Meeting of Shareholders on April 26, 2023. It is currently carrying out procedures to complete the capital increase.
In addition, the bank also approved the issuance of shares to pay dividends, increasing charter capital by a maximum of VND 4,369 billion. The distribution ratio is 15% (shareholders owning 100 shares will receive 15 additional shares).
Expected implementation time is in 2024. The specific time will be decided by the Board of Directors based on the license/approval of the state management agency.
Regarding the plan to use charter capital after the increase, the bank plans to use VND 3,000 billion to supplement medium- and long-term capital for medium- and long-term lending, the rest will supplement working capital in the bank's operations. HDBank's General Meeting of Shareholders is expected to be held online on April 26 .
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