A number of banks are preparing for the listing, Vietnam Maritime JointStock Commercial Bank (MSB) was the first bank to officially submit an application on Hochiminh Stock Exchange (HOSE) on November 19.
Since June 2018, after the listing of Techcombank’s stock, no other banks have been listed on HOSE so far. If approved soon, MSB might become the 11th listed bank on this stock exchange.
The listing plan was announced by many banks in general and MSB in particular during the annual general Meeting of Shareholders in recent years. Some banks have also applied for securities codes in advance or stopped transferring shares to prepare for depository such as Orient Commercial Joint Stock Bank (OCB), and Viet Capital Commercial Joint Stock Bank (Viet Capital Bank). However, from the beginning of the year until now, only Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) went to Unlisted Public Company Market (UPCoM) with the stock code VBB.
The decision to submit an application to the stock exchange of MSB was made after the bank recorded strong business results in the first nine months. The motivation for growth came from both the increase in net income, and service income and cost reduction thanks to the reversal of credit risk provisions.
MSB’s nine months’ EBT is 1.063 trillion dong, 3.46 times higher than the same period and it is also higher than the whole year 2018 business result (over 1.050 trillion dong). However, MSB has set an ambitious plan for this year with the profit target of 1.86 trillion dong. Therefore, the last nine months’ profit has only fulfilled 57 percent of the plan.
The charter capital of MSB is now 11.75 trillion dong. The bank once announced that it had registered to buy 70 million treasury shares last November. However, the value of treasury shares held by MSB remained unchanged in the past year with over 100.5 million shares worth 1.04 trillion dong.
