Nam A Commercial Joint Stock Bank (NamABank) will hold the Annual general Meeting (AGM) on March 28th in Da Lat to submit shareholders for approval the business plan this year.
According to the bank, the global economy in 2020 is forecasted to be gloomy, and the economy of Asia Pacific and Vietnam will also be seriously affected by the Covid-19 pandemic.
Accordingly, NamABank has proposed a number of key business targets in 2020, including total assets of 116 trillion dong, up by 23 percent over 2019; mobilisation from individuals, economic organisations and issuance of valuable papers of 92 trillion dong, up by 22 percent over 2019. The bank also aims to increase outstanding loans to individuals and economic organisations by 21 percent over 2019, reaching 82 trillion dong; while ensuring the credit growth as prescribed by the State Bank of Vietnam (SBV). NamABank expects to control bad debt ratio not more than three percent and attain a consolidated pre-tax profit of 800 billion dong.
By the end of 2019, NamABank recorded a consolidated profit before tax of 925 billion dong, reaching 116 percent of the plan, equivalent to an increase of 351 billion dong compared to the first nine months of 2019.
The Resolution of the 2019 AGM approved the listing of shares and registration of depository for NamABank’s shares on the stock market. However, according to NamABank, up to the time of this year’s AGM, due to some objective factors, the bank’s listing progress has been affected. The bank has sent documents to the Vietnam Securities Depository (VSD) to carry out the procedures for registering NamABank’s shares, which serves as a basis to the order prescribed by the law on securities.
At the AGM this year, NamABank’s Board of directors continues to propose shareholders for approval of the listing of all outstanding shares at the HCM City Stock Exchange (HoSE) in accordance with the current law. The latest implementation time is December 31st 2020.
