According to the documents of the general meeting of shareholders in 2020, Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) proposes three plans for the year. With the minimum business plan, the bank targets 300 billion dong pre-tax profit, down 51 percent compared to 2019. Total assets are planned to reach 79.289 trillion dong, up 15%. Total deposits increase by 15 percent to 59.76 trillion dong and total customer loans grow by 9.75 percent to 44.908 trillion dong. Bad debt ratio is under two percent.
In the implementation plan, in the condition that the State Bank adjusted credit targets, profit before tax decreased by 10 percent to VND 550 billion. Total outstanding loans increased by 15 percent to VND 47,057 billion and total mobilised capital increased by 20 percent to VND 62,359 billion. Bad debt is under 2 percent control.
With the plan of striving, VietBank targets the pre-tax profit of 613 billion dong, equivalent to the profit of 2019. Total assets are expected to increase to 90 trillion dong, total loan balance increases by 22 percent and total capital mobilisation increases by 25%.
At the meeting, shareholders also considered the listing of VBB shares on the stock exchange. According to the report, the bank was eligible to list on the Hochiminh Stock Exchange (HOSE) and submitted to the Board of directors to decide the specific listing time when market opportunities and conditions allowed.
The bank will also submit a plan to increase its charter capital through issuing 62.87 million shares to existing shareholders from retained earnings of the period 2017-2019. The increase in capital will be made on the condition that the bank must finish handling special bonds at Vietnam Assets Management Company (VAMC).
