Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank, VCB) has released the document of the Annual general meeting (AGM) with a profit target of 20.5 trillion dong in 2019, the highest in its history.
In particular, the bank aims to expand credit by about 15%, focusing on high growth right from the beginning of the year to increase efficiency and create a portfolio structure this year. In addition VCB will take the initiative in liquidity and develop credit higher than 15 percent if approved by the SBV.
Vietcombank plans to achieve mobilisation growth of 11-13 percent and increase the capital use ratio (credit and bonds of credit institutions) to 85-87%. The bad debt ratio is expected to control below one percent, in which the ratio of group two bad debts is below 1.5%. The bank also expects to recover about three trillion dong of off-balance sheet bad debts.
Vietcombank will open six new branches this year, including five domestic branches and one branch in Australia according to the network development plan reported and approved by the SBV.
The bank plans to pay dividends in 2019 at eight percent ratio, equivalent to 2018, in cash or in shares.
At this year’s AGM, the bank will submit shareholders the plan to elect an additional member for the Board of directors term 2018 2023. It is known that Vietcombank’s BOD currently has eight members, one member Nguyen Thi Dung was dismissed in 2018.
