AsemconnectVietnam - Orient Commercial Joint Stock Bank (OCB) has just announced the documents of the 2023 Annual General Meeting of Shareholders. The meeting will be held on the morning of April 28, 2023.

According to the 2023 plan, OCB expects total assets to increase by 25% to VND242,152 billion. Total deposits in market increased 26% to VND173,087 billion; Market debt balance increased by about 20% to VND173,087 billion.
OCB also said that the credit balance will be adjusted according to the growth limit approved by the State Bank. The target of pre-tax profit in 2023 is VND6,000 billion, up 37% compared to 2022. The bad debt ratio is under 3%.
Currently, OCB has VND7,037 billion of residual profit, of which VND2,943 billion is retained profit in 2022 and VND4,094 billion is retained profit of previous years. The bank said that, to serve business activities, OCB proposes to use retained earnings and other sources of equity to increase charter capital.
Specifically, the bank wants to issue nearly 685 million shares to existing shareholders, equivalent to a rate of 50%. If successful, the bank's charter capital will increase from VND13,699 billion to VND20,548 billion. The specific issuance time is decided by the Board of Directors (BOD) after being approved by the competent authority.
OCB said that with the plan to grow the business scale continuously every year, the increase of charter capital is necessary to help the Bank improve its financial capacity and ensure the capital adequacy ratio (CAR) in accordance with regulations.
N.Nga
Source: VITIC/Tinnhanhchungkhoan