AsemconnectVietnam - On April 21, the 2023 Annual General Meeting of Shareholders of Bao Viet Securities Joint Stock Company - BVSC (BVS) approved the business plan and dividend payment plan.

Assessing the market situation in 2023 in the direction of continued difficulties, liquidity is expected to decrease by 30% compared to 2022, BVSC sets a business result target in the direction of "going backward". Specifically, the target of total revenue is VND768.5 billion, equivalent to 83% of the implementation level in 2022. Profit after tax is VND155.7 billion, equivalent to 106% of the implementation level in 2022.
The business plan for 2023 is prepared on the basis of the forecast of the stock market conditions in 2023 as follows: The average VN-Index fluctuates around 1,125 – 1,175 points, the average trading value is around the level VND14,000 billion/session, down 30% compared to 2022.
BVSC's financial report for the first quarter of 2023 shows that, in the quarter, the Company's total realized profit after tax reached VND27.3 billion, down 43.6% compared to the same period in 2022. According to BVSC, the reason for the decline in profit was due to unfavorable market movements, the trading value of the whole market in the first quarter of 2023 was only VND11,337 billion/session, down 36.3% over the same period last year. As a result, the Company's realized revenue dropped sharply by VND124 billion, equivalent to a decrease of 51.3%, resulting in a decrease in profit compared to the same period last year.
In addition, the meeting also reported business results in 2022, with total revenue of VND923.8 billion, of which realized revenue reached VND898.4 billion, completing 99.8% of the plan. Realized profit after tax reached VND213.7 billion, completing 101.8% of the plan, down 8% compared to 2021.
This number is somewhat more positive than the general result of securities companies, when the profit after tax of this group decreased by 27% in 2022 compared to the previous year due to unfavorable market movements.
At the General Meeting, shareholders unanimously approved the payment of dividends in cash from the after-tax profit of 2022, which is 10%, with a total value of more than VND72.2 billion.
BVSC plans to pay dividends in 2023 in cash at the rate of 8%.
A new point in this year's General Meeting was the approval of the Board of Directors' report on the use of the reserve fund for supplementing charter capital and the reserve fund for financial and operational risks. As of December 31, 2022, according to the audited financial statements for 2022, the balance of each fund is about more than VND59.3 billion.
It is expected to use the reserve fund to supplement charter capital to supplement the Company's charter capital, assigning the Board of Directors to consider and implement the capital increase based on the actual situation. The financial and professional risk reserve fund is used to compensate for loss and damage to assets occurring during the Company's business.
N.Nga
Source: VITIC/Tinnhanhchungkhoan