Tuesday, February 27,2024 - 4:51 GMT+7  Việt Nam EngLish 

SHB completed 80% of the year's profit plan in the first 9 months of 2023 

 Sunday, November 26,2023

AsemconnectVietnam - Saigon - Hanoi Commercial Joint Stock Bank (SHB) has just announced its consolidated financial report for the third quarter of 2023 with pre-tax profit for the first 9 months of the year completing 80% of the plan assigned by the General Meeting of Shareholders.

Specifically, in the third quarter of 2023, SHB achieved consolidated pre-tax profit of VND2,425.3 billion, cumulative 9 months reached VND8,509.5 billion.
At this congress, SHB presented shareholders with two business plans for 2023, corresponding to two credit growth limits of 10% and 14%. Specifically, option 1 with a credit growth limit of 10%, the Bank targets pre-tax profit to increase by 6.15% to VND10,285 billion. Option 2 with a credit growth limit of 14%, the Bank targets pre-tax profit to increase by 9.67%, reaching VND10,626 billion. However, in both options, the Bank's Board of Directors aims to pay dividends in 2023 at a rate of 15%.
Thus, by the end of the first 9 months of 2023, SHB has completed 80% of the year's plan.
Total assets as of September 30, 2023 reached VND596,000 billion, an increase of 8.13% compared to the beginning of the year; Capital mobilization in market 1 reached nearly VND475,000 billion; Equity capital according to Basel II reached VND67,801 billion.
As of September 30, 2023, SHB's outstanding credit balance reached VND430,000 billion, an increase of 10% compared to the end of 2022. In the third quarter of 2023, SHB issued more than 552 million shares to pay dividends in 2022. in shares at a rate of 18%, thereby increasing charter capital to VND36,194 billion, ranking in the Top 4 largest private commercial banks in the system.
SHB's safety, liquidity, and risk management indicators all comply with and are better than the State Bank's regulations. SHB has fully complied with the 3 pillars of Basel II standards and from the beginning of 2023 SHB has applied Basel III standards in liquidity risk management.
It is known that in 2023, SHB will expand its network by 5 more branches and 25 transaction offices, bringing the total number of domestic and international transaction points to 569 transaction points. Traditional business locations such as branches and transaction offices will help SHB increase brand recognition and banking facilities, contributing to reaching a large number of customers.
In addition, these business locations will provide modern banking facilities closer to customers not only in urban areas but also in rural areas, where banking services are still limited.
Always accompanying businesses and people, SHB has implemented many credit programs such as reducing loan interest rates from 1% - 3%, preferential limits, shortening procedures and credit granting processes...
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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