AsemconnectVietnam - The State Bank (SBV) has just issued a document approving the request to increase charter capital in 2023 of Saigon Bank for Industry and Trade (Saigonbank, code SGB) by VND308 billion, to VND3,388 billion through dividend payment in shares at the rate of 10%.

The plan to issue shares to pay existing shareholders of Saigonbank has been approved by the 2023 General Meeting of Shareholders. After the issuance is completed, the number of outstanding shares will increase from 308 million shares to 338.8 million shares, equivalent to the charter capital increasing to VND3,388 billion.
This will be the first time in more than 10 years that Saigonbank will continue to increase its charter capital. The most recent time was in 2012 when the Bank issued shares to existing shareholders. Saigonbank's charter capital has remained the same at VND3,080 billion over the past 10 years, among the lowest among commercial banks, only slightly higher than PGBank. Currently, PGBank is planning to increase its charter capital to VND5,000 billion.
Saigonbank said that the increased charter capital will be used to invest in facilities and technology infrastructure of VND250 billion, expand the operating network and expand credit and capital business activities. Currently, Saigonbank is the bank with the lowest total assets among listed banks, reaching only nearly VND30,000 billion at the end of September 2023.
According to the financial report of the third quarter of 2023, Saigonbank recorded a profit after tax of more than VND52 billion, an increase of 9% compared to the third quarter of 2022. Accumulated in the first 9 months of the year, the Bank earned VND200 billion in profit after tax, an increase of 5.7%.
As of September 30, 2023, Saigonbank's total assets increased by 7.2% to VND29,681 billion, of which customer loans increased by 4.3% to VND19,516 billion. Customer deposits reached VND22,878 billion, equivalent to an increase of 11.6% compared to the end of last year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan