AsemconnectVietnam - Ban Viet Commercial Joint Stock Bank (BVBank, code BVB) has just announced the documents of the 2024 general meeting of shareholders (AGM), the meeting will be held on April 19, 2024.

In 2024, BVBank plans a profit of VND200 billion, 2.7 times higher than the previous year but only less than half of the profit in 2022; total assets VND100,000 billion; Customer mobilization is estimated to increase by 10%, reaching VND74,086 billion. Outstanding credit balance is expected to increase by 14% by the end of 2024 to VND65,937 billion.
By the end of 2023, BVBank's pre-tax profit will reach VND72 billion, down 84% compared to the previous year and fulfilling 55% of the plan. According to BVBank's explanation, during the year net interest income decreased by 14% due to many difficulties in business activities of businesses and individuals. Revenue from service activities decreased by 45% compared to the previous year, mainly due to the impact of a decrease in affiliated insurance revenue. However, stock trading activities earned a profit of 122 billion thanks to nearly doubling bond sales.
Also at the 2024 Shareholders' Meeting, the Board of Directors will present a plan to increase charter capital in 2024. Specifically, the Bank will increase nearly 890 billion VND, raising charter capital to a maximum of VND6,408 billion by issuing shares to the public and the ESOP.
Accordingly, BVBank will issue nearly 69 million shares to existing shareholders at a ratio of 8:1 (shareholders holding 01 share will enjoy 01 right and for every 08 rights they will be able to buy 01 additional issued share). The right to buy is not transferable. Additional shares are not subject to transfer restrictions.
At the same time, the Bank will issue 20 million ESOP shares. Additional shares will be restricted from transfer for one year. The expected time to implement the above plans is in 2024 and the first and second quarters of 2025. The specific time is authorized for the Board of Directors to decide after being approved by competent State management agencies.
Notably, BVBank will submit to the Shareholders' Meeting for approval to list BVB shares on the Ho Chi Minh City Stock Exchange (HOSE). Previously, this plan was also presented and approved at the 2023 annual general meeting of shareholders but the bank has not implemented it due to the unfavorable market context.
N.Nga
Source: VITIC/Tinnhanhchungkhoan