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Nam A Bank (NAB) expects VND2,400 billion dong pre-tax profit, 25% dividend 

 Wednesday, March 15,2023

AsemconnectVietnam - Nam A Bank (stock code NAB) has announced the documents of the 2023 annual general meeting of shareholders scheduled to be held on March 17, 2023.

Accordingly, in 2023, this bank expects a pre-tax profit of VND2,400 billion, an increase of more than 9% compared to the realized level of 2022.
This profit is calculated on the basis of credit growth reaching the set plan and in accordance with the regulations of the State Bank, ensuring the prudential ratios according to regulations and stable macroeconomic conditions.
Nam A Bank expects total assets by the end of 2023 of the bank to be estimated at VND205,000 billion, up 15.4% compared to the beginning of the year. In which, credit growth in 2023 will reach 10.4%, outstanding loans will reach VND132,000 billion. Bad debt ratio does not exceed 3%. Mobilizing capital from individuals, economic organizations and issuing valuable papers reached VND155,000 billion, up 12.8% compared to the beginning of the year.
Regarding business strategy, the bank's management said that it will continue to transform its business model into a multi-service business model, in order to increase income from non-credit services in the total r structure income. Ensure service income increases 1.7 - 1.8 times/year, gradually bring the ratio of non-interest income/total income to 16% - 17% by 2025.
The bank also optimizes the use of credit room, focusing on retail customers; develop a strategy on cost control, structure of deposit portfolio, especially sustainable demand deposit in order to control the lower deposit interest rate of the industry. At the same time, there are solutions to breakthrough growth in customer base, increase customer exploitation through digital channels, expand partnerships with partners and Onebank ecosystem, etc.
Also at this annual meeting, the Board of Directors of Nam A Bank will propose to the general meeting of shareholders not to continue to increase charter capital according to the plan approved in 2022 from two sources of offering shares to the public for existing shareholders and private placement of shares.
Instead, the Board of Directors submitted a plan to increase capital by VND2,116 billion from the issuance of shares to pay a dividend, at the rate of 25%, equivalent to more than 211.6 million shares. If successful, the bank's charter capital will be increased from VND8,464 billion to VND10,580 billion.
Expected time to issue shares in 2023, after receiving written approval from the State Bank and the State Securities Commission (SSC). Expected proceeds from the issuance of shares to increase charter capital are allocated to purchase fixed assets and labor tools; building the physical base of current and future business units; additional capital for business activities.
In addition, Nam A Bank will also seek shareholders' opinions on listing Nam A Bank shares (Code: NAB) on HOSE or HNX depending on market conditions.
Previously, the plan to list shares was also approved by the 2022 Annual General Meeting of Shareholders. Bank leaders said that in the context of the unfavorable macro environment and unpredictable movements of the stock market, the Board of Directors proactively postponed the listing of shares on the Stock Exchange in 2022 to ensure the interests for shareholders.
Nam A Bank also said that it had received an official letter from the State Bank with instructions to ask the bank to proactively implement the plan to rearrange AMC Company in 2023.
In order to have a basis for implementing the rearrangement of AMC Company in 2023, the Board of Directors submitted to the General Meeting of Shareholders to consider assigning the Board of Directors to select and decide on the organizational form of AMC Company in accordance with current regulations of law. In which, it is possible to reduce the capital contribution of Nam A Bank in AMC from 100% of charter capital to a maximum of 11% of charter capital, after being approved by the State Bank.
In 2023, the bank has a policy of establishing, acquiring subsidiaries, affiliated companies or contributing capital to carry out business activities in the securities field; debt management and asset exploitation, remittances, foreign exchange business, gold, factoring, credit card issuance, payment intermediary services; credit information;...
Nam A Bank's Board of Directors also submitted to shareholders for consideration and approval the plan to continue participating in the restructuring of weak People's Credit Funds. Submitting to the General Meeting of Shareholders for approval the authorization for the Board of Directors in selecting and deciding the participation plan to submit to the State Bank for consideration and approval. In addition, the bank also plans to list and issue bonds to the public in the near future.
Source: VITIC/Tinnhanhchungkhoan


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