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Eximbank (EIB) target VND5,000 billion profit, up 34% in 2023 

 Friday, March 31,2023

AsemconnectVietnam - Vietnam Export-Import Commercial Joint Stock Bank (Eximbank, stock code EIB) has just announced the documents of the Annual General Meeting of Shareholders in 2023. Accordingly, the bank has set a target for total assets and pre-tax profit to increase sharply.

Eximbank said that 2022 is a year of many changes in the socio-economic situation in Vietnam. The post-Covid-19 impact is still ongoing while deposit and lending interest rates fluctuate strongly due to the influence of unfavorable information in the industry. Global inflation is difficult to predict, posing difficulties and challenges that the banking industry has to face.
At Eximbank, the BOD's personnel structure for term VII includes new members, inheriting and promoting the foundations of the previous term. The Board of Directors and the Board of Management have made great efforts to complete the set plans.
The business plan for 2023 was approved by the Board of Directors in Resolution No. 461A/2022/EIB/NQT-HĐQT dated December 2, 2022 with the targets of total assets and pre-tax profit both increasing sharply.
The goal of total assets in 2023 is VND210,000 billion, an increase of 13.5% compared to 2022. End-of-year capital mobilization will reach VND165,000 billion (up 11%), credit balance will reach VND 146,600 billion (up 12. 3%). On-balance sheet bad debt ratio was below 1.6% and pre-tax profit reached VND5,000 billion, up 34.5%
In terms of business results in 2022, Eximbank has exceeded many set targets with total assets of VND185,056 billion, an increase of 11.6% compared to the performance of 2021 and exceeding 3% of business targets. Capital mobilization reached VND148,615 billion, equaling 101% of the year plan. The company's pre-tax profit reached VND3,709 billion, exceeding 48% of the set target and increasing by 207.7% compared to 2021. With this result, Eximbank's profit in 2022 is three times higher than that of 2021.
Eximbank said that in 2022, the bank has sharply reduced its bond investment portfolio, especially corporate bonds, prioritizing loans for essential consumption, production and business, which has helped the bank increase business efficiency, contributing to liquidity safety, limiting the risk of revaluation of investment assets when interest rates rise rapidly.
The structure of the loan portfolio focuses on growth in the SME and individual customer segments, lending for production and business needs. Strictly control the loan portfolio in the direction of gradually reducing the limit of unsecured loans, reducing the proportion of high-risk groups.
Commenting on 2023, Eximbank assessed and forecasted that in 2023, the Vietnamese economy would face many difficulties and challenges. Increasing inflationary pressures and stronger monetary tightening pressures, especially in the US and developed economies, could lead to major fluctuations in the global financial markets, slowing down the growth momentum of Vietnam economy.
Vietnam's economy with the goal of 2023 continues to maintain macroeconomic stability, control inflation, promote growth, ensure a large balance of the economy, GDP target reaches 6.5%, only Consumer price index (CPI) 4.5% of total import-export turnover increased by 7-8% compared to 2022, trade balance continued to be in surplus, FDI attraction increased, foreign exchange reserves remained at 3. -4 months of import.
In 2023, the State Bank of Vietnam will operate a firm, proactive and flexible monetary policy with a credit growth orientation of 14-15%. Control credit growth reasonably, direct credit capital into production, business and priority areas, and strictly control credit in potential risk areas.
On the basis of analysis and assessment of factors affecting business operations, Eximbank has planned for 2023 with targets and solutions to achieve the set goals. In particular, the focus is on solutions on customer base, products and prices, risk management, operating technology, human resources, marketing and branding.
With the customer base, Eximbank continues to focus and maintain the development of the traditional customer base, find new customers, increase the level of use of products and services and the value of using products per customer, promote cross-selling.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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