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ACB aims to increase profits by 10% and pay dividends of 25% in stocks and cash 

 Tuesday, March 26,2024

AsemconnectVietnam - ACB has just announced documents for the 2024 annual general meeting of shareholders scheduled to take place on April 4, with a profit plan of VND22,000 billion, an increase of 10% compared to the previous year.

ACB targets total assets to increase by 12% by the end of 2024, customer deposits and valuable papers to increase by 11% to VND593,779 billion. Customer loan growth was 14% reaching VND555,866 billion. ACB said that this is a credit growth level consistent with the market situation, while also complying with the level assigned by the State Bank. The bad debt ratio remains below 2%, this figure at the end of 2023 will be 1.21%.
Previously, by the end of 2023, overcoming market difficulties, ACB completed all business goals registered at the General Meeting of Shareholders, with credit growth of 17.9%, mobilization increased by 16.6%, profit exceeded 20 trillion, continuing to maintain the bad debt ratio among the lowest in the industry.
ACB's Board of Directors said that in 2024, the domestic economy will still face many difficulties and challenges when world demand has not recovered strongly. With the Government's solutions to remove difficulties in many markets such as real estate, corporate bonds... the economy in 2024 can recover. ACB expects the ability to soon restore production and business of businesses and the production and consumption needs of households.
ACB Bank also plans to pay dividends in 2023 from the retained profits of 2023 and remaining undivided profits from previous years, with VND19,886 billion. Accordingly, ACB's Board of Directors plans to pay dividends at a rate of 25%, of which 15% is in stocks and 10% in cash, corresponding to the use of retained profits of VND9,710 billion. This dividend rate is also expected to continue to be applied by the bank in 2024 with a corresponding capital use of VND11,166 billion.
With this dividend, ACB will increase its charter capital to VND44,666 billion, an additional VND5,800 billion, corresponding to more than 582 million additional shares issued. The expected time to complete the issuance plan to increase charter capital is the third quarter of 2024.
According to ACB, increasing charter capital is extremely necessary to increase medium and long-term capital for credit granting activities, government bond investments, and additional capital to invest in facilities and strategic projects and improving financial capacity.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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