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MSB plans to profit VND6,800 billion and pay 30% dividend 

 Tuesday, April 16,2024

AsemconnectVietnam - According to the document of the 2024 Annual General Meeting of Shareholders scheduled to be held on April 23, Vietnam Maritime Commercial Joint Stock Bank (HOSE: MSB) will submit to shareholders for approval the business plan targets for 2024 and stock dividend plan at a rate of 30%.

Accordingly, regarding the business plan for 2024, MSB sets a target of total assets reaching VND280,000 billion, an increase of 5% compared to 2023; Capital mobilized in market I and capital mobilized bonds reached VND178,900 billion, an increase of 27% compared to the previous year. Outstanding credit debt grows according to the limit granted by the State Bank according to operating policies from time to time, and is expected to reach about VND178,200 billion in 2024. Pre-tax profit is expected to increase by 17% compared to 2023, reaching VND6,800 billion. Consolidated bad debt (group 3-5) maintained below 3% according to regulations.
Sharing about this plan, a representative of MSB said: "The Board of Directors proposes business targets based on research and assessment of the current unpredictable economic context. When the market still has many potential fluctuations and risks, we prioritize enhancing internal strength and sustainable growth along with promoting key financial factors, ensuring the highest benefits for shareholders, customers and partners".
At the upcoming General Meeting of Shareholders, MSB also asked for shareholders' opinions to approve the plan to increase charter capital from VND20,000 billion to VND26,000 billion through stock dividends at the rate of 30% from unearned profits. Distribution as of December 31, 2023 according to audited financial statements and after deducting funds according to law. This dividend distribution will be carried out in 2024.
In addition, the profits generated in 2024 along with the profits retained after completing the charter capital increase are expected to be submitted by MSB to the General Meeting of Shareholders for approval of a dividend plan from possible profits used to pay this dividend at a rate of ≤15% in cash or/and in stocks. The time of advance dividend depends on the market situation and MSB's business activities.
Another content that was also consulted by the Bank's Board of Directors is the implementation of procedures for electing additional members of the Board of Directors for term VII (2022 - 2026) after being approved by the State Bank, in order to consolidate senior human resources apparatus.
By the end of the first quarter of 2024, MSB recorded a total expected foreign exchange trading volume of USD51 billion, profit from this segment of activities is estimated to reach more than VND550 billion, equivalent to 54% of net profit from foreign exchange trading activities. 2023. In the context of the general credit growth of the banking industry slowing down, MSB's credit growth in the first quarter of 2024 is estimated to reach over 5%.
Regarding digitalization, according to bank representatives, digital channels will become the main growth driver for the 2024 - 2027 period of the bank with a series of strategic goals such as average revenue growth rate of 25%, revenue growth rate of 25%. Fee income (NFI) ratio reached 30%, revenue from digital channels of individual and corporate customers accounted for 70% of total revenue.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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