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BAC A BANK sets business targets for new tenure
BAC A BANK has mapped out new business targets for 2024-2029, with improvements across the board.
BAC A BANK's AGM was held in the central province of Nghe An on April 27 with the participation of stakeholders accounting for 91.72 per cent of shares that had the right to vote at the event.
The bank's business plan for 2024 includes a number of on-year increases, such as total asset value (7.5 per cent), charter capital (18.2 per cent), deposits (4.5 per cent), loans (10.3 per cent), and revenue from services and guarantees (17.4 per cent). In addition, pre-tax profit will hit VND1.1 trillion ($45.83 million), and the bank will open another 12 transaction offices nationwide.
At the AGM, the board of directors presented the plan, which was approved by shareholders, to increase the bank's charter capital to nearly VND9.9 trillion ($412.5 million) by either issuing common shares to pay dividends to existing shareholders, or offering them an option to buy more shares.
Shareholders also agreed a 2023 dividend rate of 6.93 per cent from the remaining after-tax profit of last year.
The event also approved the election of members to the board of directors and supervisory board for 2024-2029. During this term, BAC A BANK will continue to focus on providing loans for projects and industries that benefit the community and society. The bank will also provide diverse financial services.
With effort, determination, and lessons learned from the 2019-2024 term, the board of directors will closely follow the growth goals and tasks approved by the AGM.
“Fuelled by the cooperation of the supervisory and executive boards, and the solidarity and enthusiasm of all employees, as well as the trust of shareholders, customers and partners, BAC A BANK will strive to complete these targets, and effectively implement the restructuring plan associated with non-performing loan (NPL) debt resolution for 2021-2025, making positive contributions to the common success of the banking industry,” BAC A BANK said.
In 2023, BAC A BANK's total asset value reached VND152 trillion ($6.33 billion), up 18.2 per cent on-year; charter capital hit more than VND8.3 trillion ($347.2 million), up 2.5 per cent on-year; and capital mobilisation increased 21.8 per cent on-year.
Also last year, BAC A BANK’s NPL ratio accounted for only 0.92 per cent of total loans.
Its credit growth closely follows the State Bank of Vietnam’s regulations on credit limits, with credit quality increasingly improved – up 5.0 per cent compared to 2022, with pre-tax profits reaching nearly VND1.05 trillion ($43.66 million).
“Investment consultancy activities continue to be promoted, focusing on projects related to high-tech agriculture, healthcare, education, and resort tourism,” said a bank representative. “These are areas that bring practical benefits to the community and are of great significance to socioeconomic development.”
In addition, BAC A BANK also has a clear strategy to diversify its banking products and services, initially deploying the Kiosk Banking channel to bring optimal experiences to customers. The CoreBanking system, internet and mobile banking transaction channels, and card management system are also being continuously upgraded.
BAC A BANK launched two international credit cards last year, and the bank is expecting the card business to become one of its key products.
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