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This morning on April 4, Asia Commercial Joint Stock Bank (ACB) organized the 2024 Annual General Meeting of Shareholders. The group's chairmen were Mr. Tran Hung Huy - Chairman of the Board of Directors, Mr. Huynh Nghia Hiep - Head of the Supervisory Board, and Mr. Tu Tien Phat - General Director.
According to the report of the Shareholder Eligibility Verification Board, the number of voting shares in ACB at present is more than 3.88 billion shares, corresponding to a charter capital of more than 38,840 billion VND. Attending the meeting at 8:40 a.m. were shareholders and proxies representing more than 2.25 billion shares, equivalent to 58% of the voting shares attending the meeting. The Congress has enough quorum to proceed with the opening ceremony.
Updated at 9:20 a.m. when shareholders voted to approve the general meeting regulations, there were 867 shareholders attending and authorized to attend, representing more than 66% of the shares with voting rights.
2023 continues to grow in scale and assets
According to the report of ACB leaders at the Congress, in 2023, Vietnam's macroeconomy is stable, inflation is controlled, and major balances are guaranteed. Gross domestic product (GDP) for the whole year reached more than 5%, which is a high growth rate in the region and the world. In the banking sector, the State Bank (SBV) has closely followed the market, domestic and international situations to manage monetary and credit policies, and synchronously implement tools and solutions to stabilize macroeconomics, controlling inflation and supporting economic recovery.
In that context, ACB continues to grow in scale and assets, completing and exceeding many key targets assigned by the 2023 Shareholders' Meeting. Specifically, total assets by the end of 2023 will reach more than 719 trillion VND, an increase of 18.25% compared to 2022; Customer deposits reached 535 trillion VND, an increase of 16.77%; Customer loans reached 488 trillion, an increase of 17.87%. In particular, equity increased to 71 trillion VND, equivalent to 21.42% growth compared to the previous year. Pre-tax profit reached VND 20,068 billion, an increase of 17%.
ACB Bank Shareholders' Meeting: Closing the profit target of 22,000 billion VND in 2024, paying dividends at a rate of 25% - Photo 2.
The chairman of the group controls the shareholder meeting
Profit plan is 22,000 billion VND in 2024
Regarding the 2024 business plan, ACB sets a pre-tax profit target of VND 22,000 billion, an increase of 10% compared to the previous year. Total assets increased by 12% to VND 805,050 billion. Customer deposits and valuable papers increased by 11% to VND 593,779 billion. Outstanding customer loans increased by 14% to VND 555,866 billion and complied with the credit growth limit assigned by the State Bank. Bad debt ratio controlled below 2%.
ACB's Board of Directors believes 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 can recover in 2024. Therefore, ACB expects the ability to soon restore production and business of businesses and the production and consumption needs of households. Therefore, the Board of Directors believes that the level of 14% is suitable for the market situation, and at the same time complies with the 2024 credit growth limit assigned by the State Bank.
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ACB Bank Shareholders' Meeting: Closing the profit target of 22,000 billion VND in 2024, paying dividends at a rate of 25% - Photo 3.
Dividend ratio is 25%, of which 10% is in cash
According to the 2023 profit distribution report, ACB's Board of Directors said that after contributing taxes and setting up funds according to regulations, ACB still has more than 13.3 trillion VND in profit, plus more than 6.5 trillion VND in profit. Profits retained from previous years totaled approximately VND 20 trillion. With this resource, ACB plans to set aside more than 9.7 trillion VND to distribute dividends to shareholders at a total rate of 25%, of which 15% is in stocks and 10% in cash. After paying dividends, ACB still has more than 10 trillion retained.
ACB Bank Shareholders' Meeting: Closing the profit target of 22,000 billion VND in 2024, paying dividends at a rate of 25% - Photo 4.
Overview of ACB's 2024 shareholders' meeting
Increase charter capital to VND 44,666 billion, expected to be completed in the third quarter
According to ACB's Board of Directors, increasing the current charter capital is very necessary for the Bank for the following reasons: Having additional medium and long-term capital sources for the bank's credit granting and government bond investment activities. row; Have additional capital to build offices, renovate, repair letters, relocate distribution channel headquarters, and invest in the Bank's strategic projects; Improve financial capacity to adapt to market fluctuations. In short, increasing capital is absolutely necessary for ACB's business operations.
ACB's current charter capital is VND 38,840 billion. It is expected that after paying stock dividends at a rate of 15%, the bank's charter capital will increase by more than 5,800 billion VND to 44,666 billion VND. ACB expects the time to complete the charter capital increase to be the third quarter of 2024.
ACB Bank Shareholders' Meeting: Closing the profit target of 22,000 billion VND in 2024, paying dividends at a rate of 25% - Photo 5.
9:50 am: ACB Congress enters the discussion session
Shareholders ask: How are ACB's first quarter business results? Is the current interest rate level at the bottom? What is the outstanding loan balance in the real estate and home loan sectors? How is the banca segment expected to grow this year?...
Mr. Tran Hung Huy, ch
