The Orient Commercial Joint Stock Bank (OCB) has successfully issued shares worth more than 900 billion VND (over 39.6 million USD) to increase its chartered capital (Photo: OCB)
 
Hanoi (VNA) - The Orient Commercial Joint Stock Bank (OCB) has successfully issued shares worth more than 900 billion VND (over 39.6 million USD) to increase its chartered capital.

According to the bank, 90.01 per cent of its existing shareholders bought 90.38 million shares at price of 10,000 VND apiece among 100.4 million offered shares, equal to 20.5 percent of the bank’s chartered capital.

OCB said that the additional capital was to increase the bank’s financial status and meet the capital adequacy ratio (CAR) of Basel II standards.

In addition, OCB issued 69.55 million shares to pay dividends in 2018, equal to 14.2 percent of the bank’s chartered capital.

After the two issues of nearly 160 million shares, OCB’s chartered capital increased from 5 trillion VND (220.3 million USD) to nearly 6.6 trillion VND (290.7 million USD).

The State Bank of Vietnam has recently permitted OCB to open five new branches and two new transaction offices, raising its network to 39 branches and 88 transaction offices nationwide.

OCB reported that its total assets by the end of June rose 7.7 percent against early this year to 90.83 trillion VND (4 billion USD). The bank’s pre-tax profit in the first half of this year surged sharply by 2.6 times year-on-year to more than 1.3 trillion VND (57.3 million USD), helping the bank meet 65 percent of its annual profit target.

According to OCB Chairman Trinh Van Tuan, the bank plans to list on the HCM Stock Exchange in the second half of this year. After the listing, OCB’s market capitalisation is expected to reach 1 billion USD.-VNA