Business

SHB to raise capital again this year

The Saigon – Hanoi Bank (SHB) plans to raise its charter capital by more than 1.2 trillion VND (52.8 million USD) to 13.24 trillion VND (582.56 million USD) in 2018.
SHB to raise capital again this year ảnh 1A transaction at SHB (Source: SHB)

Hanoi (VNA) – The Saigon – Hanoi Bank (SHB) plans to raiseits charter capital by more than 1.2 trillion VND (52.8 million USD) to 13.24trillion VND (582.56 million USD) in 2018.

The hike was mentioned by SHB Director General Nguyen Van Le as part ofa plan approved at this year’s SHB shareholder meeting in Hanoi on April 23. Thebank will increase the capital by issuing additional shares in the form of10-percent stock dividends to shareholders.

SHB expects to have the total asset exceed 315.49 trillion VND (13.88billion USD) by the end of this year, a rise of 10.3 percent from the beginningof this year. It also aims to reach a pre-tax profit of 2.05 trillion VND (90.2million USD) and maintain the rate of non-performing loans at below 3 percent.The Return on Assets (ROA) and Return on Equity (ROE) will be kept at around0.6-0.8 percent and 10.5-11.5 percent, respectively.

In addition, the bank intends to further expand its presence in thecountry by launching five more branches and 20 transaction offices.

At the meeting, the shareholders voted Thai Quoc Minh as new Member ofthe Board of Management and Trinh Thanh Hai as new Member of the Board ofIndependent Directors.

In early March, the bank successfullyissued more than 83.92 million shares to pay dividends, raising the chartercapital from 11.2 trillion VND (492.8 million USD) to over 12.03 trillion VND(529.3 million USD).

By the end of last year, SHB’s totalassets amounted to over 286 trillion VND (12.58 billion USD), up 18.8 percentyear-on-year, placing it among the top 5 private commercial banks in Vietnam.The lender posted a pre-tax profit of nearly 1.93 trillion VND (84.92 millionUSD) last year, up 66.5 percent against the previous year and 10 percent higherthan the yearly plan.

SHB has been honoured as “Best Domestic Bank” of Vietnam in 2017in The Asset Asian Awards (Triple A). The annual Triple A recognition of TheAsset – a financial magazine for Asia’s decision makers - represents theindustry's most prestigious awards for banking, finance, treasury and thecapital markets.

The bank currently has 7,000 employees and 500transaction points in Vietnam, Laos, Cambodia and Myanmar to serve some fourmillion customers.-VNA
VNA
#Saigon – Hanoi Bank #SHB #charter capital #capital hike #SHB Director General Nguyen Van Le #SHB shareholder meeting #10-percent stock dividends #total asset #pre-tax profit #latest news on Vietnam #Vietnam news #Vietnam #Vietnam news agency #Vietnamplus #economy #business
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