|A transaction at SHB (Source: SHB)
The hike was mentioned by SHB Director General Nguyen Van Le as part of a plan approved at this year’s SHB shareholder meeting in Hanoi on April 23. The bank will increase the capital by issuing additional shares in the form of 10% stock dividends to shareholders.
SHB expects to have the total asset exceed VND315.49 trillion (US$13.88 billion) by the end of this year, a rise of 10.3% from the beginning of this year. It also aims to reach a pre-tax profit of VND2.05 trillion (US$90.2 million) and maintain the rate of non-performing loans at below 3%. The Return on Assets (ROA) and Return on Equity (ROE) will be kept at around 0.6%-0.8% and 10.5%-11.5%, respectively.
In addition, the bank intends to further expand its presence in the country by launching five more branches and 20 transaction offices.
At the meeting, the shareholders voted Thai Quoc Minh as new Member of the Board of Management and Trinh Thanh Hai as new Member of the Board of Independent Directors.
In early March, the bank successfully issued more than 83.92 million shares to pay dividends, raising the charter capital from VND11.2 trillion (US$492.8 million) to over VND12.03 trillion (US$529.3 million).
By the end of last year, SHB’s total assets amounted to over VND286 trillion (US$12.58 billion), up 18.8% year-on-year, placing it among the top 5 private commercial banks in Vietnam. The lender posted a pre-tax profit of nearly VND1.93 trillion (US$84.92 million) last year, up 66.5% against the previous year and 10% higher than the yearly plan.
SHB has been honoured as “Best Domestic Bank” of Vietnam in 2017 in The Asset Asian Awards (Triple A). The annual Triple A recognition of The Asset – a financial magazine for Asia’s decision makers - represents the industry's most prestigious awards for banking, finance, treasury and the capital markets.
The bank currently has 7,000 employees and 500 transaction points in Vietnam, Laos, Cambodia and Myanmar to serve some four million customers.