The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will raise its charter capital to over 50.4 trillion VND (2.22 billion USD) under a plan recently approved by its board of directors.
Hanoi (VNA) – The Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank) will raise its charter capital toover 50.4 trillion VND (2.22 billion USD) under a plan recently approved by itsboard of directors.
The plan was adopted at Vietcombank's annual general shareholders’ meeting inApril.
Accordingly, Vietcombank will issue more than 1 millionshares to pay for last year’s dividends at a rate of 27.6 percent of 2019’sretained earnings. The State-owned bank will also issue additional individualshares, worth 6.5 percent of its total charter capital at the maximum at the time ofoffering, to investors and existing shareholders.
The issuance of shares for dividend payouts will add over10.23 trillion VND to the bank’s charter capital while more than 3 trillion VNDis expected to be raised from issuing individual shares.
Previously, the government had approved theState Bank of Vietnam’s proposal to provide an additional 7.65 trillion VND tomaintain the State’s ownership ratio at Vietcombank, which now stands at 74.8percent.
Vietcombank sets to increase total assets by 5 percent,total outstanding loans by 10.5 percent, and consolidated pre-tax profit by 11percent this year. The non-performing loan (NPL) ratio will be kept at under 1percent and dividends will be paid at 8 percent./.
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At a Vietcombank branch. (Photo: VNA)
