Having paid off all VAMC bonds, Eximbank wants to pay dividends this year

Having paid off all VAMC bonds, Eximbank wants to pay dividends this year

Export Import Commercial Joint Stock Bank – Eximbank (EIB code) has just updated the documents of the 3rd Annual General Meeting of Shareholders (General Meeting of Shareholders) 2020 and the 2021 Annual General Meeting of Shareholders, scheduled to be held on April 27.

Eximbank’s Board of Directors said that the bank has been approved by the State Bank (SBV) with the total extension time and original period of 10 years from the date of issuance for special bonds issued from 2015 or earlier. . As a rule, banks are not allowed to pay dividends until the entire VAMC bond is settled.

These bonds by the end of 2020 still have a part not been paid off. However, as of March 30, 2021, Eximbank has fully paid off VAMC bonds.

Accordingly, Eximbank proposes the State Bank to approve Eximbank to share dividends in shares in 2021. After being approved by the State Bank, the Board of Directors will submit specific distribution plans to shareholders. It is expected that the amount of profit divided after deducting the bonus and welfare fund in 2018, 2019, and 2020 is 2,214 billion VND. After subtracting the treasury shares Eximbank is holding, the expected dividend is VND 1,800 / share.

This year, Eximbank sets a pre-tax profit target of VND 2,150 billion, equivalent to an increase of 63% over the previous year. Total target assets reach 177,000 billion VND, up 10% compared to the end of 2020. In which, credit provision is 117,000 billion VND, up by 15%. However, Eximbank will make adjustments in case the State Bank receives notice.

In addition, the bank plans to mobilize capital to reach 148,000 billion VND, up 10%. The controlled balance sheet bad debt ratio does not exceed 2.5% of the total outstanding loans.

Source: bizlive.vn – Translated by fintel.vn

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