Plan for cash dividend of 8.5% and bonus shares representing 16.5% to be put to vote at AGM on April 28.
Vietnam International Bank (VIB) has recently released documents for its 2016 Annual General Meeting (AGM), to be held on April 28 in Hanoi. The meeting will re-elect VIB’s Board of Directors and Supervisory Board for the new 2016-2019 term.
Under a proposal to be submitted to the AGM, shareholders will vote for a dividend of 8.5 per cent in cash and a plan to increase charter capital from VND4.85 trillion ($217.28 million) to VND5.64 trillion ($252.67 million) by distributing bonus shares equivalent to 16.5 per cent of charter capital.
If approved, the total dividend to shareholders would therefore total 25 per cent.
VIB recorded VND655 billion ($29.34 million) in pre-tax profit in 2015, meeting the plan set for the year.
Credit growth reached 24.9 per cent while total assets increased 5 per cent compared to 2014.
Non-performing loans were cut to 2.07 per cent.
This year VIB has targeted VND675 billion ($30.24 million) in pre-tax profit and credit growth of 25 per cent. It now has among the highest shareholder equity in the market, reflected by a capital adequacy ratio (CAR) of 17 to 18 per cent.
Of the ten banks selected for the pilot implementation of the Basel II standards, VIB is the best prepared thanks to its technology platform and CAR of nearly 13 per cent based on Basel II, compared to the required 8 per cent.