09:33 (GMT +7) - Monday 05/12/2016

Banking & Finance

Nam A Bank targets 13% asset increase

Released at: 16:53, 06/04/2016

Nam A Bank targets 13% asset increase

AGM hears of targets for 2016 and to 2020.

by Hung Nguyen

Nam A Bank has set a target of acquiring total assets of VND40 trillion ($1.79 billion) this year, an increase of 13 per cent against 2015, according to documents submitted at its 2016 annual general meeting.

The documents included the bank’s targets for 2016 and details of the new board of management for the 2016-2020 term.

Other targets set for 2016 include VND28.5 trillion ($1.27 billion) in capital mobilized from individuals and other economic components (excluding capital mobilized from the interbank market), a year-on-year increase of 17 per cent, and VND25 trillion ($1.12 billion) in credit granted, a yearly increase of 20 per cent, which is lower than the rate required by the State Bank of Vietnam (SBV). Non-performing loans are to be kept at less than 3 per cent.

Profit before tax is set at VND300 billion ($13.45 million), an increase of 19 per cent against 2015, and charter capital is to reach VND4 trillion ($179.44 million).

In the longer run, by 2020 the bank has set a target for charter capital of between VND5 trillion ($224.3 million) and VN6 trillion ($269.16 million).

Capital mobilized from individuals and other economic components are to increase by 25-30 per cent and reach VND80 trillion ($3.58 billion) by the end of 2020.

Credit granted is targeted at VND64 trillion ($2.87 billion) by 2020 and profit before tax VND800 billion ($35.88 million), for a yearly increase of 20-25 per cent. Non-performing loans are to be kept under 2.5 per cent.

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