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Banking & Finance

NamAbank and Saigonbank release AGM documentation

Released at: 12:27, 06/04/2015

NamAbank and Saigonbank release AGM documentation

Upcoming AGMs will furnish shareholders with a number of financial targets.

by Hung Nguyen

NamAbank will discuss plans with shareholders at its Annual General Meeting (AGM), to be held on April 17, plans to raise pre-tax profits by 49 per cent to reach VND360 billion ($16.67 million).

The bank plans to raise total assets to VND40 trillion ($1.85 billion), a growth of 7 per cent when compared with 2014. Plans for capital mobilization are set at VND23.5 trillion ($1.08 billion), an increase of 16 per cent. The bank's lending is estimated to rise by 26 per cent to VND21 trillion ($972 million).

Furthermore, NamAbank plans to increase its charter capital to VND4 trillion ($185.28 million) in 2015 in accordance to an agreement with the State Bank of Vietnam (SBV) in 2014.

After increasing its charter capital, NamAbank will conduct an Initial Public Offering (IPO).

Another institution, Saigonbank, has set targets of increasing total assets to VND19.3 trillion ($893.97 million) and increasing capital mobilization by 24 per cent. Setting itself apart from most other banks, Saigonbank only aims to gain a comparatively modest VND50 billion (2.31 million) profit after tax, a decrease of 78 per cent when compared with 2014.

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