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Banking & Finance

SHB to increase charter capital

Released at: 16:43, 24/07/2015

SHB to increase charter capital

Central bank gives go-ahead to increase, which will come from an additional share issuance.

by Hung Nguyen

The Saigon - Hanoi Commercial Bank (SHB) has gained approval from the State Bank of Vietnam (SBV) to increase its charter capital from VND8.86 trillion ($406.14 million) to VND9.48 trillion ($434.56 million).

The approval was given in Document No. 5420/NHNN-TTGSNH.

The increase will be done via issuing additional shares, which will also fund paying a dividend for 2014, under a plan approved by shareholders at the annual general meeting (AGM).

At the AGM the bank set targets for 2015 of reaching VND200 trillion ($9.16 billion) in total assets and increasing its charter capital by VND1.62 trillion ($74.26 million) to VND10.48 trillion ($480.40 million), an 18 per cent increase.

Profit after tax is targeted at VND1.12 trillion ($51.34 million), an increase of 10.6 per cent against 2014.

Non-performing loans are to be managed at less than 3 per cent.

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