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Banking & Finance

Bank AGM season underway

Released at: 16:40, 27/03/2017

Bank AGM season underway

Photo: Duc Anh

LienVietPostBank gets the ball rolling, with other banks to folllow shortly.

by Hai Van

The annual general meeting (AGM) season for banks has begun, with the Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) holding theirs and other banks to follow in April.

Many banks have already revealed their business plans for 2017.

ACB set a target for credit growth of 16 per cent, customer deposits and total assets to increase 16 per cent, a bad debt ratio of less than 2 per cent, and consolidated pre-tax profit of about VND2.2 trillion ($96.82 million), a 32 per cent increase compared to results in 2016.

The bank will focus on credit growth for individual customers and small businesses and improving customer service quality to increase fee income from service activities. It will also focus on recovering bad debts and restructuring its headquarter and branch personnel.

Military Bank (MBB) plans pre-tax profit of VND4.7 trillion ($206.3 million), up 29 per cent against 2016. ROE is targeted at 15 per cent, compared to the 12 per cent result last year.

Meanwhile, LienVietPostBank has set a profit target this year of VND1.5 trillion ($65.86 million), up 11 per cent compared to last year.

The Orient Commercial Joint Stock Bank (OCB) plans to submit the following figures to its upcoming AGM: Total assets up 33 per cent to VND85 trillion ($3.73 billion), revenue from fees to increase over 12 per cent, and pre-tax profit to reach VND780 billion ($34.25 million), up 60 per cent compared to 2016.

HD Bank will submit seek approval of its business plan for 2017 at its AGM. Lending is to reach VND123.4 trillion ($5.42 billion), pre-tax profit VND1.6 trillion ($72.15 million), up 28 per cent compared to 2016, and a bad debt ratio of less than 1.5 per cent.

Major banks such as Vietcombank, BIDV, and Vietinbank have not published the documents to be presented to their AGMs as yet, but after a positive 2016 they are expected to set higher targets than last year.

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