AsemconnectVietnam - On April 25, Military Commercial Joint Stock Bank (MBBank, code MBB - HOSE) held the 2023 Annual General Meeting of Shareholders to submit to shareholders a business plan in 2023 with the target of a 20% increase in charter capital, reaching VND54,363 billion.

Total assets are expected to increase by 14%, reaching VND830,000 billion. Target credit growth is 15%, equivalent to VND583,600 billion according to the credit room of the State Bank. The bad debt ratio is expected to remain below or equal to 2%. The target profit before tax is VND26,100 billion, an increase of 15% compared to the implementation level in 2022.
Notably, the Bank submitted a plan to sharply increase its charter capital to more than VND53,600 billion. According to the statement of profit distribution plan in 2022, MB will pay dividends in cash and shares this year. MB's after-tax profit in 2022 after deducting funds is VND12,151 billion. Total accumulated after-tax profit (including retained earnings from previous years) is VND13,261 billion.
The bank plans to use VND9,068 billion to pay dividends to shareholders. In which, VND6,801 billion is used to pay dividends in shares, equivalent to 15%; and VND2,266 billion is used to pay cash dividend, equivalent to 5%. Expected, the charter capital of MB after completion is VND53,683 billion.
According to calculations, the 15% share dividend will help MB's charter capital increase by VND6,801 billion, equivalent to the number of issued shares is more than 680 million units, expected to be implemented in 2023.
In addition, the bank also plans to increase its charter capital by VND1,542 billion from continuing to implement the charter capital increase plan approved by the 2022 General Meeting of Shareholders and approved by the State Bank.
Talking to the Securities Investment Newspaper, a senior MB executive said that the additional capital (VND8,343 billion) will mainly be used for investment in capacity building (VND7,088 billion to invest in systems and technology solutions, investment in headquarters in Ho Chi Minh City and key areas...), and at the same time supplementing business investment capital (VND1,255 billion).
The information was approved by the General Meeting of Shareholders at the 2022 annual meeting such as the compulsory transfer of a commercial bank, the establishment of a joint venture bank, shares in Cambodia...
MB also continues to offer private shares and issue shares under the employee selection program as approved by the 2022 General Meeting of Shareholders and approved by the State Bank. The implementation period is from 2023 to the second quarter of 2024.
As MB previously announced on personnel issues, the Board of Directors' Resolution on resigning from the position of Chairman of MB's Board of Directors to Mr. Le Huu Duc, elects Mr. Luu Trung Thai to replace the position of Chairman of MB Chairman of the Board of Directors for the remainder of the 2019-2024 term. At the same time, assigning Mr. Pham Nhu Anh the title of Deputy General Director in charge of the Executive Board.
MB also submitted to shareholders the number of members of the Board of Directors and the dismissal of members of the Board of Directors for the remainder of the 2019-2024 term. Accordingly, MB dismissed the member of the Board of Directors for the term 2019-2024 for Mr. Le Huu Duc, according to personal wishes. The number of members of MB's Board of Directors in the remaining period of the term is 10 members.
Sharing with the Securities Investment Newspaper, VNDirect analyst Tran Thi Thu Thao said that with the pre-tax profit plan in 2023 reaching VND26.1 trillion (up 15% over the same period), higher than the forecast. 4% of VNDirect and seems optimistic in the context of cash flow difficulties at some of MB's major customers, showing the goal of showing MB's management confidence in the bank's prospects in the coming year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan