Accordingly, with the audited net profit for 2022 of VND 29,387 billion, plus the adjustment for the change in the profit of the previous year of VND 3 billion, Vietcombank’s 2022 distribution profit is VND 29,390 billion.
After setting up the additional capital reserve fund of 5% (VND 1,469.5 billion), the financial reserve fund of 10% (VND 2,939 billion) and the reward and welfare fund (VND 3,291.5 billion and subtracting other reductions of VND 9.8 billion), the remaining profit for 2022 is VND 21,680 billion.
Vietcombank plans to use the entire profit to distribute dividends in the form of shares. This option will need to be submitted to the State Bank of Vietnam (SBV) for opinions.
Prior to that, this profit distribution plan had been approved at the annual general shareholders’ meeting of Vietcombank 2023.
In 2023, Vietcombank successfully issued 856.6 million shares to pay dividends at the rate of 18.1%, increasing the bank’s total charter capital from VND 47,325 billion to VND 55,891 billion, from the remaining profit of 2019 and 2020.
Location of Vietcombank’s annual general shareholders’ meeting in 2024. (Photo: Quang Hung)
Recently, Vietcombank also announced that March 26 is the last registration date for attending the annual general shareholders’ meeting of 2024, corresponding to the ex-dividend trading date of March 25. Accordingly, this year’s shareholders’ meeting will be held on April 26, 2022 at Vietcombank’s training and development center, Ecopark Urban Area, Cuu Cao Commune, Van Giang District, Hung Yen Province.
The meeting aims to approve documents such as: the Board of Directors’ report, the Executive Board, the Board of Inspection on the business activities in 2023, the orientation for 2024; the proposal to increase charter capital from the remaining profit of 2022; the approval of the audited consolidated financial statements and the profit distribution plan for 2023; the compensation of the Board of Directors and the Board of Inspection, etc.
Regarding business results, Vietcombank recorded a consolidated pre-tax profit of VND 41,244 billion in 2023, an increase of 10.4% compared to 2022.
With these results, Vietcombank continues to surpass other “giants” such as BIDV (VND 27,650 billion), MB (VND 26,306 billion), Agribank (VND 25,400 billion), VietinBank (VND 25,100 billion), while also setting a new record for profit in the banking industry.
As of the end of 2023, Vietcombank’s total assets reached over VND 1,839 trillion, up 1.4% from the beginning of the year. In which, loans to customers amounted to over VND 1,270 trillion, up 10.9%. Deposits from customers increased by 12.2% to nearly VND 1,396 trillion, with the non-term deposits ratio at 35.2%.
Vietcombank’s non-performing loans on the balance sheet as of December 31, 2023 were VND 12,455 billion, an increase of 59.3% compared to the end of 2022. As a result, the ratio of non-performing loans to total loans increased from 0.68% to 0.98%; and the coverage ratio of non-performing loans decreased from 317% to 230%. However, Vietcombank remains the bank with the lowest non-performing loan ratio in the system and the highest coverage ratio in the banking industry.
