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Prosperity & Development Joint Stock Commercial Bank (PGBank) has just released unusual information about receiving the resignation applications of two high-level personnel, namely Mr. Nguyen Thanh To, Deputy General Director, and Mr. Nguyen Thanh Lam, Independent Member of PGBank’s Board of Directors.
Both resigned due to personal reasons.
Previously, PGBank’s Board of Directors (BOD) announced the dismissal of Ms. Nguyen Thi Hoa from the position of Head of Bank Administration and transferred Ms. Hoa to the position of Advisor to the Board of Directors from April 10. PGBank’s BOD assigned Ms. Nguyen Thi Minh Thu – Deputy Head of the BOD Office – to be in charge of the BOD Office as well as Head of Bank Administration.
In mid-March, PGBank also announced the appointment of three Deputy General Directors at the same time after many high-ranking personnel submitted their resignations. All appointment decisions have a maximum term of three years, with an effective start date of March 12, 2024.
Accordingly, Mr. Tran Van Luan, Director of Dong Do Branch, was appointed to the position of Permanent Deputy General Director. Mr. Le Van Phu, Director of Hai Duong Branch, holds the position of Deputy General Director. At the same time, Mr. Nguyen Trong Chien, Regional Director in charge of the Southern region, will also hold the position of Deputy General Director of PGBank.
PGBank is in the process of restructuring its personnel after major shareholder Petrolimex divested.
Regarding this bank, PGBank is preparing to hold its 2024 Annual General Meeting of Shareholders (AGM) on April 20 in Ninh Binh.
At this year’s AGM, PGBank’s Board of Directors will submit a business plan with an expected total revenue of VND 2,086 billion, an increase of nearly 49.7% compared to 2023. Operating and provision expenses are forecasted to increase by 46.9%, to VND 1,532 billion.
After deducting all expenses, PGBank’s pre-tax profit in 2024 is expected to reach VND 554 billion, an increase of nearly 58% compared to the result in 2023.
By the end of 2024, total assets will increase to VND 63,503 billion, an increase of nearly 14% compared to the end of 2023. Of which, outstanding loans are forecasted to increase by 12.9% to VND 40,476 billion. Mobilization is expected to reach VND 56,530 billion, an increase of 13.5%.
Charter capital is expected to reach VND 5,000 billion after completing the capital increase plan. Currently, PGBank has completed the first component in the capital increase plan, which is to issue 120 million shares from its equity.
PGBank is implementing a plan to increase capital by an additional VND 800 billion from issuing shares to existing shareholders. Due to a change in equity, the bank has adjusted the right implementation ratio to 21:4 (i.e., each share at the record date will receive one purchase right, 21 purchase rights will be used to buy 4 new shares).
In 2023, PGBank recorded after-tax profit of VND 279.9 billion. After setting up the charter capital reserve fund, financial reserve fund, and reward and welfare fund, the undistributed profit in 2023 was VND 200.4 billion. PGBank proposes not to pay dividends in 2024.
At the 2024 Annual General Meeting of Shareholders, PGBank will also submit to shareholders for approval the reports on remuneration, salaries, and bonuses for the Board of Directors and the Supervisory Board as well as adjustments to the Charter and regulations in accordance with the Law on Credit Institutions 2024 and the selection of an audit organization.
