KienlongBank (KLB) recently released the documents for its 2024 Annual General Meeting of Shareholders (AGM). The meeting is scheduled to be held on April 26 in an online format.
KienlongBank is targeting to increase its total assets to VND 90,000 billion, a 3.5% increase compared to 2023; total mobilized capital to reach VND 81,000 billion, outstanding credit balance to reach VND 60,000 billion, with an increase of 3.2% and 14.3% respectively compared to the end of the previous year. Pre-tax profit is targeted to reach VND 800 billion and the bad debt ratio continues to be controlled below 3%, ensuring compliance with the regulations of the State Bank.
In addition to the reports of the Board of Directors, the Supervisory Board, and the Executive Board on the 2023 operations and the projected 2024 operations, KienlongBank is expected to submit to the shareholders for approval a number of items such as: Selection of an independent audit firm for 2024; Consolidated financial statements for 2023; Profit distribution plan for 2023… along with some other important reports.
In 2023, KienlongBank conducted the election of the Board of Directors and the Supervisory Board for the term 2023 – 2027. With the orientation in the coming period being to focus on strengthening management capacity, completing the apparatus and financial resources to realize the goal of becoming a modern, comprehensive digital bank by 2025, at this Congress, KienlongBank will also submit to the shareholders for approval the election of additional members to the Board of Directors and the Supervisory Board for this term in order to promptly meet the requirements of the Law on Credit Institutions 2024, which will soon take effect.
Previously, by closely following the macroeconomic situation as well as the general orientation of the banking industry, with its proactive and flexible approach, KienlongBank has had a year of sustainable growth. According to the audited financial report, at the end of 2023, KienlongBank’s total assets reached VND 86,973 billion, achieving 101.13% of the plan; total mobilized capital reached VND 78,476 billion, achieving 100.61% of the plan; outstanding credit balance reached VND 52,585 billion, achieving 100.15% of the plan; pre-tax profit for the year reached nearly VND 719 billion, achieving 102% of the plan, resulting in a total of VND 574 billion in after-tax profit.
Not only exceeding the revenue and profit plan approved by the AGM in April 2023, KienlongBank’s bad debt ratio in 2023 was controlled at 1.42%, ensuring compliance with the regulations of the State Bank. In addition, KienlongBank has made additional provisions in 2023 with the aim of increasing resources, increasing the buffer to cover bad debts, and reducing the impact of bad debts in the future.
