PVcomBank Shareholders’ Meeting
Fulfilling Business Plans for 2023
In 2023, thanks to closely monitoring market developments, PVcomBank has implemented flexible and appropriate management policies in each period, remaining firm in the goal of growth coupled with quality, safety, sustainable development, and efficiency. As a result, the bank has basically completed its goals for 2023, with its scale of operations growing selectively and sustainably, and operational safety ensured.
Specifically, as of December 31, 2023, compared to the whole-year plan, consolidated revenue was 148.4%; consolidated pre-tax profit was 100.3%. For the parent bank alone, revenue and pre-tax profit reached 151.1% and 116.5%, respectively, of the 2023 plan. Compared to 2022, international payment and trade finance turnover recorded many positive signals with an increase of 20%, while foreign exchange trading volume increased by 24%.
Deposit interest rates increased sharply in the last months of 2022 and the first two months of 2023. After the State Bank reduced its policy interest rates, capital mobilization interest rates dropped sharply. Closely following market developments, PVcomBank flexibly managed capital mobilization activities. As of December 31, 2023, capital mobilized from economic organizations and individuals reached VND 197,509 billion, a significant increase compared to 2022, meeting business needs, ensuring liquidity, and reducing the bank’s cost of capital.
Following directives from the Government and the State Bank, PVcomBank has implemented many measures to reduce operating costs, reduce interest rates for borrowing customers, issued preferential policies, and minimized operating procedures, thereby supporting customers in accessing loan sources quickly. The bank has implemented many preferential credit programs, focusing on sectors that drive economic growth. The total outstanding debt in 2023 reached VND 118,443 billion, a slight decrease compared to December 31, 2022. PVcomBank has also strengthened credit risk management work, strictly evaluating customer quality, repayment capacity, purpose of capital use, and controlling bad debts to ensure compliance with State Bank regulations.
At the same time, PVcomBank has focused resources on implementing the restructuring plan, and intensifying debt collection and recovery through numerous and coordinated solutions. As a result, the bank has recovered/processed VND 3,713.2 billion.
Shareholders attending PVcomBank’s General Meeting
Continuing to Focus on Comprehensive Digital Transformation
Along with its core business activities, PVcomBank has focused resources on comprehensive digital transformation, improving service quality, and increasing customer service capacity. The bank has developed a roadmap for digital transformation during the period 2025 – 2030 with the goal of having 50% – 70% of transactions and operations conducted on digital platforms by 2025 and 70% – 90% by 2030. PVcomBank has enhanced cooperation with IBM in developing the open banking system and worked with Amazon to build a strategy for migrating critical applications to the cloud infrastructure with the aim of enhancing readiness, scalability, cost optimization, and risk reduction in operations.
In the retail customer segment, many of PVcomBank’s products and services have gradually shifted to digital channels and the digital ecosystem of partners such as: online gold trading; development of accounts with multiple account numbers; international money transfer for retail customers on digital channels; launch of the mobile banking version PVConnect…In the process of accompanying the Government and the banking industry in completing the goals of Project 06 in the banking sector as well as the National Digital Transformation Program, PVcomBank has demonstrated its role as a pioneer as one of the few banks that successfully connected to the National Citizen Database to implement eKYC payment account opening through identification using microchip-embedded citizen IDs, which helps the authentication process take place quickly, ensuring absolute accuracy, saving time and costs, and reducing procedures for customers and the Bank.
PVcomBank has also focused on digitizing products and services for the institutional customer segment with positive results.
The most prominent achievement in improving customer service quality at PVcomBank was the completion and implementation of an integrated call center (OCC) with many outstanding advantages such as: comprehensive multi-channel interaction, consolidation of popular communication channels (voice calls, video calls, chat, email, SMS, Facebook, Zalo) into a single interface, enabling PVcomBank staff to interact and handle responses on a single software, saving time, and improving labor productivity.
As customer experience and value improve, PVcomBank’s reputation has also been boosted. This is also an important factor contributing to the growth of 93% in new customers – equivalent to 2.36 million customers compared to 2022.
PVcomBank’s Leaders Reporting at the General Meeting
In 2024, Prioritizing the Goal of Safe, Sustainable and Effective Growth
PVcomBank’s goal in 2024 is to continue implementing restructuring according to the approved roadmap, tightly controlling risks, setting prudent business targets in line with financial capacity, and evaluating factors impacting the market. Based on this, PVcomBank has reported and received approval from the General Meeting for the business plan for 2024, in which the targets set for consolidated revenue and consolidated pre-tax profit are VND 19,334.5 billion and VND 108.5 billion, respectively.
To achieve the targets and business plans, PVcomBank plans to focus on five core solution areas: Accelerating digital transformation; Enhancing service quality; Improving the efficiency of the risk management system; Developing human resources; and Focusing on debt collection and recovery.
The PVcomBank 2024 General Meeting of Shareholders ended at 4:00 PM the same day, and the reported contents were approved with a high consensus rate of more than 90%.
