KienlongBank Shareholders’ Meeting: Approves VND 800 Billion Profit Plan for the Year, Elects an Additional Member to the Board of Directors and a Member to the Supervisory Board

KienlongBank sets cautious targets for 2024, aiming to grow total assets to VND 90,000 billion and credit growth to VND 60,000 billion. Pre-tax profit is projected to reach VND 800 billion, while the bad debt ratio is expected to remain below 3%.

Responding to shareholders regarding the bank’s impressive profits in recent years, Chairwoman of KienlongBank’s Board of Directors, Ms. Tran Thi Thu Hang, attributed the success to the collective efforts of the Board of Directors, staff, and employees across different periods. These efforts have laid a solid foundation, paving the way for KienlongBank’s remarkable growth in recent years. However, with its current capabilities and vision, KienlongBank recognizes that it is still in its early stages of development. The bank also emphasizes the importance of operating efficiently and in compliance with the law.

Regarding the bank’s credit growth and risk management strategies, a representative from the bank’s Supervisory Board stated that KienlongBank will ensure that credit growth aligns with liquidity requirements as stipulated by regulations. In 2024, KienlongBank will focus on fully implementing Basel III standards and adopting international best practices for risk management.

Additionally, the bank will continue to develop credit products tailored to different business types and needs while directing credit flows toward Green categories. It will also focus on lending to meet housing demand, social housing projects, and worker housing, as well as the forestry and aquaculture sectors. At the same time, it will strictly control lending to sectors with higher risk profiles.

In terms of service business, 2024 will be another year for KienlongBank to accelerate the deployment of initiatives and solutions to promote non-cash payments (TTKDTM). In 2023, KienlongBank launched several digital products aligned with the TTKDTM strategy on the KienlongBank Plus and Web platforms, including MyShop and the Paybox hardware device.

In 2024, KienlongBank aims to further develop and position these products as leading digital solutions in the market, expanding its customer base and aligning with its vision of becoming a user-friendly and efficient digital bank. “Since its launch and recognition at the Sao Khue Awards 2023, KienlongBank has onboarded a significant number of merchants using MyShop, and we expect to triple that number this year. Together with the Paybox device, MyShop will enhance the payment experience for customers and serve as a financial and cash flow management tool for business owners,” said Mr. Tran Ngoc Minh, Vice Chairman of the Board of Directors and General Director.

To achieve these goals, shareholders at the General Meeting also unanimously approved the election of additional members to the Board of Directors and Supervisory Board for the 2023-2027 term. This move aims to strengthen the bank’s oversight and governance capabilities and enhance its organizational structure to improve performance and meet best practices in corporate governance and ESG standards. It will also lay the groundwork for the bank’s transition to a fully digital bank by 2025 and help it prepare for the upcoming Credit Institutions Law 2024.