Illustrative photo
The trading session of 26/4 fluctuated in the last trading day before the 30/4 – 1/5 holidays. At the close, the VN-Index increased slightly by 4.5 points to 1,209 points. The cash flow remained cautious due to the long holiday as the HOSE’s order matching value only reached over VND14,000 billion. The HNX-Index slightly decreased by 0.33% to 226.82 points; UPCoM – Index increased to 88.76 points.
As the core group of the market, today’s banking stocks fluctuated with 14 stocks increasing, 7 stocks decreasing, and 6 stocks standing at the reference price.
In particular, some stocks fluctuated strongly when there were up to 6 banks holding the 2024 annual general meeting of shareholders, including Sacombank, HDBank, Eximbank, Kienlongbank, VietBank, and VietABank.
Specifically, VBB shares of VietBank suddenly hit the ceiling, increasing by more than 14.4% to VND11,100 per share. VietBank’s stock increased sharply when the bank held its 2024 annual general meeting of shareholders this morning. At the meeting, VietBank submitted to shareholders the plan to distribute the 2023 stock dividend at a rate of 25%. In addition, VietBank also asked for shareholders’ opinions on some other important issues such as the Report on the restructuring plan in combination with handling bad debts in the period 2021-2025 of VietBank, the Report on the operations of the Board of Directors, the Board of Supervisors, the Executive Committee, etc.
HDB shares of HDBank also rose sharply by 4.9% when the bank held the 2024 annual general meeting of shareholders this morning, 26/4. At the meeting, HDBank shareholders approved the plan to pay a dividend of 30%, including 10% in cash and 20% in shares. With this dividend payment, HDBank is a rare bank that has maintained a high dividend level for many consecutive years. Besides, the bank’s management also disclosed the business results in the first quarter of 2024 with a profit of more than VND4,000 billion, a sharp increase compared to the same period last year, ensuring the set schedule and creating confidence for shareholders.
Speaking at the meeting, Mr. Petri Deryng, Director of PYN Elite Investment Fund, said that his fund had invested in many HDBanks, but the bank’s shares were not being valued at their true value, still at a low level. He added that the market value has not reflected the true value of shares like HDB as what HDBank is delivering. The Director of PYN Elite Investment Fund commented that HDB shares have a lot of potential for further growth.
VAB shares of VietABank and KLB shares of Kienlongbank also increased by 3.5% and 2.8%, respectively, on the day of the shareholders’ meeting.
In addition to the above codes, SGB shares of Saigonbank also recorded a positive development when rising by nearly 5.3% to VND14,000 per share. Previously, Saigonbank held the annual general meeting of shareholders for 2024 on the morning of April 25. At the meeting, Mr. Vu Quang Lam, Chairman of the Board of Directors of Saigonbank, said that the bank will submit to the shareholders the soonest possible decision on the stock dividend level. If nothing changes, the expected dividend rate is 8%. Therefore, shareholders will receive dividends twice in a row.
Recently, Saigonbank has completed the registration procedure with the Vietnam Securities Depository and Clearing Corporation on the last registration date to carry out the stock dividend payment at a rate of 10% on April 25, 2024.
SHB also increased strongly today after holding the annual general meeting of shareholders yesterday, April 25. At the meeting, SHB shareholders approved the 2023 dividend payment plan at a rate of 16%, including 5% in cash and 11% in shares. This is the first time in over 10 years that SHB has paid cash dividends to its shareholders.
Speaking at the meeting, SHB’s General Director Ngo Thu Ha announced that the pre-tax profit in the first quarter of 2024 reached over VND4,017 billion, fulfilling 35% of the annual plan. This is the highest Q1 profit in SHB’s history. In 2024, the bank set a profit target of VND11,286 billion, 22% higher than the previous year.
In contrast, STB had the largest decrease in the banking sector when losing nearly 0.9% of its value as the bank successfully held its 2024 annual general meeting of shareholders this morning, April 26.
BID and CTG also decreased by 0.8% and 0.6%, respectively. Both BIDV and VietinBank are scheduled to hold their annual general meeting of shareholders for 2024 tomorrow morning, April 27th.
