The conference adopted the Report on Business Results of 2023 and the Business Plan for 2024; approved the Profit Distribution for 2023; the Charter Capital Increase Plan for 2024; the BAC A BANK Charter Amendment; and especially voted for the members of the Board of Directors and the Supervisory Board for the new term 2024-2029, along with other notable contents.
New stride in the bank’s modernization roadmap
In 2023, in the face of difficulties caused by adverse effects of the global economy, domestic financial market, and interest rate fluctuations in the last months of the year, BAC A BANK actively and flexibly managed the bank’s business operations, ensuring compliance with all indicators, capital safety ratios, and operational safety in accordance with the regulations of the State Bank of Vietnam (SBV). Therefore, all of BAC A BANK’s operations recorded stable and sustainable growth.
The bank made efforts to fulfill most key business plan targets. Of which, BAC A BANK’s total assets reached over VND 152,000 billion, an increase of 18.2% compared to 2022; charter capital reached VND 8,334 billion, a growth of 2.5%; capital mobilized increased by 21.8% with flexible management in close adherence to the capital market, ensuring liquidity to effectively meet the operating and business needs of the bank. The non-performing loan ratio was low, accounting for only 0.92% of the total outstanding debt, meeting the target to control the non-performing loan ratio at below 1.5%; credit growth always ensured close adherence to the SBV’s credit limit regulations, and credit quality was gradually improved, increasing by 5.0% compared to the previous year; profit before tax reached VND 1,048 billion. Investment consulting activities continued to be promoted, focusing on projects related to high-tech agriculture applications, healthcare, education, and resort tourism. These are the areas of operation that bring many practical benefits to the community and are highly meaningful for socio-economic development.
In addition, BAC A BANK has clearly transformed on its roadmap to diversify banking products and services, and initially implemented the Kiosk Banking channel to bring an optimized experience to customers. Along with that, the CoreBanking system, Internet & Mobile Banking transaction channels, and Card management system are constantly upgraded and updated.
Also in 2023, the bank also officially successfully launched 2 international credit card products, BAC A BANK – Mastercard. With the number of newly issued cards in 2023, BAC A BANK expects to continue to effectively exploit the card business to become one of the bank’s key products.
With the strategic vision of becoming a modern, diversified bank, BAC A BANK has built a digital banking model under the brand name BAC A BANK – Alpha Bank and has begun implementing the first phases of the project. BAC A BANK has also invested in expanding and upgrading its data center, implementing an advanced security system, ensuring that the IT infrastructure always operates smoothly, safely, and securely.
Labor Hero Thai Huong, Vice Chairman of BOD, and General Director of BAC A BANK delivered a speech and answered shareholders’ questions
Deputy General Director Chu Nguyen Binh reported at the Shareholders’ General Meeting
BAC A BANK’s 2024 prospects after 30 years of establishment
2024 – a significant milestone in the journey of 30 years of building and developing BAC A BANK with new breakthroughs. On the basis of the business plan that was established from the beginning of the year, the Executive Board has developed a business plan for 2024 of BAC A BANK, compared to 2023: total assets will increase by 7.5%; charter capital will increase by 18.2%; customer deposits will increase by 4.5%; outstanding loans will increase by 10.3%; revenue from services and guarantees will increase by 17.4%; profit before tax will reach VND 1,100 billion; and the branch network will increase by 12 transaction offices.
At this General Meeting, BAC A BANK’s Board of Directors presented to the shareholders and approved the plan to increase the charter capital to nearly VND 9,900 billion with two forms: issuing common shares to pay dividends to existing shareholders and offering common shares to existing shareholders. The General Meeting also agreed on the stock dividend ratio for 2023 as 6.93%, with the source taken from BAC A BANK’s remaining after-tax profit from 2023, after having made necessary allocations to funds.
Shareholders voted at the 2024 Annual General Meeting of Shareholders
In the excited atmosphere of the General Meeting, the shareholders discussed and agreed on the contents of the reports and submissions of the Board of Directors, Supervisory Board, and Executive Board. The participating shareholders discussed and raised a number of questions related to: credit extension and credit development plan in the coming time; risk prevention solutions to ensure the rights of customers transacting at BAC A BANK; ratio of service fee revenue to total revenue; roadmap for stock dividends in 2023 and increase in charter capital as planned; assessment of causes and positive results that BAC A BANK achieved in the period of 2019-2024; and the bank’s development orientations for 2024 and in the medium and long term.
Shareholders discussed at the 2024 Annual General Meeting of Shareholders
After a direct exchange, the Presidium adequately answered the shareholders’ questions and acknowledged their positive contributions to make the bank’s operations increasingly more developed and improved.
Keeping pace with the digital transformation trend of the entire banking system, BAC A BANK is expanding its research and embracing cutting-edge technologies, cooperating with leading consulting experts to select an investment scale appropriate to the bank’s implementation capacity
