The State Bank of Vietnam’s decision comes after SHB completed the issuance of over 43.5 million shares under its Employee Stock Ownership Plan (ESOP). With a chartered capital of more than VND 36,629 billion, SHB remains among the top four largest privately-owned joint-stock commercial banks in the country. This solid foundation will enable the bank to execute its capital increase plan for 2024, as approved by its shareholders.
Specifically, at the 2024 Annual General Meeting, SHB’s shareholders approved a dividend payout ratio of 16% for 2023, comprising 5% in cash and 11% in stocks, resulting in a chartered capital increase to VND 40,658 billion. The bank also plans to distribute an 18% dividend for 2024 while targeting total assets surpassing VND 701 trillion and a 22% growth in pre-tax profit to reach VND 11,286 billion.
With its robust financial foundation, reputation, and standing in the international market, SHB has been recognized by Fortune magazine as one of the top 137 financial institutions and enterprises in Southeast Asia (Fortune Southeast Asia 500 – Fortune SEA 500) and ranked 17th among Vietnamese financial institutions and enterprises.
For the period of 2024-2028, SHB is focusing its resources on implementing a comprehensive Transformation Strategy based on four pillars: Reform of mechanisms, policies, regulations, and processes; Empowering people as the main driving force; Customer and market centricity; and Modernization of information technology and digital transformation, while steadfastly upholding six core cultural values: “Heart – Trust – Faith – Knowledge – Wisdom – Vision.”
Declining USD Prices: Banks and Free Market Suffer Declines
Approaching Tet holidays, the USD price in banks and the free market dropped significantly, despite the international USD index maintaining a high level.
SHB achieves excellent cost control with a CIR of only 23% in 2023, with profits exceeding 9,200 billion VND.
Saigon – Hanoi Bank (SHB) has recently released its consolidated financial report for the year 2023, showcasing stable business growth and strong safety indicators amidst a challenging market.
Vietnam Airlines sees promising results in its quest for financial balance
By the end of 2023, this business has incurred a total loss of over 5.8 trillion VND despite a 30% increase in revenue.
Mr. Ngo Dang Khoa (HSBC): Exchange rate under pressure in Q1, expected to stabilize around 24,400 dong/USD by end of 2024
Prior to the rising trend of the USD, Mr. Ngo Dang Khoa – Director of Foreign Exchange, Capital Markets and Securities Services, HSBC Vietnam, has shared some insights and forecasts regarding the upward momentum of the USD and exchange rates.
