The deadline for existing shareholders to exercise their rights to nominate, nominate, and attend the 2024 KienlongBank Extraordinary General Meeting is August 26, 2024.
According to the disclosed documents, KienlongBank plans to organize the Extraordinary General Meeting in October 2024 online to present to shareholders the regulations on the Organization and Operation of the Board of Directors, the Supervisory Board; internal governance regulations of KienlongBank and other related contents. At this extraordinary general meeting, KienlongBank will also change the structure and number of members, and elect additional independent members to the Board of Directors and the Supervisory Board for the 2023 – 2027 term.
The change in structure and personnel will help KienlongBank to strengthen its monitoring and governance capabilities in accordance with the Law on Credit Institutions 2024, which has taken effect. At the same time, it will further enhance the results of complying with governance practices according to new standards, laying the foundation for implementing the next phases of improvement.
Not only KienlongBank, but many other banks also held Extraordinary General Meetings in 2024 when the Law on Credit Institutions took effect, such as VIB, MBBank (June 2024); PGBank (July 2024) and LPBank (expected in August 2024).
According to the information announced by the Bank, Ms. Tran Thi Thu Hang will resign from the position of Chairman of the Board of Directors from July 9, 2024, due to personal reasons. She will continue her work at KienlongBank as a member of the Board of Directors, participating in implementing the strategic orientations of the Bank. According to the decision of the Board of Directors, Mr. Tran Ngoc Minh, Vice Chairman of the Board of Directors and General Director, will be the successor, elected by the Board of Directors as the Chairman of KienlongBank. On the same day, the Board of Directors also assigned Mr. Tran Hong Minh, Deputy General Director, to act as the Acting General Director.
During the time Ms. Tran Thi Thu Hang led KienlongBank, the Bank made significant transformations and left a strong imprint in strategic orientation and building a solid governance foundation. KienlongBank’s business performance has been robust and impressive.
Earlier, on April 26, 2024, KienlongBank successfully held its 2024 Annual General Meeting. The meeting also agreed on key business targets for 2024, with total assets expected to reach VND 90,000 billion. Credit growth is expected to reach VND 60,000 billion. Pre-tax profit is projected at VND 800 billion. The non-performing loan ratio is maintained below 3%, as per the State Bank of Vietnam’s regulations.
As of the first quarter of 2024, KienlongBank recorded a pre-tax profit of nearly VND 213 billion, resulting in an after-tax profit of VND 171 billion. With these results, the Bank has accomplished 27% of the plan for the year, as set out at the 2024 Annual General Meeting.
Regarding its core business activities, in the first three months, KienlongBank’s loan balance reached VND 53,392 billion. The non-performing loan ratio was controlled below 3%, ensuring compliance with the State Bank of Vietnam’s regulations. In parallel, the Bank proactively enhanced its resources and increased buffers to cover bad debts, mitigate their impact, and flexibly respond to potential adverse market scenarios in the future.
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