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Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV – Code: BID) has just announced the resolution of the Board of Directors (BOD) on approving the plan to increase charter capital by issuing shares to pay dividends from the remaining profit after tax and provision for funds in 2022.
Accordingly, BIDV plans to issue 1.197 billion shares to pay dividends to existing shareholders, with an implementation ratio of 21%. The expected issuance time is Q4/2024 – Q1/2025.
The capital source for the issuance will be from the undistributed accumulated profit of the Bank in 2022 after making provisions for funds as prescribed by law. After the successful issuance, BIDV’s charter capital is expected to increase by a maximum of nearly VND 11,971 billion, from VND 57,004 billion to over VND 68,975 billion.
According to BIDV, the additional charter capital will be used entirely to supplement its operating capital and allocate to the Bank’s business areas such as credit activities, investment in infrastructure, technology, development of new products and services, and enhancement of the competitiveness of its business network.
Previously, at the 2024 Annual General Meeting of Shareholders, BIDV approved the plan to issue an additional 1.197 billion shares to pay 2022 dividends, equivalent to 21% of the circulating shares at the end of 2023. The expected time of implementation was 2024 – 2025.
In 2024, BIDV has not yet paid any dividends. The latest dividend payment of BIDV was in December 2023, with the source of payment from the remaining profit after tax and provision of funds in 2021.
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