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From next year, a cash dividend of 30% of profit after tax will be presented to the Annual General Meeting

Irrespective of stock market fluctuations, VPBank is planning a massive capital increase

Information at the General Meeting of Shareholders (AGM), Mr. Ngo Chi Dung – Chairman of the Board of Directors of VPBank said that in 2022 VPBank further plans to greatly increase its initial capital to nearly VND 80,000 billion through a private placement to shareholders. foreign investments and pay dividends or bonus shares from equity.

Accordingly, VPBank is expected to issue a maximum of more than 2,237 million shares in the first phase to increase its initial capital from VND 45,056 billion to VND 67,434 billion at a rate of 50% (shareholders who own 1,000 common shares are entitled to receive one share capital of VND 65,056 billion, equivalent to VND 67,434 billion). entitled to 500 new shares). The expected implementation date is in the second or third quarter of 2022.

Next, in the second phase, VPBank plans to privately issue up to 15% of the seed capital to foreign investors, increasing the total foreign participation in VPBank to a maximum of 30% of the seed capital. The maximum number of shares to be issued is 1,190 million shares. The issue price is set by the Board of Directors in accordance with the agreement and negotiation between the two parties and may not fall below the book value of VPBank.

The issuance time for foreign investors is expected to be 2022 after approval by the relevant state agency. When the two issuances are completed, the initial capital of VPBank will be up to Dong 79,334 billion, the highest initial capital in today’s banking system.

Previously, in 2021, the initial capital of VPBank increased sharply from VND 25,000 billion to over VND 45,000 billion through stock dividends at a rate of 80%.

“Whether the stock market is favorable or not does not affect the bank’s capital increase, this year’s capital increase will certainly be successful,” stressed Mr. Nguyen Chi Dung.

VPBank is planning a huge capital raise - Photo 1.

The 2022 Annual General Meeting of VPBank. (Photo: VPB)

The General Assembly of VPBank has also approved the plan to issue shares under the Employee Selection Program (ESOP) with the expected number of 30 million shares from treasury shares.

These shares will not vest for 3 years from the closing date of the sale. This rate will be progressively released over the years at 30%, 35% and 35%.

The expected sale price for the number of shares is VND 10,000. The proceeds of the issue will be used to supplement the bank’s working capital.

Home loan tightening won’t impact 107% earnings growth target

In terms of profit plan, VPBank aims to grow pre-tax profit to VND29,662 billion in 2022, up 107% year-on-year. This gain is currently only ranked 2nd in the whole system, after Vietcombank (over VND 30,000 billion).

Total target assets increased by 27% to VND 697,413 billion; Deposits increased by 28% and loans by 35%. VPBank said the 35% loan growth was reported based on the bank’s needs and capacity, while the actual numbers will be implemented based on the state bank’s ceilings and regulations.

VPBank is planning a huge capital raise - Photo 2.

Regarding VPBank’s 2022 profit plan, a shareholder in the discussion asked: Does the government’s real estate credit crunch affect the bank’s 2022 profit plan?

Responding to shareholders, Mr. Nguyen Duc Vinh, General Director of VPBank, said: The state’s policies and guidelines are very normal, if the market is running too hot, it is necessary to take measures to contain it. However, real estate is an important industry in general and for the banking industry in particular.

Currently, real estate loans account for less than 10% of VPBank’s total outstanding loans. However, lending to homebuyers remains an important segment of the bank. Housing loans are necessary, but for loans for the purchase of holiday homes, loans with speculative elements, the Board of Directors will take control measures.

In 2022, even if the real estate market is calm, it will have little impact on the bank’s operations, which will be compensated by other lines of business. The bank’s business plan is completely based on the general situation.

VPBank CEO Nguyen Duc Vinh shared with investors the goal of boosting pre-tax profit to nearly VND30 trillion, admitting it will be a challenging plan, but the bank has favorable factors. to achieve this growth goal.

“Why did we set ourselves such a big goal? Firstly, we believe that the economy’s market demand will pick up again after a difficult period, especially thanks to the government’s future strategies. Supporting economic recovery with hundreds of trillions of dongs being rolled out. Second, with a solid foundation and mature system, VPBank will have high growth potential,” said Mr. Vinh.

Mr. Ngo Chi Dung – Chairman of the Board of Directors of VPBank emphasized that with the capital base achieved by the end of this year, VPBank not only has enough reason to ensure the planned high growth in the next 5 years, but also the high growth expected by the Board of Directors from next year . will propose a cash dividend of up to 30% of annual profit after tax to the Annual General Meeting.

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