Eximbank posts pre-tax profit of $39 mln in Q1

Vietnamese private lender Eximbank recorded a pre-tax profit of over VND900 billion ($39 million) in the first quarter of 2023, up 16% year-on-year.

Speaking at the bank's annual general meeting of shareholders on Friday, chairman Tran Tan Loc said in 2023, Eximbank targets VND210 trillion ($8.9 billion) in total assets, VND165 trillion ($7 billion) in capital mobilization, and VND146.6 trillion in outstanding loans, up 13.5%, 11% and 12.3% year-on-year, respectively.

Its pre-tax profit is expected to grow 34.5% to VND5 trillion ($213 million) this year, he added.

In 2022, the company's pre-tax profit reached VND3.7 trillion ($157.8 million), exceeding the target by 48% and representing a three-fold increase from 2021.

Its bad debt was VND2.35 trillion ($100 million), up 4.4% year-on-year. The bad debt ratio improved, decreasing from 1.96% to 1.8%.

The meeting approved a plan to issue nearly 265.6 million shares to pay dividends at a rate of 18% to raise the bank’s charter capital from VND14.8 trillion to VND17.47 trillion ($740.77 million). The plan is scheduled for 2023 after the bank gets the nod from competent authorities.

Shareholders also approved the resignation of board members Nguyen Hieu and Nguyen Thanh Hung; and elected Doan Ho Lan to the supervisory board for the 2020-2025 term.

Another plan to sell all 6.09 million shares from the Eximbank fund was adopted at the meeting.

On the Ho Chi Minh Stock Exchange, Eximbank's EIB inched up 0.15 points to 19.75 on Friday.