SHB bank appoints new vice chairmen

Saigon-Hanoi Bank (SHB) has appointed deputy general directors Do Quang Vinh and Do Duc Hai its vice chairmen for the term 2022-2027.

Vinh was elected as board member of SHB last year, while Hai was elected at this year's annual general meeting of shareholders. Both are deputy general directors at the bank.

Do Quang Vinh, 34, is the eldest son of SHB chairman Do Quang Hien. He holds a master's degree in finance and administration from the UK's University of East Anglia.

Vinh has 12 years of experience in the field of finance and banking. He used to be director of international financial investment at T&T Group, before joining SHB's management team. He is currently the leader in implementing the bank's comprehensive transformation strategy, including digital transformation and digital banking.

Do Duc Hai, 41, holds a bachelor's degree in finance and banking. He has nearly 20 years of experience in this field. Hai has been deputy general director of SHB cum director of SHB Van Phuc branch since 2021.

At the bank's annual general meeting in Hanoi on Tuesday, SHB shareholders approved the bank’s business plan for 2023 with two scenarios.

In the first case, with a credit growth limit of 10%, SHB has set a target of increasing pre-tax profit by 6.15% year-on-year to VND10.29 trillion ($438.6 million) and total assets by 8.93% to VND600.11 trillion ($25.59 billion). The bank expects to mobilize VND456.18 trillion ($19.45 billion), up 12.05% from last year.

In the second scenario, which features a credit growth limit of 14%, the bank aims to raise pre-tax profit by 9.67% to VN10.63 trillion, and total assets by 10.09% to VND606.5 trillion. Its capital mobilization is projected to grow 14.78% to VND467.29 trillion.

The meeting also adopted a plan to issue shares to increase the bank’s charter capital by 19.47% to VND36.65 trillion ($1.56 billion) and pay the 2023 dividend in shares at a rate of 15%.

In addition, the bank will also issue 45.12 million shares under the employee stock option program (ESOP) at a price of VND10,000 ($0.43) per share. The share issuances are expected to be made this year.

Shareholders gave the nod to the continued implementation of a resolution adopted at the 2022 meeting on a plan to increase capital by issuing shares for foreign investors and foreign strategic investors. They also agreed to transform the operational models at SHB Laos and SHB Cambodia.

In 2022, SHB's pre-tax profit reached more than VND9.66 trillion ($407.08 million), up 54% year-on-year. SHB's total income from business activities in the year reached more than VND19.35 trillion ($815.6 million).

As of December 31, 2022, SHB's total assets stood at VND551 trillion ($23.22 billion). Basel II equity was VND62.58 trillion ($2.64 billion), while total deposits hit more than VND407 trillion ($17.16 billion) and outstanding loans to customers exceeded VND385 trillion ($16.23 billion).

On the Ho Chi Minh Stock Exchange, the SHB share price hit VND12,100 ($0.52) on Thursday.