Two more Eximbank board members resign

Eximbank has announced that it received letters of resignation from board members Nguyen Hieu and Nguyen Thanh Hung on Wednesday due to "personal reasons".

Nguyen Hieu and Nguyen Thanh Hung were elected to the bank's board of directors for the VII term (2020 - 2025) at the second 2021 annual shareholder meeting on February 15, 2022.

According to documents published by Eximbank, Nguyen Thanh Hung is vice chairman and deputy general director of Bamboo Capital. He was nominated by a group of shareholders including Nguyen Ho Nam, Le Thi Mai Loan, Thang Phuong JSC, and Helios Service and Investment JSC.

Nguyen Hieu is a board member at Viet Dragon Securities Corporation. He was nominated by a group of shareholders including Lafelle Limited, Education Management Holdings Limited, Tran Cong Can and Ngo Thu Thuy, chairwoman of Au Lac JSC.

Eximbank's board of directors currently has seven members with Luong Thi Cam Tu as chairwoman.

At the second 2022 extraordinary general meeting on February 14, Eximbank's shareholders approved the addition of three board members for the VII term: Le Thi Mai Loan, Pham Quang Dung and Tran Anh Thang.

Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, reported an after-tax profit of VND2.5 trillion ($106.78 million) in 2022, a three-time increase year-on-year.

The bank's net interest income reached VND5.59 trillion ($238.47 million), up 59% year-on-year, while profit from service activities hit VND514 billion ($21.92 million), up 19%.

Notably, the bank's risk provision expense in 2022 was only VND103 billion ($4.39 million), down 90% over the same period last year.

By December 31, 2022, Eximbank's total assets had reached VND185.05 trillion ($7.89 billion), up 11.6% compared to the end of 2021. Outstanding loans increased by 14% to VND129.2 trillion ($5.51 billion), and customer deposits increased by 8.2% to VND148.61 trillion ($6.34 billion).

Eximbank's bad debt was VND2.35 trillion ($100 million), up 4.4% year-on-year, an increase much lower than the credit growth rate. The bad debt ratio improved, decreasing from 1.96% to 1.8%.

On January 14, Japan's Sumitomo Mitsui Banking Corporation (SMBC) sold 134 million Eximbank (EIB) shares, equivalent to 10.8% of the bank's charter capital, for VND3.421 trillion ($146 million).

On March 18, 2022, the Japanese financial institution officially announced in writing the termination of its strategic alliance agreement with Eximbank. In September, a representative of SMBC in Eximbank, Vo Quang Hien, left as a member of its board of directors.

On the HoSE, Eximbank closed Thursday’s session at VND19,300 ($0.82).