ABBank plans to double its profits in 2024.

An Binh Commercial Joint Stock Bank (ABBank - UPCoM: ABB) recently announced the documents to be presented at its 2024 Annual General Meeting of Shareholders.

Accordingly, in 2024, ABBank aims for a pre-tax profit of VND 1,000 billion, a 95% increase, nearly double the results achieved in 2023. For other indicators, ABBank plans to achieve total assets of VND 170,000 billion, a 5% increase compared to 2023.

Customer deposits increased by 13% to VND 113,349 billion. Outstanding loans are expected to increase by 13% to VND 116,272 billion, with the non-performing loan ratio controlled below 3%. In 2023, the bank successfully kept this ratio below 3%.

While other indicators are targeted to increase, only the ratio of service and guarantee fees to total income is projected to decrease by 7.34 percentage points, to 13.66% compared to 2023.

Regarding the allocation of funds and distribution of after-tax profits in 2023, the ABBank Board of Directors stated that the bank's after-tax profit in 2023 was VND 398.2 billion.

After allocating funds, the remaining profit for 2023 was VND 298.7 billion. Unused retained earnings from previous years amounted to VND 1,542 billion. Thus, ABBank's total undistributed profit is currently nearly VND 1,840.7 billion.

Based on that, we propose that the Board of Directors approve and submit to the General Meeting of Shareholders for approval the retention of all remaining undistributed profits to supplement capital for the implementation of the strategic plan, creating internal accumulation to increase charter capital in the future.

At the same time, ABBank also submitted to the General Meeting of Shareholders for approval the dismissal and replacement of members of the Supervisory Board. The reason given was that the bank's General Meeting of Shareholders on April 28, 2023, had approved the number of Supervisory Board members for the 2023-2027 term as 3 people, including Ms. Nguyen Thi Hanh Tam, Ms. Pham Thi Hang, and Ms. Nguyen Thi Thanh Thai.

However, on January 18, 2024, Ms. Pham Thi Hang submitted her resignation at her own request, effective from the date the General Meeting of Shareholders approved her resignation. Subsequently, the ABBank Board of Directors nominated Mr. Nguyen Hong Quang, currently serving as Advisor to the ABBank Supervisory Board, to the position of Member of the Supervisory Board.

According to information provided by ABBank, Mr. Nguyen Hong Quang holds a Master's degree in Business Administration, a Bachelor's degree in Banking and Monetary Economics, and a Bachelor's degree in Accounting and Auditing. He has nearly 22 years of experience working at ABBank (from June 2002 to present), including nearly 5 years as Director of the Small and Medium-sized Enterprise Customer Division and a Member of ABBank's Executive Board.

The ABBank Shareholders' Meeting is scheduled to be held from 8:30 AM to 12:00 PM on April 5, 2024, at the Auditorium on the 4th floor of the GELEXIMCO Building, 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi .

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