ABBANK is stepping up its strategic renewal project.

DNVN - On April 5th, An Binh Commercial Joint Stock Bank (ABBANK) successfully held its 2024 Annual General Meeting of Shareholders, approving a plan to improve business efficiency, accelerate digital transformation, focus on implementing the Bank's Strategy Renewal project, and transform its operating model to suit the requirements of the new phase.

Regarding business targets for 2024, ABBANK shareholders approved a plan for pre-tax profit of VND 1,000 billion. Other key indicators are also expected to grow, such as: total assets projected to reach VND 170,000 billion, a 5% increase compared to 2023; outstanding loans reaching VND 116,272 billion and customer deposits reaching VND 113,349 billion, both increasing by 13.5% compared to 2023. Non-performing loans (NPLs) are expected to be controlled at below 3% of total outstanding loans, in accordance with the regulations of the State Bank of Vietnam (SBV).

To achieve its stated goals, ABBANK will strengthen its efforts to attract a large number of individual and small and medium-sized enterprise (SME) customers, innovate products according to market segments, and improve customer relationships based on in-depth analysis of customer needs.

The bank expects to keep non-performing loans (NPLs) as a percentage of total outstanding loans below 3%.

Enhance the customer experience across both physical and digital banking channels, review locations, and redesign the branch/transaction office network model to optimize the provision of solutions and services to customers.

The bank also continues to streamline its operational processes, with a particular focus on optimizing lending processes through refining credit models and redesigning the loan journey. Emphasis is placed on investing in improving the bank's operational capacity, with risk management and information technology identified as key competencies that need to be strengthened and developed.

Sharing ABBANK's development plan, Mr. Dao Manh Khang – Chairman of the Board of Directors – said: “2024 will be the starting year of a new medium-term strategic phase that will lay the foundation and create a basis for future growth. Based on comprehensive market and customer research and analysis, ABBANK will finalize and implement its strategic plan for the next 5 years with priority initiatives to serve the needs of customers in each key segment. With a determination to transform, we believe that ABBANK will break through again to become one of the banks achieving high-quality service, safe operations, and positive growth.”

Regarding the profit distribution plan for 2023, ABBANK shareholders unanimously agreed to retain all remaining undistributed profits to supplement capital for strategic initiatives and create internal reserves to increase charter capital in the future. Specifically, the remaining after-tax profit after deducting the bank's funds in 2023 is VND 298.7 billion. Accordingly, together with the remaining unused profits from previous years, ABBANK's total undistributed profit is VND 1,840.7 billion.

At the general meeting, shareholders also approved reports on financial audits; the Supervisory Board's activities in 2023 and its operational plan for 2024; as well as the dismissal and replacement of Supervisory Board members for the 2022-2027 term. Accordingly, the list of new Supervisory Board members includes: Ms. Nguyen Thi Hanh Tam (Head of the Supervisory Board); Ms. Nguyen Thi Thanh Thai (Supervisory Board Member) and Mr. Nguyen Hong Quang (Supervisory Board Member – replacing Ms. Pham Thi Hang, who had previously submitted her resignation).

Tran Minh

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