The Board of Directors of Vietnam Export Import Commercial Joint Stock Bank (Eximbank, HoSE: EIB) has just issued a Resolution on paying 2022 dividends in shares at a rate of 18%, corresponding to shareholders owning 100 EIB shares will receive 18 new EIB shares.
The last registration date for allocating the right to receive stock dividends is September 25, corresponding to the ex-dividend date of September 22.
Currently, EIB code has more than 1.475 billion shares in circulation, Eximbank is expected to issue more than 265.55 million new shares for this dividend payment. It is expected that after this 2022 dividend payment, Eximbank's charter capital will be increased to VND 17,569 billion.
Previously in February, Eximbank also issued an additional 246 million EIB shares to pay dividends to shareholders at a rate of 20%, thereby increasing charter capital from VND12,355 billion to VND14,814 billion.
Notably, this is the first time Eximbank shareholders have received dividends in nearly a decade, since 2014. The previous dividend payment by Eximbank was 4% in cash for 2013 and was made in 2014. Thus, since the beginning of the year, the upcoming dividend payment is the second consecutive time Eximbank has paid dividends after nearly 10 years.
On the stock market, at the end of the trading session on September 8, EIB code stopped at VND 25,550/share. Compared to the bottom of VND 18,000/share in March 2023, EIB stock price has increased by 35%.
EIB stock price movement (Source: FireAnt).
Regarding the financial picture, at the end of the first 6 months of the year, Eximbank recorded VND2,331 billion in total net interest income and VND1,405 billion in pre-tax profit, down 12% and 26% respectively compared to the same period last year. Compared to the plan of VND5,000 billion in pre-tax profit, Eximbank has only achieved 28% after the first 2 quarters of the year.
As of the end of June 2023, Eximbank's total assets reached more than VND190,300 billion, up 2.8% compared to the beginning of this year. Of which, customer loans increased by only 1%. This is considered a reason for the decline in net interest income of this bank in the first half of this year.
Regarding asset quality, Eximbank's bad debt, as of the end of June 2023, increased by 54% compared to the beginning of the year, to VND 3,625 billion; causing the bad debt ratio to increase to 2.75% by the end of the second quarter of 2023, compared to 1.8% at the end of the previous year .
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