Hot seats at many banks fluctuate

This year's bank General Meeting of Shareholders (AGM) season witnessed major changes in leadership positions.

On April 12, at Saigon - Hanoi Commercial Joint Stock Bank ( SHB ), Mr. Do Quang Vinh - Member of the Board of Directors and General Director and Mr. Do Duc Hai - Member of the Board of Directors and Deputy General Director were elected to hold the position of Vice Chairman of the Board of Directors of SHB.

Notably, Mr. Do Quang Vinh (born in 1989) is one of the youngest people in the banking industry to hold the position of Member of the Board of Directors. Mr. Vinh has 12 years of experience in the field of finance and banking and has held many important positions at credit institutions.

Mr. Do Duc Hai (born in 1982) has 20 years of experience in the finance and banking industry. Mr. Hai has been Deputy General Director and Director of SHB Van Phuc branch since 2021.

At ACB Bank, the General Meeting of Shareholders elected new members to the Board of Directors for the 2023-2028 term, namely Mr. Do Minh Toan and Mr. Nguyen Van Hoa. ACB also changed its Chief Accountant when Ms. Duong Thi Nguyet took over from April 13.

On April 13, Military Bank (MB) announced the Board of Directors' Resolution electing Mr. Luu Trung Thai (born in 1975) as Chairman of the Board of Directors. Previously, Mr. Thai held the position of Vice Chairman of the Board of Directors and General Director.

According to the documents of Vietcombank 's 2023 General Meeting of Shareholders, the bank plans to elect the Board of Directors for the 2023-2028 term with nominations including 6 incumbent members: Mr. Pham Quang Dung (Chairman of the Board of Directors), Mr. Nguyen Thanh Tung (General Director); Mr. Do Viet Hung, Mr. Nguyen Manh Hung, Mr. Nguyen My Hao and Mr. Hong Quang are all members of the Board of Directors.

The above list does not include the names of two incumbent members: Mr. Shojiro Mizoguchi (Member of the Board of Directors, Deputy General Director, representative of Mizhuo Bank's capital at Vietcombank) and Mr. Truong Gia Binh (Independent member of the Board of Directors, Chairman of the Board of Directors of FPT Corporation).

At LienVietPostBank, Mr. Doan Nguyen Ngoc and Nguyen Van Thuy, two people related to Mr. Nguyen Duc Thuy, Chairman of the Board of Directors, have just started working at this bank. Previously, Vice Chairman of the Board of Directors and General Director Mr. Pham Doan Son had resigned from the position of General Director.

According to many speculations, at the General Meeting of Shareholders taking place in the next few days, LienVietPostBank's senior personnel may change.

Business News

*Notable stock market events today. (Photo: Hoang Ha)*

The stock market has a number of other important events of listed companies.

* TIS: Thai Nguyen Iron and Steel Corporation (TISCO) continued to lose money in the first quarter of 2023, marking 3 consecutive quarters of loss. TIS recorded net revenue of VND 2,445 billion and gross profit of VND 56 billion, down 34% and 60% respectively over the same period.

* DXS: At the 2023 General Meeting of Shareholders, Dat Xanh Real Estate Services JSC set a target of VND 3,800 billion in consolidated revenue and VND 126 billion in net profit, down 8% and 62% respectively compared to 2022.

* EVF: At the end of the first quarter of 2023, Electricity Finance Joint Stock Company recorded a decline in business results. EVF recorded a 70% decrease in net interest income in the first quarter of the year, from nearly VND 269 billion to more than VND 80 billion.

* PIC: According to the first quarter 2023 financial statements of Power Investment Joint Stock Company 3, revenue reached 45.3 billion VND, an increase of nearly 25% over the same period. After deducting the cost of goods sold, the company reported a profit after tax of 21.4 billion VND, an increase of 34% over the same period last year.

* LTG: According to the revised and supplemented documents of the 2023 Annual General Meeting of Shareholders, Loc Troi Group Corporation decided to pay 2022 dividends in shares instead of cash as previously planned, but still maintain the rate of 25%.

* APG: APG Securities JSC has just supplemented the documents for the 2023 Annual General Meeting of Shareholders with a proposal to shareholders on the plan to increase charter capital, through 2 forms of private offering of shares and issuance of shares under the employee stock option program (ESOP). APG plans to issue 70 million private shares to individuals/organizations at a price not lower than VND 11,000/share.

* IDP: Growtheum Capital Partners (GCP) Fund has agreed to invest 100 million USD (about more than 2,300 billion VND) to buy shares of International Dairy Products Joint Stock Company (IDP)

* VIX: VIX Securities JSC approved the 2023 plan target with pre-tax profit of VND 676 billion, up 180% over the same period and VND 540 billion in after-tax profit, up 173% over the results achieved in 2022.

* HNR: According to the financial statements of the first quarter of 2023 of Hanoi Alcohol and Beverage Joint Stock Company, net revenue decreased by 1% compared to the same period, reaching more than 28 billion VND. Profit loss was nearly 1.3 billion VND, extending the losing streak for the 24th consecutive quarter, since the second quarter of 2017.

* TRA: Traphaco JSC sets a business plan for 2023, with revenue reaching VND 2,600 billion and after-tax profit reaching VND 326 billion, up 8.4% and 11.2% respectively compared to the previous year.

VN-Index

At the end of the trading session on April 14, VN-Index decreased by 11.4 points (equivalent to -1.07%) to 1,052 points. Foreign investors net sold with a total value of VND 193 billion on the whole market. Meanwhile, securities companies (SCs) increased their net buying by nearly VND 151 billion on all 3 exchanges.

HNX-Index decreased by 2.59 points (-1.23%), down to 207.25 points. On the HNX floor, securities companies' self-trading net sold more than 20 billion VND, of which net sold more than 15 billion VND of DDG shares and net sold more than 5 billion VND of PVS shares.

UPCoM-Index decreased 0.66 points (-0.83%) to 78.69 points. On UPCoM, securities companies' self-trading recorded a net purchase of more than VND6 billion at code C4G.

Eximbank adds senior personnel, bank stabilizes after decade of instability? Eximbank changes senior personnel at 2023 General Meeting of Shareholders. The bank will continue to handle personnel issues, restructure all segments, and set a plan for strong profit growth.

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