Profit target of 1,800 billion VND in 2025
In 2025, ABBANK aims to have total assets of VND 200,000 billion, an increase of 13% compared to 2024. Mobilization from customers and issuance of valuable papers is expected to reach VND 115,458 billion, an increase of 5% compared to 2024. Outstanding credit balance reaches VND 127,810 billion, an increase of 16% compared to 2024 (adjusted according to the credit growth management mechanism of the State Bank). Pre-tax profit target is VND 1,800 billion, an increase of 31% compared to 2024.
Previously, in 2024, the bank's total assets exceeded the plan, and the growth targets for outstanding credit and mobilization reached approximately the set plan. In particular, the pre-tax profit target in 2024 reached nearly 78% of the plan, but compared to the actual level in 2024, there was a high growth of 51.7%.
ABBANK's profit results in 2024 have not met the plan set by the General Meeting of Shareholders due to many objective and subjective reasons. Among them, the increase in bad debt has pushed up the cost of provisioning, which is the direct cause leading to the decrease in profits; the operating efficiency of the apparatus is still limited; the capacity to build, organize and implement business solutions and control risks still has many shortcomings and limitations...
Will reduce staff
A bank with more than 4,300 employees will reduce staff across the entire system. (Illustration photo).
The bank's leaders said they will implement and complete the review and restructuring of the Head Office's organizational structure. In particular, streamlining, efficiency, effectiveness and efficiency on the basis of rearranging the functions/functional groups of the current Blocks/Departments; effectively arranging and reducing personnel.
At the same time, ABBank will reduce the number of Headquarters and reduce the intermediary levels from Headquarters to business units. The Bank will link the responsibility of Headquarters Units with ABBANK's business results and the joint responsibility of Units, operating and supporting departments for business results when evaluating and paying income and remuneration to enhance the support and control of Headquarters units to contribute practically to business results.
ABBANK also reorganized the sales network model to suit ABBANK's reality, overcoming current weaknesses, limitations and inadequacies.
In addition, the bank will review and streamline its entire staff system to improve operational efficiency, arrange staff in line with the streamlined organizational structure; and ensure sufficient human resources for business development. ABBank will assign targets and assessments in conjunction with implementing remuneration policies to ensure fairness based on results, actual contributions, dedication and responsibility of employees, bringing confidence, encouragement and dedication to the staff; and replace personnel with low work efficiency and actual contributions.
Previously, ABBANK's staff size also decreased in 2024. According to the financial report, at the end of 2024, the consolidated bank ABBANK had 4,357 employees, a decrease of 71 people compared to 2023. Of which, the parent bank's staff was 3,709 people, a decrease of 51 people.
ABBANK's Board of Directors also outlined many other key tasks this year, such as continuing to promote digital transformation, expanding the digital ecosystem; Prioritizing resources and improving the efficiency of control, urging, collection and handling of bad debts; Improving the capacity and quality of credit assessment, appraisal and approval, etc.
Elect 2 new personnel to the Board of Directors
At the Congress, ABBANK will present to shareholders the dismissal and election of replacement members of the Board of Directors.
Specifically, the ABBANK General Meeting of Shareholders on April 28, 2023 approved the number of members of the Board of Directors for the 2023 - 2027 term, including 07 members, and approved the election of the following personnel: Mr. Dao Manh Khang, Mr. Vu Van Tien, Mr. John Chong Eng Chuan, Mr. Foong Seong Yew, Mr. Nguyen Danh Luong, Ms. Do Thi Nhung and Mr. Tran Ba Vinh to hold the position of Members of the ABBANK Board of Directors for the 2023 - 2027 term.
On January 5, 2025, Malayan Banking Berhad (Maybank) - a foreign shareholder owning 16.394% of the equity capital at ABBANK, sent a document to ABBANK announcing the nomination of Mr. Syed Ahmad Taufik Albar as a candidate for the position of Member of the Board of Directors of ABBANK for the 2023-2027 term and as the representative of 50% of Maybank's capital at ABBANK to replace Mr. John Chong Eng Chuan, effective immediately after completing relevant legal procedures.
At the same time, on January 16, 2025, Mr. Tran Ba Vinh - Independent Member of the Board of Directors submitted a resignation letter for personal reasons, effective from the time the ABBANK General Meeting of Shareholders approved the dismissal.
The bank will elect two new members to the Board of Directors. The expected list includes Mr. Syed Ahmad Taufik Albar and Mr. Trinh Thanh Hai. In which, Mr. Syed Ahmad Taufik Albar represents Maybank. Mr. Trinh Thanh Hai is expected to be an independent member of the Board of Directors. He is currently an independent member of the Board of Directors and Chairman of the Inspection Committee of Van Phu Investment Joint Stock Company; a non-executive member of the Board of Directors of Vinacapital Vietnam Opportunity Investment Fund (VOF).
Source: https://vtcnews.vn/mot-ngan-hang-quy-mo-hon-4-300-nhan-vien-se-tinh-giam-nhan-su-tren-toan-he-thong-ar934315.html
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