Nam A Bank shares (stock code: NAB) stopped trading on UPCoM from February 28 and are expected to be listed on HOSE on March 8, 2024.
The Hanoi Stock Exchange (HNX) has just announced its decision to cancel the trading registration for Nam A Bank shares (code NAB - UPCoM) from February 29 and will list on the HOSE on March 8. The last trading day on the UPCoM system will be February 28.
Accordingly, the number of shares deregistered for trading is 1.06 billion shares, the reason why Nam A Bank was approved to list on HOSE. It is expected that all of these shares will start trading on HOSE from March 8, 2024.
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| Nam A Bank is preparing to list more than 1 billion NAB shares on the HoSE. |
Previously, the Board of Directors of Nam A Bank passed a resolution to cancel the registration of stock trading on the UPCoM market at the Hanoi Stock Exchange (HNX) and the first trading day is expected to be on the HoSE. In 2023, Nam A Bank will be the only bank to be transferred from the UPCoM market to be listed on the HoSE.
Nam A Bank has also just announced its financial report for the fourth quarter of 2023 with after-tax profit reaching nearly VND 990 billion, an increase of nearly 250% over the same period last year, helping the bank's full-year profit increase by 45% to VND 2,622 billion. In the fourth quarter of 2023, most of Nam A Bank's profit growth came from lending activities. Specifically, interest income grew by nearly 40% over the same period, while interest expenses only increased by about 22.8%, helping net interest income increase by 59.7% to VND 2,245 billion.
The bank's non-interest income grew by 4.2%, to nearly VND509 billion, mainly focused on other business activities (VND330 billion) and service activities (VND117 billion). However, in the fourth quarter, the bank no longer recorded income from capital contributions and share purchases of more than VND100 billion like last year. Net profit from investment securities activities was 14 times higher than the same period, but only brought in VND49 billion. In addition, foreign exchange trading activities contributed insignificantly to Nam A Bank's profit structure.
The bank's total operating income (TOI) in the fourth quarter reached VND2,754 billion, up 45.4% year-on-year, while operating expenses decreased by 6.9%, helping net operating profit reach VND1,771 billion, double the same period last year. Due to a slight increase in risk provisioning costs, Nam A Bank's pre-tax profit in the fourth quarter increased by 250% year-on-year, reaching VND1,257 billion. This is the first time the bank's quarterly profit has surpassed the VND1,000 billion mark. In addition, this result is also 64.7% higher than the previous peak (VND763 billion), recorded in the first quarter of 2023.
For the full year, Nam A Bank's profit continued to be driven by strong growth in net interest income. However, higher operating expenses in previous quarters compared to the same period last year affected the bank's profit. Nam A Bank recorded pre-tax profit for the whole year of 2023 at VND3,304 billion, exceeding by 27% the plan assigned by the General Meeting of Shareholders of VND2,600 billion.
By the end of 2023, the bank's total assets were VND 209,900 billion, up 18.2% over the same period. Customer loans grew by 18.3%, reaching a balance of more than VND 141,400 billion. Customer deposits increased by 16.3%, reaching more than VND 145,400 billion, mainly focusing on term deposits. The bank's bad debt balance was VND 2,989 billion at the end of the fourth quarter of 2023, up 53.7% over the beginning of the year, corresponding to a bad debt ratio of 2.1%. However, compared to the third quarter, Nam A Bank's bad debt ratio and balance have both decreased.
At the same time, by the end of the fourth quarter, Nam A Bank no longer had special bonds issued by VAMC. Previously, at the end of the third quarter, the bank still had VND1,286 billion in face value of special bonds from VAMC.
On the stock market, Nam A Bank's NAB stock price closed on February 20 at VND16,600/share, a slight increase since the beginning of the month.
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