PG Bank has not paid dividends for 11 consecutive years.

According to the documents of the 2023 annual shareholders' meeting scheduled to take place in April, PG Bank aims to increase pre-tax profit this year by 4.8% compared to 2022, reaching VND530 billion and continue not to pay dividends in 2023. Thus, this is the 11th year that PG Bank has not paid dividends.

PG Bank plans to not pay dividends in 2023

The 2023 plan also states that total mobilization is expected to increase by 10.6% to VND47,213 billion, with outstanding credit reaching VND35,881 billion, up 11.2% over the previous year. By the end of 2022, PG Bank will achieve pre-tax profit of more than VND505.7 billion and after-tax profit of nearly VND403.7 billion. The bank will allocate 5% to the charter capital supplement fund and 10% to the financial reserve fund. After allocating funds, undistributed profit will be more than VND343 billion.

At the recent seminar "Investment opportunities at Petrolimex Joint Stock Commercial Bank", Mr. Nguyen Quang Dinh, Chairman of the Board of Directors of PG Bank, said that in the first 2 months of this year, the bank's pre-tax profit was 100 billion VND and the expected profit in the first quarter of 2023 is about 150 billion VND.

PG Bank's charter capital has remained unchanged for many years, remaining at VND3,000 billion, making it one of the banks with the lowest charter capital in the system. Previously, the bank had increased its charter capital from VND1,000 to VND3,000 billion in 2010 through issuing new shares and converting bonds into shares.

In early March, PG Bank's largest shareholder, the Vietnam National Petroleum Group (Petrolimex), announced that it would auction all 20 million shares it owns in PG Bank at the Ho Chi Minh City Stock Exchange. The starting price is VND21,300/share. At this price, Petrolimex's divestment from PG Bank will be at least VND2,556 billion.

According to the Q4/2022 report, Petrolimex is holding 40.57% of PG Bank's equity, equivalent to an investment value of VND1,834 billion. If the divestment is successful, Petrolimex can earn a profit of VND722 billion.

Currently, PG Bank's PGB shares are trading on UPCoM at 19,200 VND, lower than the starting price offered by Petrolimex.

Source: https://thanhnien.vn/ngan-hang-pg-bank-lien-tiep-11-nam-khong-chia-co-tuc-185230327102421191.htm