The General Meeting was attended by shareholders representing 91.72% of the voting shares, along with representatives from the State Bank of Vietnam; the Board of Directors, the Supervisory Board, the Executive Board, and representatives of BAC A BANK's officers and employees.
The General Meeting approved the 2023 Business Results Report and the 2024 Business Plan; approved the 2023 Profit Distribution Plan; the 2024 Capital Increase Plan; the Plan to amend and supplement the BAC A BANK Charter; and, notably, elected members of the Board of Directors and the Supervisory Board for the new term 2024-2029, along with many other important matters.
A new step in the banking modernization roadmap.
In 2023, despite the challenges posed by adverse impacts from the global economy , the domestic financial market, and fluctuating interest rates in the final months of the year, BAC A BANK proactively and flexibly managed its business operations, ensuring compliance with all capital adequacy and operational safety ratios as stipulated by the State Bank of Vietnam. As a result, all of BAC A BANK's activities recorded stable and sustainable growth.
The bank has strived to achieve most of its basic business plan targets. Specifically, BAC A BANK's total assets reached over VND 152 trillion, an increase of 18.2% compared to 2022; charter capital reached VND 8,334 billion, a growth of 2.5%; and capital mobilization increased by 21.8% thanks to flexible management, close monitoring of the capital market, and ensuring liquidity to effectively meet the bank's operational and business needs.
The non-performing loan ratio was low – accounting for only 0.92% of total outstanding loans, achieving the target of keeping the non-performing loan ratio below 1.5%; credit growth consistently adhered to the State Bank of Vietnam's credit limit regulations; credit quality improved steadily, increasing by 5% compared to the previous year; and pre-tax profit reached VND 1,048 billion.
Investment consulting activities continue to be promoted, focusing on projects related to high-tech agriculture , healthcare, education, and resort tourism. These are areas of activity that bring many practical benefits to the community and have great significance for socio-economic development.
Furthermore, BAC A BANK has made significant progress in diversifying its banking products and services, initially deploying Kiosk Banking to provide an optimal customer experience. Simultaneously, its Core Banking system, Internet & Mobile Banking transaction channels, and card management system are continuously upgraded and updated.
Also in 2023, the Bank successfully launched two international credit card products: BAC A BANK - Mastercard. With the number of new cards opened in 2023, BAC A BANK expects to continue its effective card business – to become one of the Bank's key products.
With a strategic vision to become a modern, multi-functional bank, BAC A BANK has built a digital banking model under the brand name BAC A BANK - Alpha Bank and has begun implementing the first phases of the project. BAC A BANK has also invested in expanding and upgrading its data center, deploying an advanced security system, ensuring that its information technology infrastructure always operates smoothly, safely, and securely.
BAC A BANK's 2024 Outlook after 30 Years of Establishment
2024 marks a significant milestone in BAC A BANK's 30-year journey of development, marked by new breakthroughs. Based on the business plan established at the beginning of the year, the Board of Directors has developed a business plan for 2024, with the following projected figures compared to 2023: total assets increasing by 7.5%; charter capital increasing by 18.2%; customer deposits increasing by 4.5%; outstanding loans increasing by 10.3%; revenue from services and guarantees increasing by 17.4%; pre-tax profit reaching VND 1,100 billion; and the network expanding by 12 transaction points.
At this General Meeting, the Board of Directors of BAC A BANK presented to shareholders and approved a plan to increase the charter capital to nearly VND 9,900 billion through two methods: issuing common shares to pay dividends to existing shareholders and offering common shares to existing shareholders. The General Meeting also agreed on a stock dividend rate of 6.93% for 2023, sourced from BAC A BANK's remaining after-tax profit for 2023, after allocating funds.
In the lively atmosphere of the General Meeting, shareholders discussed and unanimously agreed on the content of the reports and presentations of the Board of Directors, the Supervisory Board, and the Executive Board; and raised many questions related to current issues of concern such as: the situation of credit granting and the credit development plan for the coming period; solutions to prevent and mitigate risks to ensure the rights of customers transacting at BAC A BANK; the proportion of service fee revenue to total revenue; the roadmap for dividend distribution in shares in 2023 and the planned increase in charter capital; an assessment of the causes and positive results achieved by BAC A BANK in the period 2019 - 2024; and the Bank's development orientation for 2024 and in the medium to long term.
Following the face-to-face discussion, the Board of Directors satisfactorily addressed the shareholders' questions and acknowledged their positive contributions, which will help the Bank's operations develop and improve further.
Speaking at the General Meeting, Labor Hero Thai Huong - Vice Chairman of the Board of Directors and General Director of BAC A BANK, said: In 2023, despite many market difficulties, BAC A BANK remained steadfast in its goal of being a "Bank for the People" to proactively overcome all difficulties and receive the trust and support of customers, partners, and shareholders.
2024 marks 30 years of growth, and BAC A BANK continues to affirm its unique direction, established from the very beginning, through a suitable development strategy. The bank focuses on providing investment advice and credit to clients operating in high-tech agriculture, supporting industries and processing, tourism and resorts, elderly care, green ecosystems, education, etc., who possess strong financial capabilities, long-term development orientations, well-structured customer outreach plans, and a focus on the international market.
Keeping pace with the digital transformation trend of the entire system, BAC A BANK is expanding its research and adoption of cutting-edge global technologies, collaborating with leading consultants to select investment scales that are appropriate to the Bank's implementation capabilities and meet the diverse needs of various customer segments.
In 2024, celebrating its significant 30th anniversary, BAC A BANK Alpha Bank promises to launch competitive products and services in today's digital banking market, offering customers many enhanced features and conveniences.
A new term with growth targets.
The General Meeting also approved the election of members of the Board of Directors and the Supervisory Board for the new term 2024-2029. During the 2024-2029 period, BAC A BANK will continue to pursue its overarching strategy of focusing on lending to projects in industries and professions that bring significant benefits and meaning to the community and society, following a modern approach, advanced management, and providing a full range of diverse financial services.
With the efforts, determination, and lessons learned from the 2019-2024 term, the new Board of Directors (2024-2029) will closely adhere to the growth targets and tasks assigned by the General Shareholders' Meeting. With the joint efforts of the Supervisory Board, the Executive Board, and the unity and enthusiasm of all staff, along with the trust of shareholders, customers, and partners, BAC A BANK will strive and confidently achieve its business plan targets, effectively implement the approved restructuring plan associated with handling bad debts for the 2021-2025 period, and make a positive contribution to the overall success of the banking industry.
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