At the 2023 Annual General Meeting of Shareholders of Petrolimex Commercial Joint Stock Bank (PG Bank) held on the morning of April 25, Mr. Nguyen Quang Dinh, Chairman of the Board of Directors of PG Bank, said that the meeting has not discussed the implementation of dividend payment in 2022, although the cumulative profit that can be paid as dividends from previous years is about VND 1,267 billion. The bank can even spend more than 40% of the total profit of VND 1,267 billion to pay dividends.
“The reason is that Petrolimex has just divested from the bank, the dividend payment in 2022 still depends on the opinions of major shareholders,” said Mr. Nguyen Quang Dinh.
Up to now, the identities of the new investors have not been announced by the parties.
Before the shareholders' meeting, major shareholder Petrolimex successfully divested 120 million shares at PG Bank, equivalent to 40% of charter capital. The auction helped Petrolimex earn VND2,568 billion.
There were 4 winning investors including 3 institutional investors and 1 individual investor. The lowest winning price was 21,400 VND/share and the highest winning price was 21,500 VND/share, the average winning price was 21,400 VND/share.
At the Congress, Mr. Nguyen Phi Hung, General Director, said that by the end of 2022, PG Bank will have no corporate bond balance. The bank's management assessed that 2023 will still face many difficulties, and the bank will continue not to invest in corporate bonds but only in government bonds.
According to Mr. Hung, PG Bank's business orientation in 2023 will be to become one of the multi-functional, modern banks, operating effectively and providing high-quality financial and banking services.
The report at the General Meeting of Shareholders said that in 2022, the Bank pursued a cautious strategy to maintain healthy credit growth while ensuring operating indicators within safe thresholds.
This helps control significant liquidity risks in a difficult economic and financial market environment.
In 2022, PG Bank achieved VND 403 billion in profit after tax. The shift to the individual customer segment has helped diversify risks and increase capital efficiency. Non-interest income grew mainly due to increases in insurance services, payment services and foreign currency.
The congress approved the 2023 business plan. Total assets as of March 31, 2023 reached VND 53,051 billion, up 8.3% compared to the end of 2022. Total mobilization reached VND 47,213 billion, up 10.6%, of which capital mobilization from market 1 reached VND 35,881 billion, up 14.8%. Outstanding credit balance was VND 35,881 billion, up 11.2% compared to 2022 (the rate assigned by the State Bank at the beginning of this year was 7.02%). Pre-tax profit reached VND 530 billion, up 4.8%.
The congress approved the 2022 remuneration settlement of the board of directors. The total salary and remuneration in 2022 for the Board of Directors is 7.3 billion VND; the Board of Supervisors is 4.9 billion VND.
The Congress dismissed Ms. Tran Van Huong, a member of the Supervisory Board for the 2020-2025 term, who submitted her resignation. The number of members of the Supervisory Board after Ms. Huong's dismissal is 3 members, in accordance with the law on the number of Supervisory Board members, so the General Meeting of Shareholders did not elect additional members.
At the same time, the Congress also approved the authorization for the Board of Directors to develop and implement the restructuring plan for the 2021-2025 period.
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