DaiA Bank to double chartered capital

Wednesday, April 23, 2008
Great Asia Commercial Joint Stock Bank (DaiA Bank)'s shareholders' meeting held on April 19 passed the plan to double its chartered capital from the current of 500 billion dong to one trillion dong via offering 50 million shares.
Of which, 18.4 million shares worth 184 billion dong on par sourced from the capital surplus will be offered to the existing shareholders and out of the remaining 31.6 million shares, 30 million shares will be issued to the existing shareholders at the ratio of six new shares for 10 shares held and 1.6 million shares to the bank's employees.
The bank also plans to pay a dividend of 12% this year.
Out of 500 billion dong of additional chartered capital, DaiAbank will invest 300 billion dong to modernise the bank and develop its network, and remaining 200 billion dong will be invested in business activities.
Last year, DaiAbank controlled the overdue debt rate on total outstanding debt at 0.06% and its capital for securities investment reached 18.468 trillion dong, accounting for 1.09% on total outstanding debt.
Up to December 31, DaiAbank's total asset gained over two trillion dong, up 43% on 2007, 1.1 trillion dong in total deposits, rising nearly 77% against the same period of 2007, nearly 1.7 trillion dong in total outstanding loans, over 100 billion dong from pre tax profit, return on equity (ROE) of 20% and return on asset (ROA) of 5.82%.

The bank is now the strategic shareholder of Dai Viet Securities Joint Stock Co with a holding of 7.2% stake.