Vietcombank to increase dividend to shareholders

Tuesday, April 29, 2008
Vietcombank's first shareholders' meeting was held in Hanoi on April 26 with the nomination of director board, supervision board for the term of 2008-2013, the approval on operation regulations, business orientation and plans in 2008.

Accordingly, the bank's director board includes seven members and the supervision board has five members with the wage equalling to 0.36% of its after-tax profit.

Speaking at the meeting, the bank's general director and chair Nguyen Phuoc Thanh pointed out changes and high risks of the domestic banking and stock market. This year the business safety will be given high priorities with targets of maintaining the bad debt ratio of 2.6% and the growth rate of below 30%. In addition, the bank plans to add 905 billion dong to the risk prevention fund, bringing the total figure to 2.321 trillion dong for particular risk prevention fund and 810 billion dong for general risk prevention fund.

By December 31, 2008, Vietcombank's total asset could be 211.084 trillion dong, rising 7.72% year-on-year while the revenue is targeted at 4.537 trillion dong, up 13.94% yoy, revenue from service and other activities estimated at 2.339 trillion dong, up 6.97% and a dividend of 12.08%.

Vietcombank expects to become a financial holdings group ranking among Asia's top 50-70 largest ones in the period of 2015-2020 with the capital scope of over US$30 billion and total ownership capital of about US$2 billion by 2015.

The meeting also passed the plan to select foreign strategic partners and the roadmap of domestic and overseas listings. (VNA)