BAC A BANK sets new development targets

April 29, 2021 | 13:41
Locally-invested BAC A BANK has organised its general stakeholder annual meeting, with the adoption of a report on business results in 2020 and orientations for 2021, as well as a scheme on capital mobilisation for this year.

According to a report delivered at the BAC A BANK meeting held on April 26, the bank has completed its master plan on restructuring in 2016-2020 which has been approved by the State Bank of Vietnam. BAC A BANK has accomplished almost all of its goals.

bac a bank sets new development targets
BAC A BANK has organised its annual general shareholders' meeting, with many key targets adopted

Facing difficulties caused by the health crisis, BAC A BANK revised its business plans in a suitable manner with impressive results.

BAC A BANK’s total asset are worth about VND117.3 trillion ($5.1 billion), reaching 101.5 per cent of the initial plan, while the charter capital has increased by VND7.085 trillion ($308 million), and capital mobilisation hit 102.9 per cent of the initial plan.

The bank’s loans have touched nearly 100 per cent of the initial plan, while bad debts sat at 0.79 per cent, lower than the earlier set target of 1.5 per cent, and BAC A BANK’s profit has reached 104 per cent of the plan. As of December 31, 2020, BAC A BANK boasted a transaction network of 146 spots, including one headquarters, 44 branches, and 100 transaction offices in 31 provinces and cities nationwide.

In 2021 which is the first year for BAC A BANK to implement its 2021-2025 business plan, the bank will continue building up and implementing its goals safely and effectively. In March 2021, BAC A BANK listed itself on the Hanoi Stock Exchange (HNX) with the BAB ticker.

The move has helped elevate BAC A BANK’s stature and prestige in the Vietnamese market, increasing the benefits for its stakeholders, and approach a new long-term capital mobilisation channel. This has also helped BAC A BANK operate more effectively and transparently in order to approach new investors. This is a firm foundation for BAC A BANK to continue growing strongly in the time to come.

In 2021, BAC A BANK aims to see a rise of 7 per cent in its total assets, 6.3 per cent in charter capital, 8 per cent for deposits, and 11 per cent for loans. Other goals have also been set, such as revenue from services ($4.57 million), pre-tax profit ($38 million), and the number of transaction spots will rise by nine.

BAC A BANK has also adopted a scheme to raise charter capital by another VND446 billion ($19.4 million) through issuing another 44.6 million shares in order to pay dividends. With this scheme, BAC A BANK has set a plan to reap an after-tax profit of VND700 billion ($30.43 million), up 19.66 per cent compared to the realised figure in 2020.

By BAC A BANK

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