- Your Consultant
- Green Growth
|BVB shares closed the June 22 session at VND22,100 (96 US cents)|
As planned, Saigonbank will publicly auction more than 8.26 million BVB shares, equivalent to 2.25 per cent of the outstanding shares, with the starting price of VND22,800 (99 US cents) per share. Saigonbank can earn nearly VND190 billion ($8.26 million) from this divestment. Purchase registration is set from June 25 to July 14. The minimum number of subscriptions is 100 shares.
Previously, Saigonbank was proposed to sell BVB shares with the starting price of VND15,610 (68 US cents) per share. However, BVB shares have nearly doubled since April, so the bank has to adjust the starting price.
BVB's share price has grown significantly in the past month from more than VND20,000 (87 US cents) a share to the highest level of VND26,000 ($1.13) a share on June 1.
According to financial statements for the first quarter of Saigonbank, its pre- and post-tax profits were up 21 and 22 per cent over the same period last year, reaching nearly VND59 billion ($2.57 million) and nearly VND54 billion ($2.35 million), respectively.
However, both deposit mobilisation and outstanding loan balance of Saigonbank grew negative. Specifically, by the end of this quarter, Saigonbank's total assets decreased by 6 per cent compared to the beginning of the year, to over VND22.46 trillion ($976.52 million).
Of this, deposits at other credit institutions decreased by 12 per cent, to VND4.7 trillion ($204.35 million). Customer deposits also decreased by 2 per cent, to only VND17.88 trillion ($777.4 million).
Loans to other credit institutions decreased by 88 per cent. The outstanding loan balance also decreased by 3 per cent compared to the beginning of 2021, reaching VND14.9 trillion ($647.83 million).
Saigonbank has set a target by the end of 2021 with total assets of VND24.34 trillion ($1 billion), an increase of 1.64 per cent compared to the beginning of 2021. Besides, mobilised capital and credit balance are set to reach VND20.23 trillion ($879.57 million) and VND16.56 trillion ($720 million), respectively; up 1.77 and 4.5 per cent compared to the beginning of the year.