ACB elects a new Board of Directors, sets a profit growth target of 17%

(Ho Chi Minh City) – This morning, April 13, 2023, at Sheraton Saigon Hotel, the General Meeting of Shareholders of Asia Commercial Joint Stock Bank held its annual meeting with 73.13% of shareholders participating, voting for the Board of Directors. Management and Supervisory Board for the term of 2023 - 2028, and approved the business plan in 2023 with the target of pre-tax profit of more than VND 20,000 billion.

Shareholders elected 9 members of the Board of Directors, and the members elected Mr. Tran Hung Huy as Chairman. The Supervisory Board has 3 members, and Mr. Huynh Nghia Hiep was elected as the Chairman. (Details are published on ACB's website: www.acb.com.vn.)

At the meeting, Mr. Tran Hung Huy - Chairman of ACB's Board of Directors - said: “ACB has successfully achieved its goals of total asset growth; maintain high business results; and at the same time comply with the safety limits and ratios as prescribed by the State Bank.”

Eight issues were approved: (1) Operational results in 2022 and operational orientation in 2023; (2) Report of the Supervisory Board; (3) Financial statements; (4) Profit distribution in 2022, profit plan in 2023; (5) Increase charter capital from dividends by ordinary shares; (6) Remuneration level and operating budget of the Board of Directors and Supervisory Board in 2023; (7) Adding operational contents to the Certificate of Business Registration and the Charter; and (8) Supplement the content of powers and duties of the Board of Directors in the Charter.

The main financial-credit indicators for 2023 include:

Profit before tax is more than 20,000 billion dong.
Total assets are expected to increase by 10%.
Capital mobilization (including valuable papers) is expected to increase by 8.1%.
Credit is expected to increase by 9.7% according to the current granted limit.
NPL ratio will be controlled below 2%.
Dividend from profit in 2022 will be divided at the rate of 25%, of which 15% is in stocks and 10% in cash.
Charter capital will increase to 38,840 billion VND.

ACB's General Director - Mr. Tu Tien Phat - said that ACB's business results in the first quarter of 2023 were quite positive when the group's profit was estimated at 5.1 trillion dong, up 24% over the same period. ACB's liquidity situation remained at a good level with deposit growth better than the same period last year, reaching 423 trillion dong, up more than 2% compared to the beginning of the year. Besides, in the context of bad debt showing signs of increasing, this ratio at ACB continues to be controlled at a low level of less than 1%.

In addition, the Chairman of ACB also emphasized the systematization of the action program on environment, society and governance (ESG), especially factor E (environment) towards the goal of Net Zero (emissions). net is zero) and consider this an important content in ACB's business strategy.