NCB AGM: Will sell shares to foreign shareholders
admin 27-06-2020, 10:41

(ĐTCK) National Citizen Commercial Joint Stock Bank (NCB – stock code: NVB) held the Annual General Meeting of Shareholders on March 26 with the online meeting of candidates for the position of independent Board members for the term of 2020 – 2025 in Japan and representatives of foreign shareholders in Singapore.

At the meeting, the shareholders approved important reports such as: Final report of the 2015-2020 term and operational orientation for the 2020-2025 term of the Board of Directors; Report of the Board of Management on the business results of 2019 and the plan for 2020; The Supervisory Board’s report on the 2015-2020 tenure and directions for the 2020-2025 term of the Supervisory Board; Proposal for adoption of the plan to issue convertible bonds in 2020; Plan to issue shares to increase charter capital in 2020, with high consensus.

Accordingly, NCB AGM approved the business plan 2020 based on the correlation to assess the impact of the Covid-19 epidemic: The target of net profit from business activities is expected to be VND 150 billion. The bank aims to increase its total assets to approximately VND 84,500 billion. At the same time, NCB plans to continue to control the NPL ratio below 3%, the safety threshold set by the SBV.

Board candidates meet online.

In 2020, NCB identifies its business plan with the main objectives: Maximize resources to implement restructuring solutions; Business Development; Continue to consolidate the organizational model, review to improve operational efficiency; Improving the quality of risk management, promoting debt recovery, handling bad debts; Implementing the plan to increase charter capital; Deploy and respond to Basel II as soon as the capital is raised; Investment in technology development, digital banking

The congress agreed to approve the plan to increase chartered capital in 2020, NCB will increase by VND 3,000 billion, raising its charter capital to more than VND 7,000 billion through issuing shares to employees and shareholders. The increase in charter capital will determine the level of success in expanding the operation scale and increasing the safety level of NCB, contributing to the implementation of the objectives of the Bank’s business strategy. In addition, NCB will continue to implement the restructuring plan associated with dealing with bad debts in the 2019-2020 period, with a vision to 2028 approved by the SBV.

At the meeting, the Board voted to elect the Board of Directors and the Supervisory Board for the term 2020 – 2025. Accordingly, the Board members include: Mr. Nguyen Tien Dung, Mr. Vu Manh Tien, Ms. Tran Hai Anh, Mr. Pham The Hiep, Mr. Nguyen Van Hao, Mr. Bui Duc Long, Mr. Tamaki Kido. Members of the Supervisory Board include: Ms. Tran Thi Ha Giang, Ms. Vu Kim Phuong and Ms. Tran Thi Minh Hue.

It is known that as of December 31, 2019, the Bank’s total assets reached VND 80,394 billion, an increase of 11% compared to 2018; Chartered capital increased to approximately 4,102 billion VND, up 36.2% compared to 2018; Profit after tax increased by 13.5%. Service fee revenue reached VND 243 billion, an increase of 2 times in 2018. Credit quality, growth quality are well managed, the NPL ratio is controlled at less than 2%, this shows the effectiveness and the debt settlement progress is focused, ensuring in accordance with the plan of the Board of Directors from the beginning of the term.