ABBANK’s first-half profit realizes 64% of yearly plan

09/07/2010 14:58:04 - views: 3,929

An Binh Bank (ABBANK) made pretax profits of 354 billion VND in the first six months of this year, realizing 64% of the annualized plan, and surpassing 45% of the first-half plan. It will increase charter capital to 3,830 billion VND in the year-end.

"Now, ABBANK is one of banks that gain rapid growth but ensure the safety and stability of the whole system. The bank is operating stably and effectively. It can surpass targets set for 2010 and reap stronger growth in the coming years,” said Mr.Vu Van Tien, the bank’s Chairman of the Board of Directors.

By the end of June, total assets of ABBANK were estimated at 31,743 billion VND, posting a year-on-year rise of 63% and realizing 88% of the annualized plan. Its total outstanding loans stood at 15,219 billion VND, up 77%, and mobilized capital at 20,620 billion VND, up 78%. The bank plans to advance shareholders a dividend of 5%. With the current growth rate, the bank is expected to realize targets set by its shareholders’ meeting.

ABBANK, whose charter capital currently stands at 3,482 billion VND, plans to issue bonus stocks at a rate of 10% to raise the capital to 3,830 VND by the end of the fourth quarter of this year. The bank is finalizing its business strategy till 2020, which will be submitted at the next annual shareholders’s meeting for approval.

ABBANK has cooperated comprehensively and effectively with foreign and local major partners. Besides the foreign shareholder Maybank, ABBANK is cooperating with the International Finance Corporation (IFC) on providing consultation of funding development for small- and medium-sized enterprises, and funding enterprises which pledge to protect environment and save energy. IFC has committed to offer the bank technical assistance, and increase its customer consultation and business governance ability.

Regarding domestic strategic shareholders, ABBANK has extensively and intensively implemented cooperative programs on capital sources, electricity charge collection, project and contractor funding, and issuance of bonds for Electricity Vietnam (EVN). The bank currently has over 10,460 corporate customers and 117,600 individual ones.

Authour: Minh Long


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