At the meeting, the shareholders of Asia Commercial Bank (ACB) approved 6 issues. Those are the results of the activities in 2020 and the work plan for 2021; report of the Supervisory Board on activities in 2020; audited consolidated financial statements; profit distribution in 2020, profit plan and profit distribution in 2021; increase charter capital from dividends by common shares …
Specifically, in 2021, ACB targets a pre-tax profit of about 10,602 billion dong. Total assets are projected to increase by 10%, customer deposits will increase by 9%, credit increases by 9.5% and NPLs will be controlled below 2%. Expected to pay dividend in 2020 by shares at the rate of 25%. The charter capital is expected to increase to VND 27,019 billion.
General Director of ACB – Mr. Do Minh Toan said that ACB’s first-quarter 2021 business results were very positive when total assets reached 450,000 billion VND, loans reached 324,000 billion VND, mobilized reached 352,000 billion VND and benefited. profit is estimated at 3,105 billion dong, bad debt is controlled under 1%.
Looking back at ACB’s performance, Mr. Tran Hung Huy – Chairman of ACB commented, 2020 continues to be a successful year for ACB in terms of asset growth and value for shareholders.
For example, the consolidated pre-tax profit in 2020 reached VND 9,596 billion, an increase of 28% compared to 2019 and completing 126% of the plan. The rate of return after tax on average total assets (ROA) reached 1.86%, higher than the rate of 1.69% in 2019. The rate of return after tax on average equity (ROE) reached 24 , 31%, equivalent to the level of 2019. In particular, limits and prudential ratios in banking operations are always closely monitored by ACB, in compliance with the regulations of the State Bank (NH).
In 2021, ACB sets a pre-tax profit target of more than VND 10,000 billion
According to Mr. Huy, in the context of complicated developments of Covid-19, from the beginning of February 2020, ACB actively implemented disease prevention, made plans to ensure business continuity, and prepared response measures. handle different situations. In particular, ACB has fulfilled 2 important objectives of signing a cooperation agreement with Sun Life Vietnam Co., Ltd. to exclusively distribute life insurance products lasting 15 years, contributing to a significant increase. tell the value of the bank; At the same time, ACB transferred the registration of listing shares to the Ho Chi Minh City Stock Exchange as planned.
In 2021, the State Bank of Vietnam has oriented the total means of payment to increase by about 12%, credit growth about 12% and will be adjusted to suit the actual situation. This orientation shows that the commercial banking system will have a significant opportunity to provide credit to the business sector and households to support business and increase consumption.
“In that operating environment, what should ACB do and how to continue to be successful sustainably?” – Mr. Huy raised the problem and answered. ACB continues to implement its 2019-2024 business strategy with a vision that ACB is the leading retail bank, with high total income growth, with a return on equity (ROE) from 20%. / year or more; focus on target segments of individual customers, small and medium-sized businesses, and selectively develop large enterprise customers.
However, the Covid-19 translation has clearly changed customers’ behavior in terms of work, travel, communication, shopping … ACB needs to focus on technology investment, change the mode of operation. to keep up with customer needs and behavior.
In order to successfully implement this strategy, ACB needs to invest in human resources for the new breakthrough phase, when the total assets by the end of 2021 will reach nearly VND 500,000 billion. Human resource investment is the development and renewal of internal human resources while attracting human resources from the outside. The more important thing is that the subject of the implementation of the strategy is that people must be renewed and upgraded to suit the environment where more and more technologies appear, having a certain impact on lifestyles and operating modes. , business.
“In a volatile, uncertain, sometimes complicated and vague operating environment, the ACB Board of Directors is aware that it is necessary to always follow the changes and instruct the Board of Management to flexibly execute business plans. The Board of Directors believes that with the current strengths in customer base, portfolio structure with stable profitability, well-managed asset quality, experienced and professional human resources, culture Customers are first and foremost strengthened, ACB will continue to grow highly, ensuring value for shareholders “- Mr. Huy said.