BCEL approves dividend payments for 2012
BCEL approves dividend payments for 2012
Holders of shares in the Banque pour le Commerce Exterieur Lao Public (BCEL) have approved the disbursement of 120 billion kip as dividends for 2012, and shareholders will receive a total of 879 kip per share as an annual return on their investment.
The approval was made at the annual meeting of BCEL shareholders, held on March 29 at the Lao Securities Exchange. Shareholders will receive 443 kip per year as their second dividend for the year after already receiving 446 kip per share for the first half of the year.
The bank has made 269.6 billion kip in before-tax profits over the entire year, which represents an increase of 56.8 billion kip compared to the previous year.
The result of an audit conducted by an external auditing body has shown that BCEL's total assets amounted to 14,947 billion kip and BCEL reaped 210.5 billion kip in net profit last year. After monies were allocated to various funds 120 billion kip remained, which will be disbursed to shareholders.
BCEL plans to increase its assets by 14 percent this year to reach 284 billion kip in before-tax profits, aiming to achieve an 11 percent increase in deposits, and a 21 percent increase in loans issued.
The meeting also approved a plan for the construction of a new 25-storey building worth US$85 million which will serve as the BCEL headquarters, which was a matter of concern for some shareholders.
Addressing the concerns, BCEL General Managing Director Mr Vankham Voravong said the project will not have any effect on dividends because the bank will reserve the portion of dividends to be paid at not less than 50 percent of net profits.
Meanwhile the company-contractor who will undertake the construction of the headquarters will invest the required capital at the start of the project, and the bank will repay the money within a period of six years.
The meeting adopted a long-term strategic plan for 2013-2020 in relation to changing to new forms of service with centralised management power at the headquarters, and services to be provided by branches in order to meet the needs of socio-economic development, and the membership requirements of the World Trade Organisation and Asean Economic Community.
The meeting agreed to invest an additional 360 billion kip this year to build the bank's capacity in response to economic growth, and prepare a capital arrangement to establish a Lao-Chinese joint business bank.
The meeting also resolved to pay dividends to shareholders twice a year in 2013
vientiane times
