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ACB expects 14% profit growth

Mar 28th at 16:39
28-03-2016 16:39:44+07:00

ACB expects 14% profit growth

The Asia Commercial Bank (ACB) plans to report a pre-tax profit of about VNĐ1.5 trillion ($66.7 million) this year, an increase of 14 per cent over last year.

 

The bank announced the plan in a draft resolution prepared for its shareholders' meeting, which will be held in HCM City on April 8.

This year, the bank is expected to pay dividend in shares at a rate of 10:1, meaning a shareholder owning 10 shares will receive a new share.

Its total assets are expected to reach VNĐ237 trillion on December 31, 2016, up 18 per cent over the end of 2015.

The bank also projects a year-on-year growth of 18 per cent for both deposits and lending, while controlling bad debts at less than 3 per cent of its total outstanding loans in 2016.

Last year, deposits at ACB grew by 13 per cent year-on-year to VNĐ175 trillion and its credit rose by 15 per cent year-on-year to VNĐ134 trillion.

The bank reported a charter capital of nearly VNĐ9.4 trillion at the end of 2015.

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