Saigonbank proposes a dividend of 5% after 3 consecutive years to retain profit

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Saigonbank expects total assets in 2021 to increase slightly by 1.64% compared to the implementation in 2020 to 24,336 billion dong. Mobilized capital as planned is 20,230 billion dong, total loan balance is 16,560 billion dong, up by 1.77% and 4.5% respectively compared to the implementation in 2020.

External payment is expected to reach 300 million USD. Profit before tax in 2021 is expected to grow by 11.45%, and is expected to collect VND 135 billion.

Saigonbank said this business plan was built in the context of well-controlled Covid-19 translation in Vietnam and around the world. In the event of complicated epidemics, which continue to negatively affect the economy and operations of the banking system, Saigonbank will adjust its business plan for 2021 to suit the progress of the epidemic.

Saigonbank’s Board of Directors submits to the 2020 profit distribution congress at the rate of 5%. The remaining profit used to pay dividends after setting up the prescribed funds is more than 168 billion dong.

It is known that Saigonbank has not paid dividends for 3 consecutive years for 3 consecutive years. The most recent distribution of profits to shareholders is the 2016 dividend at the rate of 4%, equivalent to the amount spent by Saigonbank of 123.2 billion VND.

Regarding the business results of Saigonbank in 2020, the cumulative net interest income for the whole year reached more than 590 billion VND, a decrease of 19% compared to 2019.

The pre-tax loss of more than VND 56 billion in the fourth quarter has significantly affected the bank’s profit for the whole year. Saigonbank recorded a sharp drop in pre-tax profit in 2020 at 33% to more than 121 billion.

The scale of total assets of Saigonbank as of December 31, 2020 was 23,942 billion VND, a slight increase of 4.9% compared to the beginning of the year. In which, customer loans increased from 14,556 billion VND (early 2020) to 15,447 billion VND (at the end of 2020). Customer deposits also increased from VND 15,667 billion to VND 18,223 billion at the end of the year.

Saigonbank’s NPL ratio in 2020 will be 1.41%.

It is known that 308 million SGB shares of Saigonbank were officially traded at UPCoM on October 15, 2020 with a reference price of 25,800 VND / share. Compared to the time of listing, the price of SGB has decreased by more than 44% to 14,300 VND / share (the closing price on April 7, 2021). Market capitalization is estimated at over VND 4,300 billion.

Source: vietnamfinance.vn – Translated by fintel.vn