VAB shares hit the ceiling on the listing day, despite the red market

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This morning (July 20), nearly 445 million VAB  shares of Viet A Commercial Joint Stock Bank (VietABank) were officially traded on UPCoM as approved by the Hanoi Stock Exchange (HNX).

With the reference price on the first day of VND 13,500/share, the bank achieved an initial capitalization of more than VND 6,000 billion.

A few minutes after the listing, VAB shares hit the ceiling by 40% despite the fiery market and is currently trading at VND 18,900/share.

Previously, the plan to put shares on the UPCoM market was approved by the bank’s 2021 Annual General Meeting of Shareholders. It is expected that after the listing, VietABank will pay dividends in shares to shareholders.

Updating business results in the first 6 months of 2021, VietABank’s leaders said that the bank’s 6-month pre-tax profit reached nearly VND 407 billion, up 173% over the same period last year, approximately the profit before tax of the whole year 2020. Mobilization from economic and population organizations reached VND 65,316 billion, up 18.7% over the same period in 2020;  Loan balance reached VND 51,369 billion, up 11% over the same period in 2020.

In 2021, VietABank sets a target of Total assets reaching VND 97,075 billion, up 12.2%; Profit before tax reached VND 658 billion, up 61.7% compared to 2020; The rate of bad debt is controlled as regulated below 3%.

Source: bizlive.vn – Translated by fintel.vn