Vietnam Technological and Commercial Joint Stock Bank (Techcombank, code: TCB) has published the document of the Annual general Meeting (AGM) 2019. The bank will hold its AGM on April 13th 2019 at Melia Hotel, Hanoi.
In 2019, the bank aims total asset growth of 17 percent, reaching 375.821 trillion dong, mobilisation growth of 32 percent, reaching 274.156 trillion dong, outstanding credit growth of about 13 percent or more, reaching 245.366 trillion dong. The bank targets to attain a consolidated pre-tax profit of 11.750 trillion dong, up by 10 percent. If excluding the revenue from the sales of Techcombank Finance in 2018, this growth rate is expected at 20 percent. Techcombank also sets to control bad debt ratio below 2.5 percent.
Previously, in 2018, the consolidated pre-tax profit of Techcombank was more than 10.6 trillion dong, exceeding the annual plan of 10 trillion dong.
In another noteworthy report, Techcombank expects to continue the Employee Stock Ownership Plan (ESOP) this year.
Specifically, the bank plans to issue a maximum of 10 million ordinary shares (equivalent to 0.29 percent of the outstanding shares) to its employees at the issuing price equal to par value of 10,000 dong per share. The expected issuance time is in the second quarter or third quarter of 2019. These shares are not subject to transfer restriction. The capital collected from the issuance will be used to supplement capital for the bank’s credit granting and bond investment activities.
Closing the trading session on March 27th, TCB shares stood at 25,750 dong per share, 2.5 times higher than the ESOP issuance price.
At this year’s AGM, Techcombank will also elect the Board of directors (BOD) and Board of Supervisory (BOS) for the new term of 2019 2024. Accordingly, the BOD is expected to have eight members, including one independent member; and the BOS is expected to have three members, including two full-time members.
