Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently announced the document for its coming annual general meeting (AGM) (scheduled on May 26, 2012) whereby the bank plans to hike chartered capital from 10.74 trillion dong to more than 14.176 trillion dong by the end of 2012.
Accordingly, the lender will raise chartered capital via issuing shares to pay 2011 dividend at 14 percent (equalling to the issuance of over 150.3 million shares to increase chartered capital by additional over 1.053 trillion dong), issuing bonus shares for 2011 to the existing shareholders at the ratio of 15 percent (equalling to the issuance of nearly 161.1 million shares to increase chartered capital by additional nearly 1.611 trillion dong), offering shares to the key staff of the bank at the ratio of 3 percent (or an issuance of 32.2 million shares to scale up chartered capital by additional over 322.2 billion dong).
The raised capital will be used to invest in fixed assets and add capital in establishing member companies and support the working capital to gain profit. With the chartered capital increase, Sacombank will be the fifth largest commercial bank nationwide in term of chartered capital scale.
Especially, the bank’s director board also submitted the AGM to approve and grant authority for the bank’s director board to decide issues related to study, select and carry out necessary procedures for merger and acquisition (M&A) with other banks that have appropriate orientation and development potentiality with Sacombank. The execution is scheduled in 2012-2015 period.
In 2012, Sacombank plans total assets at 165 trillion dong, rising 18 percent from 2011, equity at 18.3 trillion dong (including retained profit of 2012), of which, chartered capital at 14.176 trillion dong, rising 32 percent on year.
The lender also targets to reach total deposits at 143.5 trillion dong, of which, deposit from economic institutions and individuals at 124.8 trillion dong, rising 20 percent on year, total outstanding loans at 91.5 trillion dong, growing 17 percent on year, pre tax profit at 3.4 trillion dong, up 24 percent on year and the dividend allocation ratio at 13-16 percent on chartered capital.
In 2012, STB’s capital adequacy ratio (CAR) would be above 9 percent and overdue debts ratio would be controlled at no higher than 2.5%.