Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has recently sent document to the shareholders for its coming annual general meeting (AGM) 2012 whereby this year the lender plans to scale up its chartered capital from over 8.788 trillion dong to over 8.848 trillion dong.
Notably, in 2011, the bank’s securities subsidiary (TechcomSecurities) posted a profit of 26.7 billion dong and growth 40 percent from brokerage activities and 6-fold year-on-year increase in consulting activities.
TechcomSecurities targets to reach 1-1.5 percent of the brokerage market share by the end of 2012 and by 2015, the broker will be one of securities companies with the best brokerage market share.
The bank’s assets management company (TechcomAMC) invested and developed some profitable services such as transport service and debt treatment with 6-fold revenue growth on year.
In 2011, TechcomAMC also launched valuation service nationwide with revenue of 6.1 billion dong.
TechcomAMC’s total pre tax profit was 429.19 billion dong in 2011, rising 18.7 percent on year.
However, revenue of TechcomCapital reached only 3.4 billion dong, equalling to 20 percent of the previous year.
In 2012, Techcombank targets to gain 5.3 trillion dong pre tax profit and dividend at 26.51 percent (basing on its chartered capital as of December 31, 2011).
According to the document sent to shareholders, in 2012, Techcombank will issue additional six million shares (equalling to 60 billion dong) from its retained profit to pay bonus shares to the employees and hike chartered capital from over 8.788 trillion dong to over 8.848 trillion dong.
The chartered capital increase is expected to complete on June 30, 2012.
At the AGM, Techcombank will also ask the shareholders’ opinion to move the headquarters at Tower B Vincom (No 191 Ba Trieu, Le Dai Hanh ward, Hai Ba Trung district, Hanoi).