TPBank plans to privately offer 100 million shares

11-Jun-2021 Intellasia | BizLIVE | 5:02 AM Print This Post

The Board of directors (BOD) of Tien Phong Commercial Joint Stock Bank ((TPBank, stock code: TPB) has approved the plan to increase charter capital in 2021 through a private placement.

Accordingly, TPBank expects to privately issue 100 million shares to strategic investors and professional securities investors. After the issuance, the bank’s charter capital will be raised to 11.716 trillion dong from the current 10.716 trillion dong.

The shares offered privately are restricted to transfer in three years for strategic investors and one year for professional securities investors.

With the additional capital, TPBank plans to invest in infrastructure, develop technology system and expand network, supplement operating capital and medium and long-term capital for medium and long-term lending.

By the end of the first quarter of 2021, TPBank recorded an increase of 41 percent in pre-tax and after-tax profits, reaching respectively 1.422 trillion dong and more than 1.138 trillion dong. Compared to the 5.5 trillion dong pre-tax profit target set for the whole year 2021, TPBank has completed 21 percent of the target after the first three months of this year.

By the end of March 2021, the total assets of TPBank were 216.153 trillion dong, up by 4.8 percent compared to the end of 2020, in which the outstanding loans to customers grew by 3.7 percent to 124.387 trillion dong. The bank’s customer deposits were 120.037 trillion dong, up by 3.6%.

Regarding credit quality, by the end of March, the total bad debts of TPBank slightly increased by four percent compared to the beginning of the year to 1.484 trillion dong. In particular, the doubtful debts rose by 21 percent and irrecoverable debts rose by eight percent. Accordingly, the bank’s bad debt ratio slightly increased to 1.19 percent from 1.18 percent at the beginning of the year.

 

Category: Finance, Vietnam

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