SHB aims for US$87.9 million in profit
SHB set pre-tax profit target of VND2 trillion (US$87.9 million), up 6.5% compared to 2017, said the bank`s document in prepared for the annual general meeting.
The bank also expected SHB FC - its financial consumer arm will increase its value at least 4 folds after 5 years, for which the return on equity (ROE) to reach 45%.
SHB aims for US$87.9 million in profit.
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SHB FC is expected to expand its network coverage to 10 provinces/cities in 2018, becoming the top 3 financial consumer companies in terms of credit growth.
As the bank is on course for healthy development, the State bank of Vietnam (SBV)'s Governor has given permission for SHB to establish 5 additional branches in Son La, Hai Duong, Nam Dinh, Binh Thuan, and Vinh Long, informed SHB on its website.
Additionally, the bank is allowed to open 20 transaction offices under its branches across the country. SHB currently has a network of 500 transaction offices in Vietnam, Laos, and Cambodia, serving nearly 4 million customers.
SHB set the goal of becoming Vietnam's top 3 largest commercial banks by 2020, while the bank is currently in the top 5.
The lender has successfully issued more than 83.92 million shares to pay dividends, raising its charter capital from VND11.2 to VND12 trillion (US$490-528 million), according to the State Securities Commission on March 7.
SHB's decision to increase charter capital will allow the lender to be more flexible in capital utilization, expanding its customer base for lending and developing its network to meet customer demand, stated Nguyen Van Le, CEO of SHB, in the bank's statement on its website.
By the end of last year, SHB's total assets reached VND277.99 trillion (US$12.1 billion). The bank last year posted a pre-tax profit of VND1.93 trillion (US$84.5 million), up 66% year-on-year and 11% higher than the annual target.
As of October 31, 2017, the total assets of the banking sector reached an all-time high of VND9,400 trillion (US$412 billion), up 10.87% compared to the beginning of the year, according to the SBV.
In 2017, the after-tax profit of the banking sector increased by 44.5% over 2016, stated the 2017 financial report of the National Financial Supervisory Commission (NFSC). The return on assets (ROA) and return on equity (ROE) ratios were higher than in the previous year, reaching 0.69 and 10.2%, respectively (against 0.56 and 8.05% in 2016).
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