Customers in a Saigonbank office. VietinBank will divest from Saigonbank in the second quarter of 2019. - Photo SaigonbankViet Nam News HÀ NỘI — State-owned Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) will put more than 15.1 million shares of Saigon Bank for Industry and Trade (Saigonbank) up for auction in the second quarter of this year. With the starting price of VNĐ20,100 (US$0.86) per share, VietinBank expects to earn nearly VNĐ304 billion ($13.09 million) from the sale. The shares are equal to 4.91 per cent of Saigonbank’s charter capital. The move is a part of VietinBank’s plan to restructure its portfolio as approved by the State Bank of Việt Nam (SBV). In 2016, VietinBank offloaded nearly 17 million shares of Saigonbank, or 5.48 per cent of the bank’s charter capital, at a starting price of VNĐ10,800 ($0.46) apiece. Saigonbank was among the banks that saw their ratio of non-performing … [Read more...] about VietinBank to divest from Saigonbank in Q2
Profit to earnings ratio
State banks ask for Gov’t support to raise capital
Vietcombank has asked the Government to increase its foreign holding ratio to support its capital ambitions. — Photo Vietcombank Four large State-owned banks this week asked the Government to allow them to either retain their profits or pay dividends in shares rather than cash until 2020 to raise capital, enabling them to meet Basel II standards as required by the central bank. The banks, including BIDV, VietinBank, Agribank and Vietcombank, also asked the Government to increase their foreign ownership limit to help them increase capital. According to Le Duc Tho, chairman of VietinBank, increasing capital was an urgent task for his bank this year, explaining that failure to do so had adverse impacts on the bank’s business performance last year. Due to this, the central bank set a low credit growth limit 6 per cent for VietinBank in 2018 so the bank had to cease lending from September. Slow credit growth caused the bank a sharp drop in pre-tax profit to VND6.8 trillion … [Read more...] about State banks ask for Gov’t support to raise capital
Vietnam Airlines Group achieves $120 million profit in 2018
Vietnam Airlines Group has announced a record profit figure in its long history with VND2.8 trillion ($121.7 million). With this the group concludes yet another year of growth and innovation due to robust demand for air travel, optimised operational efficiency, and enhanced control, together with the implementation of market-driven solutions to offset high fuel prices. Vietnam Airlines is one of the region's leading airlines thanks to its modern fleet For the first time, Vietnam Airlines and its member airlines (including Jetstar Pacific and VASCO) have exceeded the VND100 trillion ($4.35 billion) mark in total consolidated revenue, generating approximately VND102 trillion ($4.43 billion). Pre-tax profit reached VND2.8 trillion ($121.7 million), exceeding the planned figure by 15 per cent. Vietnam Airlines pocketed VND73.5 trillion ($3.2 billion) pre-tax revenue and more than VND2 trillion ($87 million) pre-tax profit. Its contribution to the state budget is roughly VND6.6 … [Read more...] about Vietnam Airlines Group achieves $120 million profit in 2018
Vietnam Airlines Group achieves $120.46 million profit in 2018
Vietnam Airlines carried more than 22 million passengers on 142,000 flights in 2018. — VNA PhotoViet Nam News HÀ NỘI — On Wednesday, Vietnam Airlines Group, including Jetstar Pacific and Vietnam Air Services Company, announced it made a record consolidated revenue of VNĐ100 trillion in 2018, marking an increase of 15 per cent in pre-tax profit to nearly VNĐ2.8 trillion (US$120.46 million). Parent company Vietnam Airlines pocketed a revenue of VNĐ73.1 trillion and a pre-tax profit of more than VNĐ2 trillion, reaching 102.7 per cent of its 2018 target. It contributed nearly VNĐ6.6 trillion to the State budget. The financial success is attributed to the Operating Profit Margin of 4.38 per cent and Debt to Equity ratio of below 3 per cent, lower than at the beginning of 2018. More than 22 million passengers on 142,000 flights and 350,000 tonnes of cargo were carried in 2018. The firm is among the world’s leading airlines in on-time … [Read more...] about Vietnam Airlines Group achieves $120.46 million profit in 2018
Stock dividends keep shareholders happy, enable banks to increase capital
In the third quarter of this year Techcombank decided to pay stock dividends for 2017 to its shareholders at a ratio of two shares for each share held. – Photo cafef.vn In the third quarter of this year Techcombank decided to pay stock dividends for 2017 to its shareholders at a ratio of two shares for each share held. The decision was part of the bank’s plan to increase its charter capital to VND34.965 trillion (US$1.2 billion). To increase its capital, Military Bank maintained a dividend payout rate of almost 11 per cent, of which 6 per cent was paid in cash and the rest in shares. In the second quarter VPBank decided to issue 925 million shares to pay dividends to its shareholders, increasing its charter capital by VND9.256 trillion ($402.434 million). Analysts said plans to hike the charter capital have been going rather smoothly at both State-owned and private banks in recent times, especially those with good performances like VIB, HDBank, VPBank, Maritime Bank. … [Read more...] about Stock dividends keep shareholders happy, enable banks to increase capital