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Kienlongbank strives to settle 100% of VAMC sold special bonds before 31st December 2019 and sets profit target of VND 306 billion in 2019

(04/12/2019)

On 12th April 2019 in Rach Gia City (Kien Giang Province) Kien Long Commercial Joint Stock Bank (Kienlongbank) successfully held the 2019 General Shareholders Meeting with the participation of Kienlongbank shareholders representing 309,913,911 shares, corresponding to 96.88% of shares with voting rights.

At the Meeting, the shareholders agreed to approve the income statements in 2018 and business orientation in 2019; the profit distribution plan in 2018; selection of auditor for the fiscal year 2019 and some other important contents under the General Shareholders Meeting’s authority.


Shareholders fulfilled procedures for attending the 2019 annual General Shareholders Meeting of Kienlongbank.

In response to the guidelines of the State Bank of Vietnam (SBV), Kienlongbank continues to implement the roadmap of Restructuring Plan in the second phase (2016 - 2020 period). After the great success of  five-year development strategy (in the period of 2013 - 2017), Kienlongbank’s business indexes is recorded with stable growth, reasonable profit and ensure safety in all aspects of operation.

Shareholders vote for approval of programs, contents, voting rules, statements at the 2019 General Shareholders Meeting of Kienlongbank.

Mr. Le Khac Gia Bao - Chairman of Kienlongbank’s Board of Directors stated the opening speech of 2019 annual General Shareholders Meeting.


 

A view of Kienlongbank's 2019 annual General Shareholders Meeting.

 

 

All business targets have thrived compared to the targets of 2017

By the end of 2018, Kienlongbank has achieved results, all business targets have thrived compared to that in 2017: Total assets reached VND 42,310 billion, increased by 13.35%; total capital mobilization reached VND 37,499 billion, increased by 13.11%; credit balance reached VND 29,472 billion, increased by 19.39%; profit before tax reached VND 290,08 billion, increased by 15.02%; bad debt ratio is controlled at 0.94%. The safety indexes of operation are in compliance with SBV’s regulations and completed improving charter capital from VND 3,000 billion to VND 3,237 billion.

The General Shareholders Meeting also agreed to approve the content of no dividends in 2018 and retain all existing profits to supplement business capital, improve financial capacity, ensure capital adequacy ratio according to SBV’s regulations and meet the Bank's development needs from now until 2020.

Mr. Le Khac Gia Bao - Chairman of Kienlongbank’s Board of Directors stated the opening speech of 2019 annual General Shareholders Meeting.


Ms. Tran Tuan Anh - Member of the Board of Directors, General Director reported the summary of Kienlongbank’s consolidated business results in 2018 and business plan in 2019.

Complete plan to expand the network, diversify products to serve the customers

Approved by the State Bank of Vietnam, Kienlongbank opened 17 new branches and transaction offices in 2018 to increase the total number to 134 transaction points. Increasingly diversified products in combination with sales promotions is one of the advantages that help Kienlongbank attract abundant and stable capital and creating a premise for safe and sustainable credit growth. In 2018, Kienlongbank continued to enhance the cooperation and development of products, services, utilities for customers, Kienlongbank had issued the Kienlongbank JCB international credit card, implemented many promotions and sales promotions for customers.

In year 2018, with the attempts and efforts of the Board of Directors and employees, Kienlongbank had received the Certificates of Merit from Government agencies, Certificates of Merit from the Governor of the State Bank of Vietnam, Certificates of Merit from Vietnam General Confederation of Labor and appeared in top 500 of the most profitable companies in Vietnam.


Mr. Nguyen Cao Cuong – Head of the Board of Supervisors presented the Report of Board of Supervisors in 2018 and operation plan in 2019.



Shareholders commented at the 2019 Annual General Shareholders Meeting of Kienlongbank.



Chairperson answered the shareholders' opinions at the General Shareholders Meeting

Kienlongbank sets profit target of VND 306 billion in 2019

From the above positive results, the General Shareholders Meeting agreed to approve the business planning targets of Kienlongbank in 2019 as follows: Total assets reached VND 50,000 billion, increased by 18.18%; total capital mobilization reached VND 45,200 billion, increased by 20.54%; credit balance reached VND 33,900 billion, increased by 15.02% (implemented when receiving approval from SBV); profit before tax reached VND 306 billion; bad debt ratio is controlled below 2%; expected dividend yield at 13%.

Kienlongbank will focus on promoting bad debt collection and strive to settle 100% of VAMC sold special bonds before 31st December 2019.

Kienlongbank will continue to implement the roadmap of Restructuring Plan in the period of 2016 - 2020. Kienlongbank will focus on promoting solutions for digital banking implementation, diversifying non-cash payment products and services; strengthen the connections with partners to develop new products and services to meet customers' needs and increase utilities for customers; implement focusing on effective business of new products in association with AIA (Vietnam) Life Insurance Company Limited to increase the non-credit income proportion in total income. In addition, Kienlongbank will focus on improving and upgrading the risk management system in accordance with the principles and standards of Basel Committee and Basel II implementation roadmap, complete the internal control system in accordance with SBV’s regulations.


Kienlongbank shareholders voted at the 2019 annual General Shareholders Meeting.



Mr. Le Khac Gia Bao - Chairman of Kienlongbank’s Board of Directors offered flowers as a thank you to Mr. Bui Thanh Hai - Member of the Board of Directors for his positive contribution to Kienlongbank since 2013, now he resigns as a member of Board of Directors and still serves as the Chairman of the Board of Members of KBA Company.



Mr. Le Dinh Khanh - Deputy Director of the SBV - Kien Giang Branch gave a speech at the 2019 annual General Shareholders Meeting of Kienlongbank.



Mr. Le Khac Gia Bao - Chairman of Kienlongbank’s Board of Directors offered flowers as a thank you and received instructions from Mr. Le Dinh Khanh - Deputy Director of the SBV - Kien Giang Branch.

The 2019 General Shareholders Meeting of Kienlongbank ended successfully with high agreement from the shareholders. With the determination and solidarity of all employees, Board of Directors, along with the trust and support from our shareholders and customers, Kienlongbank will successfully implement the plan for year 2019, aiming to become a leading modern retail bank in Vietnam.


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