Tuesday, November 5, 2024 7:23:33 AM - Markets closed
VN-INDEX 1,244.71 -10.18/-0.81%
HNX-INDEX 224.45 -0.96/-0.43%
UPCOM-INDEX 91.61 -0.35/-0.38%
VCB: Vietcombank sets record market cap
Vietnam News - 7/24/2023 9:49:56 AM
 (0 ratings. You must sign in to rate.)
Despite a correction of the market on Wednesday after a winning streak of eight sessions, Vietcombank's shares (VCB) soared to a historic peak of VNĐ106,500 per share (US$4.51), an increase of 33.1 per cent from the end of last year. 
 
During the trading day, the shares even hit a session high of VNĐ107,100 each.
 
With the gain, the bank's market capitalisation reached more than VNĐ504 trillion, equivalent to one-tenth of the whole market capitalisation. It is also the largest value an enterprise has ever reached in the 23-year history of the Vietnamese stock market.
 
Vietcombank on July 26 will close its list of final registrations for the right to receive dividends from the remaining profits of 2019 and 2020. It will issue nearly 856.6 million shares to pay dividends at a rate of 18.1 per cent, meaning a shareholder owning 1,000 shares at the close date of registration will get 181 new shares.
 
After the issuance, the bank's charter capital is expected to increase by nearly VNĐ8.6 trillion to over VNĐ55.89 trillion. As a result, Vietcombank will surpass Vietinbank and BIDV to become the second-largest lender in the system, after VPBank. 
 
The bank said that the increase in charter capital will help the bank to expand business operations, satisfy the capital needs of the economy, and invest in transformation projects, improving its governance and management capacity. 
 
Moreover, the Chairman of Vietcombank said that the bank is carrying out two more capital-raising plans. Particularly, it will raise capital by around VNĐ27 trillion, which is from 2021's profit and the remaining accumulated profits before 2018.
 
The lender also plans a private placement for foreign investors, with an issuance date of 2023-24.
 
In the first half of 2023, Vietcombank's capital mobilisation and credit growth were 6.6 per cent and 2.6 per cent, respectively, Nguyễn Thanh Tùng, General Director of Vietcombank, said at the conference to review the first six months of the banking industry. 
 
Credit quality is under control, while its bad debt ratio is 0.85 per cent with a provision buffer for bad debt of over 350 per cent. 
 
On Thursday, VCB shares traded at VNĐ105,400 a share at 14:24 pm (local time), down 1.03 per cent. — VNS 
 
Read original article here
Newer News
04/11 VN’s gold demand slumped as sharp price rises deterred fresh buying in Q3: report
31/10 Fintech companies become capital providers for small and micro firms
30/10 Gov’t submits to the NA a draft law amending seven laws
30/10 Smart banking emerges as more than just a technological trend
29/10 Interest rates expected to decrease by 0.7 percentage points next year
28/10 Inspection report on gold trading activities being complied, SBV says
28/10 Detailed guidance on banning sale of bancassurance needed
24/10 Vietnam set to lead region in blockchain application by 2030
24/10 Abolishing credit rooms under consideration: central bank
23/10 SHB expands credit package to VNĐ16 trillion with interest rates starting at 4.8%
Older News
24/07 Việt Nam, US promote further financial cooperation
24/07 Profit growth of banking industry forecast to slow in 2023
18/07 Deputy PM: banks consider solving financial difficulties of seafood businesses
10/07 More than $1.7b worth of maturing corporate bonds rolled over
10/07 Finance ministry unveils wrongdoings of insurance companies
05/07 Cautious consumers hope to ride out financial turbulence.
27/06 Banks to pay dividends in shares in 2023
27/06 Standard Chartered forecasts interest rates to return to pandemic levels
20/06 Credit growth expected to improve in H2 2023
14/06 ABBANK share issuance to pay dividends hikes capital to $444m
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,244.71 -10.18/-0.81%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.