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SHB sets a target of 87% profit growth in 2022

On April 20, 2022, Saigon – Hanoi Bank (SHB) will hold the Annual General Meeting of Shareholders in 2022 and submit to the meeting for approval many important resolutions and plans. In particular, SHB set a target of 87% profit growth in 2022, enrolled in the “club” of banks with a profit of over tens of trillions of dong.

Vo Duc Tien, Vice Chairman of the Board of Directors in charge of SHB’s management, said that after a difficult and challenging year due to the prolonged COVID-19 epidemic, SHB continued to accompany and support customers through credit packages. Using more than 30 trillion VND, implementing debt restructuring, interest and fee exemption and reduction for hundreds of thousands of customers affected by the epidemic.

Joining hands with the whole country in the fight against the COVID-19 pandemic with timely medical support, T&T Group, SHB Bank and businesses in the ecosystem of Entrepreneur Do Quang Hien contributed more than 1,500 billion dong. SHB was awarded the Certificate of Merit by the Prime Minister for its achievements in the prevention of the COVID-19 epidemic.

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In 2021, SHB has made a breakthrough and achieved many achievements in many aspects. According to the financial statements for 2021 audited by KPMG, as of December 31, 2021, SHB’s total assets reached VND 506.6 trillion, an increase of 23% compared to the end of 2020.

Own capital according to Basel II standards reached VND 53,231 billion. Charter capital reached 26,674 billion VND, completing the set plan. Capital mobilization from market 1 reached VND 379 trillion, up 12%; credit balance reached VND 369 trillion, up 16% compared to 2020.

In addition, SHB strictly controlled operating expenses, bringing the ratio of operating expenses to total net income (CIR) down to 24.22%, making it one of the best cost control joint stock commercial banks.

In 2021, SHB recovered debts and made provisions to settle all VAMC and Vinashin bonds ahead of time. SHB’s pre-tax profit reached VND 6,260 billion, up 91% over the same period. The rate of dividend payment in 2021 by shares is expected to be 15%.

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Sustainable development goes hand in hand with risk management, SHB is one of the banks that completed all 3 Basel II pillars ahead of schedule. On that basis, SHB has applied international standards on risk-based performance measurement to business activities. In 2021, SHB has completed the preparation of the foundations for the transition to advanced capital calculation (FIRB), meeting Basel III standards on liquidity risk.

The outstanding achievements achieved in the past year have shown the interest, companionship and sharing of shareholders and investors; affirming the correct, sure and drastic business direction and strategy of the Chairman of the Board of Directors and the Board of Management along with the efforts of all SHB employees.

Regarding the business plan for 2022, Mr. Vo Duc Tien – Vice Chairman of the Board of Directors in charge of operations said that the Board of Directors of SHB had approved and submitted to the General Meeting of Shareholders for approval the business development target in 2022 with a number of indicators. The following basic targets: Total assets growth of over 12%; Charter capital increased by 36% compared to 2021. Profit before tax is expected to be at least 11,686 billion VND, up 87%; Expected dividend in 2022 from 18%.

In the coming time, SHB will continue to improve its financial capacity, develop more effectively, safely and sustainably; increase the benefits of shareholders and investors; continue to accompany customers to overcome difficulties caused by the epidemic and join hands with the community in social security work.

SHB continues to maintain a high growth rate with strategic advice from the world’s leading prestigious corporations and organizations such as BCG, IFC, IBM; modernize information technology and digital banking; building a customer development strategy, value chain, ecosystem, taking customers as the center…

SHB certainly achieves its goal by 2025, becoming the number 1 bank in terms of efficiency and technology among commercial banks in Vietnam. With a vision to 2035, SHB will become a leading modern retail bank in the region, an investment bank that provides the most effective capital source for key sectors of the Vietnamese economy.

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