On April 13, 2023, ACB held AGM 2023 with key contents as follows:

– Business plan 2023: credit growth of 9.7%, PBT increase of 17.2%. Growth of individual loans would be 12%-13% (it reached 20% in 2022).

– Dividend payment plan: the bank will pay the dividend for the year 2022 which includes 15% in shares and 10% in cash. It is expected to be implemented in the third quarter.

– Q1/2023 business results: PBT reached VND5,120 billion, up 24%yoy (achieve 26% of the year plan). Credit decreased slightly by 0.6%ytd due to credit decline in the first 2 months. By March, credit increased by 2.2%mom.

– NPL ratio at the end of Q1 was 0.94%. Real estate loans accounted for 24% of total credit (20% for home loans, <1% loan for project investment).

– The bank has no M&A plan in the short term.

 

Comment:

In general, ACB’s business activities remained stable in Q1. The business plans are conservative with a mid-range growth target this year. Currently, ACB still maintains a prudent business model with low risk in asset quality compared to peers.