Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has just announced the list of shareholders owning 1% or more of charter capital, updated to October 10, 2024. Notably, this list includes the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), with the purchase of 78.79 million shares, equivalent to a ratio of 4.51%. Thus, Vietcombank becomes the second largest shareholder at Eximbank.
Provisionally calculated at the current stock price, these shares are worth about 1,400 billion VND. Previously, on October 13, Eximbank also welcomed another strategic shareholder, Gelex (GEX), with a holding ratio of 10% of the bank's charter capital.
Eximbank is facing some undercurrents recently. On October 14, 2024, there was negative information circulating on stock investment groups and social networks about Eximbank's business activities.
And in the trading session on October 14, a record high volume of EIB shares was also recorded, with more than 99.7 million shares, equivalent to 5.35% of Eximbank's capital, traded with a total value of VND 1,827 billion. This is also the highest liquidity level in nearly 2 years of EIB, since the session on November 17, 2022. Of which, more than 57 million EIB shares were traded by agreement, equivalent to 3.06% of capital, worth VND 1,049 billion.
At the end of the session on October 14, EIB shares decreased by 4.45% compared to the reference price to 18,250 VND/share. At the session on October 15, EIB's market price continued to decrease to 18,200 VND/share.
Immediately afterwards, Eximbank issued a statement confirming that the document circulating on social media did not originate from the bank. This is an unverified document of unknown origin. Currently, Eximbank is requesting the authorities to assist in verifying and clarifying the motive for the dissemination of this document in order to protect the legitimate rights and interests of the bank, customers, shareholders and partners.
Eximbank has also appointed Mr. Pham Dang Khoa - former General Director and legal representative of Tracodi Construction Group Joint Stock Company (HOSE: TCD) - a member company of Bamboo Capital - to the position of Deputy General Director of Eximbank from October 11, 2024 for a term of 3 years. This move follows the event of Eximbank welcoming a major shareholder, Gelex Group Joint Stock Company (Gelex, HOSE: GEX) after completing the increase in ownership to 174.6 million EIB shares, equivalent to 10% of capital.
In related developments, Eximbank announced the convening of an extraordinary general meeting of shareholders to approve the change of head office location and other matters within its authority. The general meeting of shareholders is scheduled to be held on November 28 in Hanoi.
Regarding business activities, in the first 6 months of 2024, Eximbank recorded more than VND 1,474 billion in pre-tax profit, up 5% over the same period. However, compared to the pre-tax profit plan of VND 5,180 billion for the whole year of 2024, Eximbank has only achieved 28% of the target after half a year. As of the end of the second quarter of 2024, Eximbank's total assets increased by 5% compared to the beginning of the year, to VND 211,999 billion. Of which, deposits at the State Bank increased by 38% to VND 5,599 billion, deposits at other credit institutions decreased by 27% to VND 31,542 billion, and customer loans increased by 8% to VND 151,327 billion.
Total bad debt as of June 30, 2024 was VND4,002 billion, up 7% compared to the beginning of the year. Notably, substandard and doubtful debts shifted to debts with the possibility of losing capital. However, the ratio of bad debt/outstanding debt decreased slightly from 2.65% at the beginning of the year to 2.64%.
