- More than 600 shareholders representing 78% of voting rights attended ACB’s AGM on April 13. The main agenda of the meeting was 1) the election of the Board of Directors and the Supervisory Board for the 2023-2028 term, 2) the bank’s 2023 business plans and 3) increasing charter capital with a new share issuance via a stock dividend. 

- 2023 guidance includes credit growth of 9.7% YoY — we note that ACB will adjust this to a higher rate if allowed by the State Bank of Vietnam (SBV) and currently we forecast ACB’s credit growth at 15% YoY. In terms of funding (including customer deposits and valuable papers), ACB targets growth of 8.1% YoY, a maximum NPL ratio of 2% and profit before tax (PBT) of VND20.1tn (USD856mn; +17% YoY). 

- Management has proposed a 25% dividend distribution plan on par value for the 2022 and 2023 financial years in the form of cash (10%) and stock dividends (15%). The 2022 dividend distribution plan will be executed in 2023.

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