Eximbank will submit a plan to cut its 2016 profit target by 44 per cent at its upcoming shareholders' meeting. According to a report due to be released at the meeting on August 2, the bank will cut its profit target in 2016 to VND400 billion (US$17.85 million) from VND720 billion, set earlier this year.
Under the report, the bank aims to achieve total assets worth VND134 trillion in 2016, up 7.3 per cent against last year. The targets for capital mobilisation and outstanding loans will rise 9.7 per cent and 4 per cent to touch VND108 trillion and VND100 trillion, respectively.
Last year, the bank's pre-tax profit dropped sharply by nearly 30 per cent against the previous year to reach just VND40 billion, following the provision of large amounts of risky loans worth VND1.434 trillion.
At the shareholders' meeting next month, Eximbank will also appoint more members to its board of directors for the 2016-20 period.
In addition, the bank will submit for the shareholders' approval a plan worth VND10 billion for payment of salaries to its board of directors in 2016.