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OCB allowed to increase charter capital

OCB allowed to increase charter capital
HCMC – Orient Commercial Joint Stock Bank (OCB) has received the nod from the State Bank of Vietnam to increase its charter capital by VND4,110 billion via a bonus share issue.

After the bonus share issue for its current shareholders, the bank’s charter capital will rise to VND17.8 trillion, the local media reported.

The bank shelved its charter capital increase through share issues under an employee stock ownership plan and via private placement.

OCB earlier increased its charter capital by 3.9-fold against 2015, from VND3.55 trillion to VND13.69 trillion. Its capital increase is done annually, with this year seeing the sharpest hike.

In the third quarter of the year, OCB posted VND1.75 trillion in net revenue, up 29% year-on-year, and VND909 billion in pretax profit, down 18% year-on-year.

Between January and September, OCB reported VND5.1 trillion in net revenue, up 23% year-on-year, supported by strong demand for credit, while its profit before tax reached VND2.65 trillion during the period, down 30% year-on-year.

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