The State Bank of Vietnam (SBV) recently approved a proposal of the Military Commercial Joint Stock Bank (MB) to raise its charter capital. 

Accordingly, MB’s charter capital will be raised from 18.15 trillion VND (799.56 million USD) to 21.6 trillion VND (951.5 million USD).

The plan was adopted by shareholders and the board of directors of the bank at their meetings in March and April, respectively.  

The increase of charter capital was requested to be in line with legal regulations.

The turnover of MB in the first quarter of 2018 was estimated at 3.5-3.6 trillion VND (154.2-158.6 million USD).  Meanwhile, the minimum pre-tax profit was at some 1.6 trillion VND (70.3 million USD), up 44 percent year-on-year. 

WB General Director Luu Trong Thai said it is feasible for the bank to meet the 6.8-trillion-VND profit target set for 2018, up 47 percent against last year.-VNA