Mission, Vision and Objectives of ABBank

CHAPTER 2: RESEARCH METHODOLOGY & EMPIRICAL FINDINGS

2.4. Overview of the case ABBank

2.4.3 Mission, Vision and Objectives of ABBank

 Results and dividends

The net profit for the year ended 31 December 2006, after taxation, was VNDm 58,147 (2005: VNDm 8,230). In the year, the Bank has paid a dividend of VNDm 6,608 (2005: VNDm 1,366) and announced the dividend for the year ended 31 December 2006 to be 70.82% of profit after tax.

Figure 2.1: Highlight of performances 2004-2006 [Source: An Binh bank, Annual report, 2006, p5]

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Figure 2.2: Performance Results in the period 2004-2006 [Source: An Binh bank, Annual report, 2006, p5]

 Deposit Mobilizations

Since 2005, ABBANK‘s deposits have increased more than three times year on year. In 2006, ABBANK has adjusted the interest rates timely along with the rise of USD interest rates in international markets and the increases of VND interest in local market. At the year-end of 2006, total of deposit grew 288% from VND 485.541 to VND 1,888.002 billion. Deposit from businesses and individuals increased by 649% from VND 209.317 billion to VND 1,567.350 billion, making up 83.01% of total deposit. Deposit from financial institutions rose 23% from VND 241.224billion to VND 297.686billion, accounting for 15.76% of total deposit.

Deposit mobilization from businesses registered the highest growth compared with other sources of deposits in 2006.

Based on the closed business relationship with strategic shareholders (EVN, PVFC, GELEXIMCO) and their subsidiary members, who have strong demand and saving deposit, ABBANK‘s deposit from businesses have increased 851% from VND 141.678 billion to VND 1,369.356 billion, composing 72.52% of total bank‘s deposit. Deposits from individuals increased 382% from VND 41.106 billion to

VND 197.994 billion, consisting 10.47% of the bank‘s total deposit. This positive result is due to the expansion of network with eight more new transactional offices over the year, the timely adjustment of interest rates to market changes and the increase of marketing, PR and promotional activities.

 Mission of ABBank

ABBank is one of leading commercial and joint stock banks in providing diversified services, packing service and have high competition and high quality in technology by international standards for all customers who are individuals, investors and enterprises.

 Vision of ABBank

To 2010, ABBank will become one of five Vietnam the largest and the best joint stock banks about finance power, transaction network; size and operation result and have high brand reputation and service quality.

 Core value of ABBank

 Meet customers‘ demand and satisfaction of customers are guideline and measure in the entire bank‘s operation.

 Teamwork and experience exchange among people and departments in bank are basis of bank development and innovation.

 Explicitness, creativeness, commitment and responsibility are behavioral principles of people in ABBank.

 Talents and dedication are begged and treated worthy with income and promotional opportunities.

 Objectives of ABBank

 Objectives For 2007

This year is an important and turning point year for ABBANK‘s growth and achievement of the objectives planned for the period to 2010. Specific targets include:

 Profit before tax grows 250% to VND 250 billion.

 Total assets increase 250% to VND 10,000billion.

 Lending assets grow 250% to VND 4,000 billion (among which corporate and business lending grow to VND 2,400 billion and individual lending grow to VND 1,600 billion).

 Deposit rises 250% - 300% to between VND 5,000 billion and VND 8,000 billion (composing of an increase of saving deposit between VND 3,500 billion and VND 5,500 billion, and an increase of demand and transaction deposit between VND 1,500 billion and VND 2,500 billion.)

 Total number of branches and transactional offices will increase to 60 locations throughout the country.

 Objectives For 2010

 Total assets increase to VND 50,000billion.

 Lending assets grow to VND 20,000billion

 Increased chartered capital to VND 20,000 billion

 Total employees are 3,000 people

 200 transaction offices in nation wide

Mission, Vision and Objectives of ABBank

Yin and Yang Model to Branding

History and development process of ABBank