SHB Shareholders Approve 16% Dividend, 2026 Profit Targets Up to VND 19.2 Trillion

Overview

SHB (Saigon-Hanoi Commercial Joint Stock Bank) held its 2026 annual general meeting on April 22, where shareholders approved a 16% dividend plan and reviewed two business scenarios for 2026. The base case targets pre-tax profit of VND 17.655 trillion (+18% YoY), while the positive scenario projects VND 19.165 trillion (+28% YoY), with total assets potentially exceeding VND 1 quadrillion.

Key Facts

• Shareholders approved a 16% dividend for 2026.
• Base case 2026 pre-tax profit target: VND 17.655 trillion, up 18% from 2025.
• Positive scenario 2026 pre-tax profit target: VND 19.165 trillion, up 28% from 2025.
• Base case total assets target: VND 974.773 trillion (+9%).
• Positive scenario total assets target: over VND 1 quadrillion (+15%).
• Credit growth assumptions: base case 10.2%, positive case 16%.
• Non-performing loan (NPL) ratio target: below 2%.
• Nearly 3,000 shareholders attended the meeting, representing over 160,000 shareholders.

What Happened

At the annual general meeting on April 22, SHB management presented two business scenarios for 2026, dependent on the credit growth limit assigned by the State Bank of Vietnam. In the base case, with credit growth capped at 10.2%, net loans are expected to reach VND 681.703 trillion, yielding pre-tax profit of VND 17.655 trillion. In the positive scenario, with 16% credit growth, loans could hit VND 716.148 trillion and pre-tax profit VND 19.165 trillion.

Vice Chairman Do Quang Vinh stated that 2026 marks a new era for SHB, accelerating transformation and aiming to become the No. 1 bank in efficiency, a leading digital bank, and the best retail bank by 2030. CEO Ngo Thu Ha emphasized a customer-centric strategy and digital transformation. The dividend plan of 16% was approved by shareholders.

Market Context

SHB shares closed at VND 15,000 on April 15, down 0.33% with volume of 27.7 million shares. The stock trades on HOSE. The banking sector has been under pressure from rising provisioning costs and regulatory caps on credit growth. SHB’s 2026 targets imply strong earnings momentum if credit limits are favorable, but the base case already reflects a solid 18% profit growth.

Strategic Significance

SHB’s dual-scenario planning provides a clear framework for investors to assess sensitivity to credit policy. The bank’s ambition to become a top-tier retail and digital bank by 2030 aligns with sector trends. The 16% dividend signals confidence in cash flow generation. Key to watch is whether SHB secures the higher credit growth limit, which would unlock the positive scenario and push total assets past VND 1 quadrillion.

What to Watch

• SBV’s final credit growth allocation for SHB in 2026.
• Q1 2026 earnings release to gauge early profit trajectory.
• NPL ratio trends, especially given the sub-2% target.
• Progress on digital transformation milestones and cost-to-income ratio.
• Any capital raising plans to support asset growth beyond VND 1 quadrillion.