KBC - Solid 2022 profit guidance; upbeat IP land sales outlook - AGM Note

KBC hosted its AGM in Bac Ninh Province on June 25. 

Shareholders approved KBC’s 2022 guidance for total income (including revenue, financial income and other income) of VND9.8tn (USD426mn; +119% YoY) and NPAT of VND4.5tn (USD196mn; +371% YoY), which are equivalent 96% and 101% our respective full-year forecasts. This guidance is unchanged from what was announced at KBC’s extraordinary general meeting of shareholders (EGM) on February 10. 

The AGM did not include major proposals as KBC held its EGM earlier this year and received approval from shareholders for major 2022 proposals. For example, KBC’s private placement plan was approved by shareholders for a maximum amount of 150 million shares (19.5% of current total shares outstanding); however, this plan has not yet been executed. Please see more details in our EGM Note, dated February 10, 2022

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