Sacombank targets 23.2 per cent rise in pre-tax profit

Created 24 April 2018
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Saigon Thương Tín Commercial Joint Stock Bank (Sacombank) has set itself a target of increasing its assets to VNĐ430.9 trillion (US$18.92 billion) this year, an increase of 16.9 per cent from last year.

 

Sacombank receives the Vietnam Economic Times newspaper’s 2018 Vietnam Strong Brand Award. — VNS Photo

HCM CITY — Saigon Thương Tín Commercial Joint Stock Bank (Sacombank) has set itself a target of increasing its assets to VNĐ430.9 trillion (US$18.92 billion) this year, an increase of 16.9 per cent from last year.

It targets pre-tax profits of VNĐ1.838 trillion ($80.72 million), a year-on-year increase of 23.2 per cent, and expects to bring down bad debts to 3 per cent.

At its annual general meeting recently, the company said its total assets had reached nearly VNĐ368.5 trillion at the end of last year, an increase of 11 per cent.

Its deposits were VNĐ338.4 trillion, up 11 per cent, and total outstanding loans were nearly VNĐ225.6 trillion, up 12.5 per cent.

The bank managed to recover nearly VNĐ20 trillion worth of bad debts last year, bringing down the bad debts ratio to 4.59 per cent from 6.81 per cent at the end of 2016.

Pre-tax profits were VNĐ1.492 trillion ($65.5 million), up more than nine times from the previous year.

Replying to shareholders’questions about plans to acquire other banks or establish subsidiaries, chairman Dương Công Minh said there are no such plans.

The bank would focus on its restructuring plan approved by the State Bank of Việt Nam, he said.

It plans to enlarge its two subsidiaries, Sacombank Laos and Sacombank Cambodia, this year. — VNS

 

Source: VNN

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