Sacombank achieves impressive growth in first quarter

Thursday, Apr 25, 2019 18:22

Sacombank reports outstanding results for the first quarter and targets an increase of 18 per cent in pre-tax profit this year to VND2.65 trillion. — Photo courtesy of Sacombank

With its continued focus on improving labour productivity and market share, Sacombank achieved outstanding results in the first quarter of the year.

Its consolidated pre-tax profit was VND1.061 trillion (US$45.7 million), an increase of 110.7 per cent year-on-year.

Its assets were worth more than VND425 trillion ($18.3 billion), up 4.7 per cent since the beginning of the year, with the proportion of profitable assets being increased.

Deposits were up 7.8 per cent to over VND385 trillion and outstanding loans rose by 5.6 per cent to over VND271 trillion.

Net venue grew 51.1 per cent year-on-year to VND3.54 trillion, with net interest income accounting for VND2.458 trillion, an increase of 47 per cent.

Other business activities also saw impressive growth, with earnings from services and foreign exchange trading rising 18 per cent and 108.6 per cent to VND642 billion and VND113 billion.

The bad debt ratio reduced from 2.11 per cent from the end of last year to 2.08 per cent as of March 31.

Sacombank, besides restructuring, also focused on customer care and marketing through renovating products and improving service quality. As a result, the number of customers increased by 4 per cent to more than five million.

The result of the first quarter showed that the bank’s revenues from services continued to increase thanks to its diversified financial and banking services, while its dependence on traditional lending products diminished.

The bank’s outstanding achievements were also the result of the successful introduction of products and services as well as promotions in the past, the introduction of digital banking applications using advanced technologies, the upgrade of its e-banking system to the latest version in the case of both internet banking and mobile banking.

With its motto of "customer centricity, employees are the core of the bank", this year Sacombank will continue down its pioneering path to becoming a leading, modern retail bank in Viet Nam and the region.

In 2019, Sacombank aims to achieve pre-tax profit of VND2.65 trillion ($114.14 million). — VNS

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