Sacombank expects 14% lending growth, says official

Friday, Dec 20, 2013 19:17

Transactions at Sacombank. The bank expects its credit growth to reach 14 per cent this year. — File Photo

HA NOI (Biz Hub) ― Sacombank expects its credit growth to reach 14 per cent by year-end, as lending expanded over 12 per cent in the first 11 months of 2013, chairman Pham Huu Phu said.

The bank's plan to gain VND2.8 trillion (US$133.33 million) in pre-tax profits was within reach this year, he said, adding that the dividend rate for 2013 was expected to reach 12 per cent.

Officials said the bank has sold VND800 billion ($38.1 million) of bad loans to the Viet Nam Asset Management Company, and plans to sell some additional VND200 billion ($9.52 million) to reduce its bad debt ratio to below 1.5 per cent.

Next year, Sacombank will work to reach a pre-tax profit of VND3 trillion ($142.86 million), a deposit growth of 18 per cent, and a lending growth of 14-15 per cent. It will also raise equity by 10 per cent, maintain bad debts at below 3 per cent, and upgrade its branch in Laos to become a full service bank.

The bank currently has some VND12.43 trillion ($591.9 million) in equity and over VND160 trillion ($7.62 billion) in total assets.

This Saturday will be Sacombank's 22nd anniversary. ― VNS

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