Sacombank profit exceeds 21.4 per cent of target

Friday, Jan 31, 2020 08:32

Customer conducts transaction at a Sacombank transaction office in HCM City. — Photo courtesy of Sacombank

Sacombank's consolidated profit before tax reached VND3.2 trillion (US$137.8 million) last year, more than 21 per cent in excess of its target.

Its non-interest income was up 23.9 per cent to VND3.3 trillion ($143.2 million), accounting for 23 per cent of net income.

Earnings from bancassurance through its tie-up with Japanese insurer with Dai-ichi Life were up 86.6 per cent.

It has assets of nearly VND453.6 trillion ($19.56 billion), deposits of over VND410.33 trillion and outstanding loans of VND296 trillion.

The bank had 5.3 million customers using its cards, with profits from card operations rising by more than 38 per cent.

Sacombank said in a release it has adopted the latest e-banking technologies and expanded its features with a focus on customer experience, which have helped increase transaction volumes and turnover by 66 per cent and 47 per cent, and boosting e-banking services revenues by 87 per cent.

It has network of 570 transaction offices in 52 provinces and cities in Viet Nam besides Laos and Cambodia.

It adopted Basel II standards this month in accordance with the schedule of the State Bank of Vietnam’s Circular 41.

The bank said this year it would focus on improving business efficiency, expanding market share, improving financial indicators, dealing with bad debts, controlling credit quality, speeding up restructuring, enhancing the customer experience, adopting sophisticated IT and security platforms, streamlining its apparatus, and improving the quality of human resources and working environment. — VNS

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