Sacombank profit zooms 89.5 per cent

Monday, Oct 07, 2019 06:45

Sacombank reports a pre-tax profit of VND2.491 trillion (US$107.21 million) in the first nine months of the year, a year-on-year increase of 89.5 per cent. — Photo courtesy of Sacombank

Sacombank reported pre-tax profit of VND2.491 trillion (US$107.21 million) for the first nine months of the year, a year-on-year increase of 89.5 per cent.

Its assets were worth VND450.2 trillion ($19.4 billion), up 10.9 per cent since the beginning of the year.

It had deposits of nearly VND408.9 trillion ($17.6 billion) at the end of September and loans outstanding of more than VND290.9 trillion ($12.5 billion), year-on-year increases of 14.4 per cent and 13.1 per cent.

Sacombank's revenue sources continued to grow steadily during the period. Total net revenue grew 36.5 per cent year-on-year to VND10.86 trillion, with net interest income accounting for VND7.41 trillion, an increase of 34.1 per cent.

Other areas also saw impressive growth, with earnings from services and foreign exchange trading growing by 21.1 per cent and 35 per cent to VND2.13 trillion and VND422 billion.

Revenues from other activities rose 176 per cent to VND845 billion.

The lender’s bad debt ratio shrank from 2.11 per cent from the end of last year to 1.96 per cent as of September 30 thanks to restructuring of the loan portfolio and strengthening credit risk control measures.

In the third quarter Sacombank was voted by investors as one of the top three listed firms in terms of investor relations, and received an IR award from Vietstock and online newspaper

Sacombank also received five awards from Japanese international card organisation JCB for being Leading Licensee in Total Retail Spending Volume, Leading Licensee in New Credit Card Acquisition, Leading Licensee in Cardmember Base, Leading Licensee in New Card Product, and Leading Licensee in Merchant Sales Growth.

The bank plans to open branches in Nam Dinh and Thai Binh this month, which will give it a total of 570 transaction points in 50 out of the country’s 63 provinces and cities. — VNS

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