Customers at a Sacombank branch in HCM City. The lender’s pre-tax profit rose by 63.5 per cent in H1 to VNĐ4.75 trillion (US$200.25 million). — Photo courtesy of Sacombank

Sacombank’s pre-tax profits topped VNĐ4.75 trillion (US$200.25 million) in the first half of the year, a year-on-year increase of 63.5 per cent, and 50.1 per cent of the 2023 target approved by shareholders.

As of June 30 its total assets were worth over VNĐ622 trillion ($26.24 billion), an increase of more than 5 per cent for the year, with profitable assets increasing by 7.5 per cent.

It had deposits of VNĐ549 trillion ($23.19 billion), up nearly 6 per cent from a year earlier.

It actively implemented preferential lending packages worth over VNĐ25 trillion ($1.05 billion) in the period and achieved an increase of nearly 5 per cent in loans outstanding to over VNĐ460 trillion ($19.4 billion).

Its net income rose by over 20 per cent year-on-year to more than VNĐ13.5 trillion.

With operating costs closely controlled, its cost to income ratio was down by 0.6 percentage points from a year earlier to 47.8 per cent.

Profits before provisions under its restructuring project were worth nearly VNĐ6.3 trillion and the bank made provision of VNĐ1.5 trillion for Vietnam Asset Management Company.

Its profitability ratios continued to improve, with return on assets and return on equity at 1.26 per cent and 19.03 per cent, up 0.35 and 5.2 percentage points.

The bank collected nearly VNĐ2.7 trillion worth of bad debts and interest in the first half, taking its total collection since the implementation of the restructure plan to nearly VNĐ90 trillion.

The ratio of bad debts in the balance sheet was controlled at below 2 per cent, and operating safety ratios are always strictly controlled.

Sticking to its strategic orientation of "Accelerating digital transformation - Building a business ecosystem," Sacombank has deployed comprehensive digitisation projects, built a digital business automation platform, upgraded data centre infrastructure, expanded payment card acceptance and cashless payment networks, and launched a new website and multi-utility products and services.

Thanks to all this, the number of its customers increased by nearly 371,000 in the first half while the number of customers regularly carrying out transactions topped 8.5 million. — VNS