Sacombank recovers more than $154.5 million worth of bad debts

Monday, Jul 23, 2018 17:16

At a transaction office of Sacombank in HCM City. — VNS Photo

Sacombank recovered more than VND3.6 trillion (over US$154.5 million) worth of bad debt in the first half of the year, bringing its non-performing loan ratio to 3.3 per cent compared to 4.28 per cent at the end of last year.

It expects to bring down bad debts to 3 per cent by the end of this year.

The bank announced a pre-tax profit of nearly VND1 trillion ($42.9 million) in the first half of the year, which was equivalent to 54.2 per cent of its full-year target.

According to its consolidated financial statement for the second quarter of 2018, Sacombank’s total assets reached nearly VND401 trillion, up 8.7 per cent from the beginning of the year, of which the proportion of profitable assets increased by 3.5 per cent.

Its capital mobilisation from economic organisations and residents reached over VND364 trillion, an increase of 11.9 per cent compared to the beginning of the year, with its capital mobilisation market share going up from 4.7 per cent to 4.9 per cent in the period.

Outstanding loans were worth over VND247 trillion, an increase of 9.6 per cent over the beginning of the year, accounting for 3.6 per cent of market share.

Its revenue topped over VND5 trillion, a year-on-year increase of 49.1 per cent, of which earnings from services surged by 35 per cent to reach VNĐ1.13 trillion.

Its profitability ratios improved with ROA (return on assets) at 0.4 per cent and ROE (return on equity) at 6.55 per cent.

In the first half of the year, it was honoured in the “Top 20 Vietnamese Brands” by the Viet Nam Intellectual Property Association, “Top 10 Prestigious Commercial Banks” by Viet Nam Report, and other awards.

The bank is among the largest in terms of its network, with 566 transaction offices in 48 cities and provinces in Viet Nam, Laos and Cambodia. — VNS

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