Sacombank targets 23.2 per cent rise in pre-tax profit

Monday, Apr 23, 2018 18:54

Sacombank receives the Vietnam Economic Times newspaper’s 2018 Vietnam Strong Brand Award. — VNS Photo

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has set itself a target of increasing its assets to VND430.9 trillion (US$18.92 billion) this year, an increase of 16.9 per cent from last year.

It targets pre-tax profits of VND1.838 trillion ($80.72 million), a year-on-year increase of 23.2 per cent, and expects to bring down bad debts to 3 per cent.

At its annual general meeting recently, the company said its total assets had reached nearly VND368.5 trillion at the end of last year, an increase of 11 per cent.

Its deposits were VND338.4 trillion, up 11 per cent, and total outstanding loans were nearly VND225.6 trillion, up 12.5 per cent.

The bank managed to recover nearly VND20 trillion worth of bad debts last year, bringing down the bad debts ratio to 4.59 per cent from 6.81 per cent at the end of 2016.

Pre-tax profits were VND1.492 trillion ($65.5 million), up more than nine times from the previous year.

Replying to shareholders’questions about plans to acquire other banks or establish subsidiaries, chairman Duong Cong Minh said there are no such plans.

The bank would focus on its restructuring plan approved by the State Bank of Viẹt Nam, he said.

It plans to enlarge its two subsidiaries, Sacombank Laos and Sacombank Cambodia, this year. — VNS

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