Sacombank’s profit to exceed 20% of 2019 plan

Sunday, Dec 22, 2019 15:30

Duong Cong Minh, Sacombank’s chairman, speaks about the bank’s achievements in 2019 and sends his gratitude to leaders of State management agencies, the media, partners, investors, customers and Sacombank’s founding shareholders and employees at a ceremony to celebrate its 28th anniversary in HCM City on Friday. — Photo courtesy of Sacombank

Sacombank’s consolidated pre-tax profit is expected to reach nearly VND3.2 trillion (US$138.05 million) this year, surpassing 20 per cent ​​of the profit target approved at its annual general meeting.

Sacombank on December 20 held a meeting to review its performance in 2019 and a ceremony to celebrate its 28th anniversary in HCM City.

Speaking at the ceremony, Duong Cong Minh, Sacombank’s chairman, said the bank has total assets of VND457 trillion ($19.7 billion), deposits of VND413 trillion ($17.8 billion) and outstanding loans of more than VND296 trillion ($12.76 billion), while the non-performing loan ratio has now dropped to 1.75 per cent.

Sacombank’s customer base has been stable during the year with nearly six million individuals and corporate customers. It has network of 570 transaction offices in Viet Nam’s 52 provinces and cities and Laos and Cambodia. It has also maintained steady growth in terms of revenues and market share.

Operational safety and risk management parameters are in compliance with the roadmap set out by the State Bank of Vietnam under Circular 41 on the adoption of Basel II standards by January 1, 2020.

In addition, Sacombank has also completed the governance mechanism under Circular 13 and implemented synchronously advanced projects for Basel II such as the loan origination system, credit risk quantification model, risk management database framework, upgrading and perfecting the asset liability management framework, valuation and market risk regulatory capital charged model, among others.

Sacombank has standardised its organisational structure; strengthened management methods through the implementation of a balanced scorecard model throughout the system; improved quality of customer services, diversified products and services; and applied modern payment technology and preferential policies.

Recognising the market has opportunities and difficulties in 2020, Sacombank will focus on expanding scale and market share and further improving business efficiency and financial indicators; strict control of bad debts and credit quality; speeding up restructuring; enhancing customer experiences; applying modern IT and security platforms; accompanying business community and economic sectors; streamlining of the bank's apparatus, and improving the quality of human resources and working environment. — VNS

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