Tran Quoc Hai (right) has been appointed as new chairman of Saigonbank, replacing Nguyen Phuoc Minh (left), who started to retire from September 1. — Photo baomoi.com

HA NOI (Biz Hub) — The Saigon Bank for Industry and Trade (Saigonbank) has announced the appointment of Tran Quoc Hai as its new chairman from September 1.

Hai, a member of the bank's board of directors, will replace former CEO Nguyen Phuoc Minh, who retired on September 1.

Hai's term will run till 2017.

The bank also announced that it had earned VND122 billion ($5.4 million) in pre-tax profits in the first six months of the year, exceeding the yearly target by 144 per cent.

Its total assets are worth more than VND16.28 trillion ($723 million), as of the end of June.

During the first half of the year, the bank earned VND324 billion ($14.39 million) in net profits, a year-on-year decrease of 6.4 per cent. Services contributed the maximum profit of VND14.6 billion ($648,000), while forex trading contributed more than VND9 billion ($399,900).

Sacombank was the first joint stock commercial bank of Viet Nam, established in 1987 with an initial charter capital of VND650 million ($28,800). — VNS