SHB achieved pre-tax profit of nearly VND5.9 trillion (US$253.4 million) in the first half, posting 84 per cent year-on-year increase and meeting 50 per cent of the whole year’s set target.

This is the bank’s highest ever pre-tax profit in the first half of the year.

SHB said its financial report in the first six months of the year was positive.

Its total net income from business activities reached nearly VND9.5 trillion, up 113 per cent from the same period last year.

By the end of June 30, SHB's total assets reached VND522.1 trillion, completing 91.7 per cent of the annual plan.

Its charter capital reached VND26.6 trillion, equity VND58.7 trillion, and capital adequacy ratio according to Basel II standards reached nearly 12 per cent.

Its Moody's credit rating reached B1 with a positive outlook. SHB's total mobilised capital reached VND471.1 trillion while credit balance reached VND390.5 trillion, completing 93 per cent of the annual plan.

SHB has strictly controlled operating costs and is one of the joint stock commercial banks with good cost control in the banking system in Viet Nam.

It is expected that in the third quarter, SHB will be licensed by the State Bank of Viet Nam to complete the transaction of selling SHB Finance Company (SHBFC).

The deal would bring a significant capital surplus for the bank in 2022 and in the next three years, contributing to improving its financial capacity and position.

Earlier, at the bank’s 30th General Meeting of Shareholders, SHB set a target of total assets growth of over 12 per cent, charter capital growth of 37 per cent; minimum pre-tax profit of VND11.6 trillion, up 87 per cent compared to 2021.

It is expected to pay dividends in 2022 from 18 per cent.

“Going forward, SHB will continue to develop strongly, safely and sustainably, strictly comply with the provisions of the law and the central bank and moving towards international standards, and bring SHB to the regional level,” said Ngo Thu Ha, acting CEO of SHB.

In addition to business development, SHB always focuses on customers and upholds responsibility to the community and society.

SHB is one of the joint stock commercial banks participating in offering preferential interest rates to enterprises, co-operatives, and business households that satisfy conditions specified in Decree No 31/2022/ND-CP. — VNS