Sacombank named among Vietnam Report top 50 profitable companies

Monday, Oct 30, 2023 11:05

Trần Anh Việt, director of Sacombank in the Hà Nội area, receives the Top 50 Vietnam Best Profitable Companies in 2023 award. — Photo courtesy of Sacombank

Sacombank was named among the “Top 50 Vietnam Best Profitable Companies” at an event held to announce the 500 most profitable enterprises (PROFIT500) in 2023 by Vietnam Report and e-newspaper Vietnamnet in Hà Nội last week.

Sacombank made the list for a seventh year thanks to its consistent performance, with good profit growth despite the economy facing challenges and the impacts of international market fluctuations.

For the year to date, its pre-tax profits reaches VNĐ6.8 trillion (US$276.7 million), up 54 per cent year-on-year, meeting 72 per cent of its full-year plan..

Its assets rose by 10 per cent to VNĐ651 trillion ($26.48 billion), and both deposits and loans were up.

The bank has fully provisioned for bad and doubtful debts in accordance with regulations.

With the collection and handling of bad debts enhanced, the bank got back more than VNĐ2.9 trillion worth of bad debts and interest in the first nine months, taking its total collection since the implementation of the restructure plan to nearly VNĐ90.8 trillion.

Sacombank is expected to complete restructuring ahead of schedule to embark in a new development stage.

Previously, Vietnam Report named Sacombank among the "Top 50 Prestigious and Effective Public Companies in 2023" and "Top 10 Prestigious Vietnamese Joint Stock Commercial Banks in 2023" for its achievements in enhancing internal value, strengthening competitiveness and seizing opportunities to thrive in a tough economic environment in 2022 and 2023. — VNS

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