Sacombank profit reaches $61.5 million in the first half

Wednesday, Jul 22, 2020 18:33

Sacombank achieves $61.5 million in profit before tax in the first half of the year. — Photo courtesy of the bank

Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 per cent from the same period last year to VND441 billion (US$19 million).

This took its profit for the first half of the year to VND1.428 trillion ($61,479 million), or nearly 56 per cent of the full-year target, but falling by 2.2 per cent year-on-year.

Its net interest income for the second quarter was up nearly 31 per cent to reach VND2.637 trillion ($113.6 million).

This was a much higher increase than the income achieved by other banks, and despite a sharp decrease in lending interest rates.

The bank’s profit from foreign exchange trading rose 54 per cent to VND165 billion ($7.1 million).

Operating income topped VND3.56 trillion ($153.3 million), a year-on-year increase of 8 per cent, while operating expenses decreased by nearly 14 per cent to VND1.973 trillion ($85 million).

Sacombank has made a provision of VND1.147 trillion ($49.4 million) for bad and doubtful debts, an increase of 86 per cent.

As of the end of June total assets were worth VND481.898 trillion ($20.7 billion), an increase of more than 6 per cent from the beginning of the year.

Outstanding loans were up nearly 5 per cent to VND310.695 trillion ($13.38 billion), and deposits increased by over 6 per cent to VND426.236 trillion ($18.36 billion).

Non-performing loans (NPLs) in the balance sheet as of June 30 were worth VND6.682 trillion ($288.05 million), an increase of nearly VND950 billion for the year, as the NPL ratio in the balance sheet increased to 2.15 per cent from 1.94 per cent a year earlier.

The bad debts in group 3 increased by 185 per cent to VND851 billion ($36.68 million).

At the end of June the bank had 18,638 employees (including at subsidiaries), a sharp decrease from the 19,237 people it had employed at the beginning of the year. — VNS

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