Sacombank issues $143 million annual profit forecast

Thursday, Apr 09, 2015 18:47

Customers use Sacombank services. — Photo

HCM CITY (Biz Hub) — Sacombank expects to earn a pre-tax profit of VND3 trillion (US$142.86 million) this year, reflecting a 5.2 per cent increase over last year, a document from its shareholder meeting indicated.

This forecast might increase or decrease by 10 per cent, depending on the macro-economic situation, the document noted.

Deposits are expected to reach 191.20 trillion ($9.10 billion), up 14 per cent year-on-year, and outstanding loans are pegged at VND144.90 trillion ($6.9 billion), indicating a year-on-year jump of 11 per cent.

In 2015, the bank plans to raise its total asset value by 14 per cent to VND214.55 trillion ($10.22 billion) and its charter capital by 9 per cent to VND13.48 trillion ($641.90 million).

It also projected a capital adequacy ratio (CAR) of 9 per cent, a maximum bad debt ratio of 2.5 per cent, and dividend rates of 8 to 10 per cent.

It will stimulate medium to long-term deposits to limit risks, and prioritise retail customers and intensify relations with enterprises to boost lending efficiency.

Sacombank and Phuong Nam Bank plan to merge, and are awaiting approval from the relevant agencies, Sacombank's management board said.

It will hold a shareholders meeting at the White Palace convention centre in HCM City's Phu Nhuan District on April 21. — VNS

Comments (0)