Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) reported pre-tax profit of VND428 billion (US$18.9 million) in the first half of 2017, a year-on-year increase of 70.4 per cent.

Total assets of Sacombank reached some VND352.7 trillion, up 7.1 per cent compared with the beginning of the year.

Consumer loans and capital mobilised from economic organisations and individuals reached nearly VND212.5 trillion and VND317.5 trillion, up 10.1 per cent and 9.7 per cent, respectively, from the beginning of the year.

In addition, other activities also resulted in positive business performance of the bank. In particular, services revenue showed outstanding growth of VND727 billion, a year-on-year increase of 27.3 per cent, accounting for 23.4 per cent of total revenue.

In the first six months of this year, Sacombank handled bad debts worth VND845 billion.

Sacombank will focus on restructuring and is committed to handle VND20 trillion of bad debts until the end of 2017, Duong Cong Minh, chairman of Sacombank’s board of directors, said.

Minh also shared the bank’s orientation in the implementation of the restructuring, including organisational and labour force restructuring with stability as the main aim; focusing on business development on the basis of promoting Sacombank’s strengths in network, people, brands, products and business strategies; and rearranging the operation of the transaction network and subsidiaries.

At the end of June, Sacombank held its annual shareholder meeting, during which Duong Cong Minh was appointed new chairman and Nguyen Duc Thach Diem was made acting general director afterwards. — VNS