Sacombank reports 10-fold jump in profit

Sacombank announced a pre-tax profit of over VND1.48 trillion (US$65.5 million) for last year, almost 10 times up from 2016. The lender has set itself a target of VND1.64 trillion ($72.24 million) for this year. Last year was its first year under the restructuring scheme approved by the Government and State Bank of Viet Nam, and despite many challenges it managed to achieve outstanding results. According to a report tabled at a review meeting in HCM City last Saturday, its total assets were up 11 per cent to nearly VND369 trillion. Outstanding loans rose by 12.1 per cent to VND223 trillion and income surged 32.4 per cent to VND8.65 trillion. The bank managed to recover more than VND19.66 trillion worth of bad debts last year, including more than VND15 trillion included in the restructuring scheme. Sacombank is among the largest joint stock banks in terms of network with 566 transaction offices in Viet Nam, Laos and Cambodia. This year it will focus on speeding up the restructuring, settling bad debts, improving asset quality, strengthening retail banking and enhancing competitiveness through cost optimisation and expanding co-operation. Sacombank was named in the 500 largest Vietnamese enterprises list (VNR500) announced by Viet Nam Report and online newspaper Vietnamnet at a ceremony in Ha Noi last week. — VNS

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