Moody’s upgrades Sacombank’s credit rating outlook to positive
International credit rating agency Moody’s has recently adjusted the credit rating outlook of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from "stable" to "positive".
At the annual general meeting of shareholders (Photo: VNA)
Hanoi (VNA) - Internationalcredit rating agency Moody’s has recentlyadjusted the credit rating outlook of Saigon Thuong Tin Commercial Joint StockBank (Sacombank) from "stable" to "positive".
Thisadjustment reflects Moody's assessment of the continuous improvement ofSacombank's credit capacity through the handling of bad debts and the disposalof non-performing assets. In addition, Sacombank's asset risk rating has beenupgraded from Caa1 to B3.
Moreover, Moody's said Sacombank hasthe smallest interbank funding dependence ratio among the rated banks.
It also reaffirmed Sacombank's long-term deposit and issuerratings at B3 thanks to the bank's efforts in carrying out its restructuringstrategy. The agency made positive predictions about Sacombank's potentialupgrade within the next 12-18 months.
At the annual general meeting of shareholders heldthe same day, Sacombank updated its quarterly business performance for Q1.Accordingly, its pre-tax profit hit over 2.38 trillion VND (100 million USD), up49.9% annually and reaching 25% of the annual plan. The rate of its bad debtsstood at 1.11%.
♈ This year, the lender targets a growth of 11% inits equity to 657.8 trillion VND and the rate of bad debts below 2%./.
Moody's Investors Service has affirmed the long-term local and foreign currency deposit ratings and senior unsecured ratings of 15 Vietnamese banks at Ba3 positive.
The Finance Ministry said on September 6 that Moody’s Investors Service has upgraded Vietnam’s long-term issuer and senior unsecured ratings to Ba2 from Ba3 and changed the outlook to stable from positive.
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At the annual general meeting of shareholders (Photo: VNA) 
