Sacombank prioritises restructuring, bad debt handling
Speeding up restructuring and settling bad debts to improve the bank’s health are two major goals of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) in 2018, said Chairman Duong Cong Minh.
Speeding up restructuring and settling bad debts to improve the bank’s health are two major goals of Sacombank in 2018. (Photo: Sacombank)
Hanoi (VNA) – Speeding up restructuring and settling bad debts toimprove the bank’s health are two major goals of Saigon Thuong Tin CommercialJoint Stock Bank (Sacombank) in 2018, said Chairman Duong Cong Minh.
Last year, the lender handled more than 19.6 trillion VND (863.1 million USD)in bad debts, reducing its non-performing loans ratio to 4.28 percent from 6.68percent in the beginning of 2017, he noted, saying that the bank hopes toreduce the ratio to 3 percent in 2018.
Attention has also been paid to retail sales with total transactions enjoying ayear-on-year increase of 20.6 percent in 2017. The bank now services 4.3million customers and earned 2.6 trillion VND (114.5 million USD) fromservices.
Minh said that the bank will enhance its competitive capacity by optimisingexpenditures and expanding ties with both domestic and foreign creditorganisations and other financial institutions.
“Bank management will be made transparent with the application of Basel IIgovernance standards. Cross ownership will be addressed completely while costswill be cut off rationally to increase benefits for shareholders andinvestors”, Minh said.
At a recent conference to review 2017 and plan for 2018, Sacombank announcedits profit before taxes in 2017 stood at nearly 1.5 trillion VND (66 million USD),8.5 times higher than in 2016. The bank hopes to achieve 1.64 trillion VND (72.2million USD) in earnings this year.
Sacombank’s total assets increased 11 percent to nearly 369 trillion VND (16.2billion USD) in 2017. Deposits rose 11.5 percent to 325 trillion VND (14.3billion USD).-VNA
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Speeding up restructuring and settling bad debts to improve the bank’s health are two major goals of Sacombank in 2018. (Photo: Sacombank) 
