Sacombank profit reaches 61.7 million USD in first half
Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 percent from the same period last year to 441 billion VND (19 million USD).
HCM City (VNS/VNA) - Sacombank has released its consolidated financialstatements for the second quarter, with pre-tax profit going up by morethan 10 percent from the same period last year to 441 billion VND (19 millionUSD).
This tookits profit for the first half of the year to 1.42 trillion VND (61.7 millionUSD), or nearly 56 percent of the full-year target, but falling by 2.2 percentyear-on-year.
Its netinterest income for the second quarter was up nearly 31 percent to reach 2.63trillion VND (113.6 million USD).
This was amuch higher increase than the income achieved by other banks, and despite asharp decrease in lending interest rates.
The bank’sprofit from foreign exchange trading rose 54 percent to 165 billion VND (7.1million USD).
Operatingincome topped 3.56 trillion VND (153.3 million USD), a year-on-year increase of8 percent, while operating expenses decreased by nearly 14 percent to 1.97trillion VND (85 million USD).
Sacombank hasmade a provision of 1.14 trillion VND (49.4 million USD) for bad and doubtfuldebts, an increase of 86 percent.
As of theend of June total assets were worth 481.89 trillion VND (20.7 billion USD), anincrease of more than 6 percent from the beginning of the year.
Outstandingloans were up nearly 5 percent to 310.67 trillion VND (13.38 billion USD), anddeposits increased by over 6 percent to 426.23 trillion VND (18.36 billion USD).
Non-performingloans (NPLs) in the balance sheet as of June 30 were worth 6.68 trillionVND (288 million USD), an increase of nearly 950 billion VND for the year, asthe NPL ratio in the balance sheet increased to 2.15 percent from1.94 percent a year earlier.
The baddebts in group 3 increased by 185 percent to 851 billion VND (36.68 million USD).
At the endof June the bank had 18,638 employees (including at subsidiaries), a sharpdecrease from the 19,237 people it had employed at the beginning of the year./.
Financial reports released by some banks in the first quarter have reflected the adverse impacts of the COVID-19 pandemic on their business activities, with declining profits and rocketing bad debts.
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Illustrative image (Source: cafe.vn) 
