Sacombank announced a pre-tax profit of over 1.48 trillion VND (65.5 million USD) for last year, almost 10 times up from 2016. (Source: VNA)
HCM City (VNA) - Sacombank has announceda pre-tax profit of over 1.48 trillion VND (65.5 million USD) for last year,almost 10 times up from 2016.
The lender has set itself a target of 1.64trillion VND (72.24 million USD) for this year.
Last year was its first year under therestructuring scheme approved by the Government and State Bank of Vietnam, anddespite many challenges it managed to achieve outstanding results.
According to a report tabled at a reviewmeeting in HCM City on January 20, its total assets were up 11 percent tonearly 369 trillion VND.
Outstanding loans rose by 12.1 percent to 223trillion VND and income surged 32.4 percent to 8.65 trillion VND.
The bank managed to recover more than 19.66trillion VND worth of bad debts last year, including more than 15 trillion VND includedin the restructuring scheme.
Sacombank is among the largest joint stockbanks in terms of network with 566 transaction offices in Vietnam, Laos andCambodia. - VNA
Sacombank has set aside 3 trillion VND (132.15 million USD) for preferential loans to household businesses, small traders and firms converted from household businesses in HCM City.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has successfully reduced its non-performing loans (NPLs) ratio to 4.4 percent after operating for a year under a Government-approved restructuring scheme.
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.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Sacombank announced a pre-tax profit of over 1.48 trillion VND (65.5 million USD) for last year, almost 10 times up from 2016. (Source: VNA) 
