Sacombank vows to finish settling bad debts in five years
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has pledged to finish settling all of the 100 trillion VND (4.38 billion USD) of its bad debts in five years, instead of 10 years as stated in the restructuring plan approved by the State Bank of Vietnam.
Sacombank has pledged to finish settling all of its bad debts in five years (Photo: VNA)
HCM City (VNA) – The Saigon Thuong Tin CommercialJoint Stock Bank (Sacombank) has pledged to finish settling all of the 100trillion VND (4.38 billion USD) of its bad debts in five years, instead of 10years as stated in the restructuring plan approved by the State Bank ofVietnam.
At the annual shareholders’ meeting in Ho ChiMinh City on April 20, Chairman of Sacombank’s board of directors Duong CongMinh said the bank has handled nearly 20 trillion VND (876 million USD) of thebad debts so far.
Over the last couple of years, Sacombank did notgive dividend payments to its shareholders because it was being restructuredand had to increase provisions, he said, noting that it is speeding uprestructuring and expects this process will finish in three years in minimumand five years in maximum.
If this process is smooth, Sacombank is able topay dividends to its shareholders in 2018 or 2019, with the central bank’sapproval, he added.
Sacombank reports that its combined assets wereworth about 368.45 trillion VND (16.14 billion USD) at the end of 2017, up 11percent from the year’s beginning. The bank posted an 11-percent rise incapital mobilisation to some 338.43 trillion VND (14.82 billion USD) and a12.5-percent increase in credit outstanding balance to around 225.59 trillionVND (9.88 billion USD). The ratio of non-performing loans was 4.59 percent.
The bank plans to cut the bad debt ratio tounder 3 percent and continue to shorten the restructuring road map in the timeahead.
In 2018, it targets total assets at 430.9trillion VND (18.87 billion USD), mobilised capital at 399.5 trillion VND (17.5billion USD), credit outstanding balance at 255.2 trillion VND (11.18 billionUSD), and pre-tax profit at nearly 1.84 trillion VND (80.59 million USD).-VNA
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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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Sacombank has pledged to finish settling all of its bad debts in five years (Photo: VNA) 
