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 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.
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 6.68 percent in the beginning of 2017, he noted, saying that the bank hopes to reduce the ratio to 3 percent in 2018.
Attention has also been paid to retail sales with total transactions enjoying a year-on-year increase of 20.6 percent in 2017. The bank now services 4.3 million customers and earned 2.6 trillion VND (114.5 million USD) from services.
Minh said that the bank will enhance its competitive capacity by optimising expenditures and expanding ties with both domestic and foreign credit organisations and other financial institutions.
“Bank management will be made transparent with the application of Basel II governance standards. Cross ownership will be addressed completely while costs will be cut off rationally to increase benefits for shareholders and investors”, Minh said.
At a recent conference to review 2017 and plan for 2018, Sacombank announced its 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 (72.2 million USD) in earnings this year.
Sacombank’s total assets increased 11 percent to nearly 369 trillion VND (16.2 billion USD) in 2017. Deposits rose 11.5 percent to 325 trillion VND (14.3 billion USD).-VNA
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