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 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
You should also see
Vietnam attends international security meeting in Russia
A Vietnamese delegation led by Minister of Public Security General To Lam is attending the 12th International Meeting of High Representatives for Security Issues in Russia’s St. Petersburg city from April 23-25.
See more
Business
Phu Yen, Ninh Thuan attractive to energy project developers
The south-central coastal provinces of Phu Yen and Ninh Thuan have become attractive destinations for investors operating in the energy industry thanks to great potential for renewable energy development.
Business
Petrovietnam posts 9-billion-USD revenue in Q1
The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of 231 trillion VND (9 billion USD) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33% and up 19% year-on-year, head a conference held by the group recently.
Business
Forum seeks to increase PPP investment effectiveness
Investment cooperation in the public-private partnership (PPP) form is seen as a strategic option to mobilise private investment and improve public service delivery. However, the implementation of PPP projects in Vietnam still faces a lot of difficulties and obstacles, leading to a low number of successful projects and making the private economic sector cautious.
Business
Remittance inflows expected to quench real estate sector’s thirst for capital: Experts
Amid a “thirst” for capital of real estate businesses, the strong inflow of remittances is expected to heat up the market again, held insiders.
Business
Dong Nai province ready to ride Japanese investment wave
The southern province of Dong Nai stands ready to prepare the best conditions to welcome investors, especially those from Japan, Secretary of the provincial Party Committee Nguyen Hong Linh said on April 24.
