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 announced a 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 1.64 trillion VND (72.24 million USD) for this year.

Last year was its first year under the restructuring scheme approved by the Government and State Bank of Vietnam, and despite many challenges it managed to achieve outstanding results.

According to a report tabled at a review meeting in HCM City on January 20, its total assets were up 11 percent to nearly 369 trillion VND.

Outstanding loans rose by 12.1 percent to 223 trillion VND and income surged 32.4 percent to 8.65 trillion VND.

The bank managed to recover more than 19.66 trillion VND worth of bad debts last year, including more than 15 trillion VND included in the restructuring scheme.

Sacombank is among the largest joint stock banks in terms of network with 566 transaction offices in Vietnam, Laos and Cambodia. - VNA