Shareholders of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) approved the bank’s financial statements for last year, a number of targets for this year, profit distribution plans and other important proposals at its annual general meeting held online on June 5.
Financial reports released by some banks in the first quarter have reflected the adverse impacts of the COVID-19 pandemic on their business activities, with declining profits and rocketing bad debts.
Many banks in Ho Chi Minh City are selling their mortgaged assets, mainly properties worth trillions of Vietnamese dong, to speed up the resolution of bad debts.
By March 17 noon, most of the commercial banks in Vietnam had lowered their interest rates on savings accounts with terms of less than 6 months after the State Bank of Vietnam (SBV) announced its policy rate cut a day earlier.
The join-stock bank Sacombank has said its last year’s pre-tax profits amounted to 3.217 trillion VND (about 139 million USD), 21.4 percent higher than its plan for the year.
Representatives from Sacombank Cambodia, a subsidiary of the Sai Gon Thuong Tin Commercial Joint Stock Bank, presented gifts to 100 needy Cambodian families of Vietnamese origin in Phnom Penh on January 8, ahead of the upcoming Lunar New Year festival.
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)’s pre-tax profit hit 2.491 trillion VND (102.21 million USD) in the first nine months of this year, a year-on-year rise of 89.5 percent, the bank reported.
Sacombank and Alliex Vietnam JSC have signed a deal to create shared POS payment infrastructure that is integrated with many banks and allows many different payment methods.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) posted the highest pre-tax profits among Vietnamese banks in the first six months of 2019, raking in more than 11.04 trillion VND (474.7 million USD), up 43.1 percent on-year.
The Vietnam Bank Card Association, in collaboration with the National Payment Corporation of Vietnam (NAPAS) and 7 commercial banks, launched the first domestic chip cards on May 28.
The number of non-performing loans (NPLs) at many banks has decreased dramatically in the past few months, with some even posting a decline of more than half.
Despite the central bank’s tightened monetary policy, many banks reported good business performance last year thanks to improved bad debt resolution and rising income from services.
The Lao branch of Ho Chi Minh City-based Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank Laos) celebrated its 10th founding anniversary during a ceremony in Vientiane on December 12.
Pham Cong Danh, ex-Chairman of the Board of Directors of the Vietnam Construction Bank (VNCB), has been given a 20-year prison term for “deliberately violating State regulations on economic management, causing severe consequences” at the bank.
A 20-year prison term has been proposed for Pham Cong Danh, ex-Chairman of the Board of Directors of the Vietnam Construction Bank (VNCB), for his involvement in the case of “deliberately violating State regulations on economic management, causing severe consequences” at VNCB.
The Ho Chi Minh City People’s Court on July 24 resumed the trial on the case of “deliberately violating State regulations on economic management, causing severe consequences” at the Vietnam Construction Bank (VNCB, now Construction Bank).
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