Sacombank loses $26m in Q4 2015
Sacombank loses $26m in Q4 2015
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) reported a loss of VND583.26 billion (US$26.05 million) in post – tax profit in the fourth quarter of last year.
The bank saw credit loss expenses of VND1.12 trillion ($50.2 million), which was six times higher than in the 2014 period.
Sacombank's profit before tax in 2015 reached VND1.28 trillion ($57.56 million), 55 per cent lower than 2014. However, the bank's post pre – tax profit was still 30 per cent higher than 30 per cent than its target.
The bank's net interest income in Q4 2015 was VND839.8 billion ($37.5 million), a decrease of 29.3 per cent compared to the same period of 2014. In 2015, Sacombank's net income dropped slightly one per cent to touch VND6.27 trillion ($280.2 million).
While the bank's operational expenses in 2015 were VND4.6 trillion ($205.8 million), an increase of seven per cent from 2014. Of this amount, operational expenses in Q4 2015 were VND1.15 trillion ($51.6 million), six per cent lower than the same period of 2015.
Net income from fees and commissions of Sacombank in the last quarter of 2015 reached VND288.36 trillion ($12.87 million), 30 per cent higher than the same period in 2014.
As of December 31, 2015, Sacombank posted customer deposits of VND259.4 trillion ($11. 6 billion), an increase of 59.6 per cent compared to 2014, while its loans to customers soared by 44.7 per cent to touch VND178.4 trillion ($7.97 billion).
