Sacombank (STB) reports $64.5 million profit in first half

Sacombank has reported pre-tax profits of nearly VND1.5 trillion (US$64.5 million) in the first half of the year, equivalent to 55 per cent of its full-year target.

 

At a meeting held in HCM City last week to review its performance, the lender said it had achieved very positive results in the period.

Non-interest income was worth nearly VND1.4 trillion ($60.2 million), a year-on-year increase of 22 per cent.

The bank had deposits of nearly VND398 trillion at the end of June and loans outstanding of more than VND279 trillion.

It has reduced loans for real estate while increasing loans for production and trading, consumer credit and green credit.

It recovered more than VND11 trillion ($473.39 million) worth of bad debts in the first half, taking the total sum in the last two years since it began a restructuring programme to nearly VND35.7 trillion ($1.5 billion).

The bad debt ratio has decreased from 2.11 per cent last year to 1.96 per cent now.

Sacombank has 566 transaction points in 48 of the country’s 63 cities and provinces, Laos and Cambodia.

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