Sacombank achieves VND 5,342 billion in profit in the first half of the year, completing 50.4% of the 2024 plan

By the end of the first half of 2024, despite facing many challenges, Sacombank has still ensured business efficiency according to its goals, with a pre-tax profit of VND 5,342 billion, completing 50.4% of the annual plan. 

As of 30/06/2024, Sacombank's total consolidated assets reached over VND 717 trillion, up 6.4% compared to the beginning of the year, with profitable assets increasing by 11%. The scale of mobilization and lending grew positively, higher than the industry average. Total mobilization reached nearly VND 642 trillion, up 11% compared to the beginning of the year, with 82% of deposits from individual customers. Credit balance reached nearly VND 517 trillion, up 7% compared to the beginning of the year, with a market share increase of 0.03%, mainly meeting production and business capital needs. Additionally, optimizing the capital structure helped increase stability, quickly reduce capital costs, improve NIM, and create conditions to increase net interest income. The bank recovered and handled VND 4,822 billion in bad debts and outstanding assets, with a bad debt ratio of 2.15%. Total income reached over VND 14 trillion, with nearly VND 2 trillion from non-interest income. Consequently, Sacombank completed 50.4% of its pre-tax profit plan, reaching VND 5,342 billion, an increase of over 12% compared to the same period last year.

Sacombank is accelerating the application of technology to increase utilities and modernize products and services to attract and enhance customer experience.

Additionally, Sacombank is accelerating the application of technology to increase utilities and modernize products and services to attract and enhance customer experience. Accordingly, alongside many modern features already deployed, the bank has developed new features on the smart transaction machine (STM) system (such as accepting Napas/Visa/Mastercard/UnionPay cards issued by other domestic and international banks, flexible currency conversion, selecting withdrawal denominations, video call connection with operators, bilingual support in English and Vietnamese) and the Sacombank Pay app (such as purchasing foreign currency cash, sharing successful transaction screens, partial withdrawal/termination of deposits/savings on holidays, changing non-physical card templates). Simultaneously, the bank expanded contactless payment methods like Garmin Pay, integrated multi-purpose QR codes directly on POS machines, and connected with three e-wallets: MoMo, VNPay, and Zalo Pay. To enhance account security for customers and comply with Decision 2345/QD-NHNN of the State Bank of Vietnam, Sacombank has also implemented biometric transaction authentication from 01/07/2024.

In parallel, Sacombank continues to restructure its operational model towards a streamlined, standardized, and professional direction by reshaping the organizational structure, researching the transformation of counter-transaction models, and comprehensively reviewing activities and core process systems. This helps the bank optimize efficiency in operations, business, and risk management.

In March and July 2024, Sacombank was upgraded in credit rating by Moody’s and rated for the first time by Fitch Ratings with a stable outlook, reflecting the bank's continuous improvements in the restructuring process and affirming its position in both domestic and international markets.