Sacombank continues to grow strongly towards the goal of building a digital ecosystem


Sacombank has successfully organized the Annual General Meeting of Shareholders in the form of direct and electronic voting. The Meeting has approved important issues such as report on operation results; profit distribution plan in 2022; business plan as well as the objectives, orientations and strategies of management and operation in 2023.

Profit before tax was more than VND6,334 billion, increased 44.1% compared to the previous year, reaching 120% of the plan

Overcoming mutual difficulties of the market, Sacombank successfully completed the business targets. Specifically, total assets reached VND591,908 billion, increased 13.6%, of which, profitable assets increased by 16%. Total net income was VND26,141 billion, increased 47.7% compared to last year. Net service revenue reached VND5,194 billion, increased 19.6%. Profit before risk provisioning and cost allocation reached more than VND19,900 billion; pre-tax profit reached VND6,339 billion, increased 44.1% compared to the previous year, reaching 120% of the plan.

Total mobilization reached VND519,312 billion, up 11.8%, of which, 92.6% was mobilized from economic organizations and residents. Credit balance reached VND438,752 billion, up 13% in accordance with the limit allocated by the SBV. Credit quality was strictly controlled, NPL ratio was 0.93, down 0.55% compared to the beginning of the year. Operational safety indicators are in compliance with regulations at all times and are continuously improving towards safety and sustainability.

Chairman of the Annual General Meeting of Shareholders, fiscal year 2022

2022 also marks the 6th year Sacombank has implemented the Restructuring Plan approved by the State Bank. The bank has dealt with bad and outstanding debts, recovered VND15,886 billion; bringing the total accumulated revenue since the project's implementation to nearly VND92,000 billion, of which VND74,000 billion belongs to the Plan. Bad debts and outstanding assets under the scheme decreased by nearly 73%, reducing the proportion of total assets by about 28% (in 2016) to 4%. Sacombank has completed processing all VND21,576 billion of accrued interest under the Plan.

Accelerating digital transformation - Building a modern banking ecosystem

In addition to smart business decisions, a strong digital transformation strategy is an important factor contributing to the Bank's achievements. Digital transformation activities at Sacombank focus on the convenience of customers with 4 core factors: Technology infrastructure, Comprehensive digital solutions, Digital products and services, Digital people and thinking.

Ms. Nguyen Duc Thach Diem - Permanent Vice Chairman of the Board of Directors cum CEO of Sacombank reported to the General Meeting of Shareholders on outstanding achievements of Sacombank in 2022

Thanks to these efforts, Sacombank’s customer base is up to 15 million, of which 50% are digital customers. The number of transactions via Sacombank's digital channel increased 5 times in the period 2018 - 2022, growing at an average rate of 43%. In 2022, 97% of transactions at Sacombank were digital transactions via Internet Banking, Mobile Banking and Sacombank Pay financial management application.

At the meeting, Mr. Duong Cong Minh (Chairman of Sacombank's BOD) affirmed: "Sacombank's strategic orientation in 2023 is Accelerating digital transformation - Building a business ecosystem. At the same time, the Bank is constantly increasing the size and operational efficiency of its units throughout the system, ensuring safe and effective operations. Most importantly, Sacombank will focus on reducing the NPL on the balance sheet below 2%; completed the post-merger Restructuring Plan, carried out procedures to pay dividends to shareholders based on retained earnings to increase financial capacity, and return Sacombank to its position as a leading retail bank in Vietnam.

Mr. Duong Cong Minh - Chairman of Sacombank's Board of Directors spoke, affirming that Sacombank will continue to put its enthusiasm, flexibility and acumen in order to fiercely pursue its operational goals in 2023.

Shareholders vote electronically at the General Meeting

Shareholders participating in discussions at the General Meeting

More information:

Moody's has just adjusted Sacombank's credit rating outlook from "stable" to "positive".

This adjustment reflects Moody's assessment that Sacombank’s credit capacity has been continuously improved thanks to its handling of bad debts and outstanding assets. Accordingly, the asset risk of Sacombank was raised 1 level from caa1 to b3.

In addition, Moody's also recognizes that Sacombank has the lowest interbank dependency ratio among the banks rated by the company. It has also reconfirmed Sacombank's long-term deposit and issuer rating at B3 thanks to the Bank's efforts to implement its restructuring scheme. This organization also made positive predictions about Sacombank's ability to increase its rating in the next 12-18 months.

At the end of the first quarter of 2023, Sacombank's pre-provision profit before the scheme reached more than VND3,400 billion, after making provision for risks and allocating expenses according to the scheme, profit before tax reached VND2,383 billion, increased 49.9% compared to last year; total assets was VND596,694 billion, up 0.8% compared to the beginning of the year; total mobilized was VND529,500 billion, up 2% compared to the beginning of the year; total credit balance was VND448,531 billion, up 2.2% compared to the beginning of the year; the NPL was 1.11%, constantly controlled below 2%.

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