Sacombank Organized Annual General Meeting 201520/05/2015
HCMC, 21/4/2015: Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) organized the Annual General Meeting 2015 that approved the statement of operations, plans of profit/dividends distribution in 2014; business plans, plans to increase its charter capital and equity used in 2015; approved the establishment of subsidiaries / joint ventures, the resignation of Chief Supervisor and reaffirmed the M&A plan between Southern Commercial Joint Stock Bank and Sacombank as well as contents related to the management and administration.
Congress approved the consolidated business results of Sacombank in 2014 such as: total assets reached VND 189,803 billion, rose 17.6% compared with 2013; equity reached VND 18,063 billion, rose by 5.9% compared with 2013, including charter capital of VND 12,425 billion; total deposit reached VND 168,584 billion, rose by 19.1% compared with 2013 (which, deposit from economic organizations & resident reached VND 163,058 billion, rose by 23.9%); total outstanding loans reached VND 133,950 billion, rose by 18.5% compared to 2013 (including loans to customers, reached VND 128,015 billion, rose by 15.8%); Profit before tax was 2,826 billion, down by 4.5% compared with 2013; NPL ratio was 1.18%; while all the quality and safety assurance indicators activities in accordance with regulations of the State Bank. Dividend ratio in 2014 was 12% of Sacombank's chartered capital.
According to business plan 2015, Sacombank's total assets are expected to reach VND 214,550 billion, rise by 14% compared with 2014; equity to gain VND 19,900 billion, rises by 12% compared to 2014 (including charter capital is VND 14,853 billion, rises by 19.5% compared with 2014); total mobilized capital is planning to reach VND 191,200 billion, rises by 14% compared to 2014 (which deposit from economic organizations and resident to attain VND 187,500, rises by 15%); total outstanding loans is VND 144,900 billion, rises by 11% over 2014 (including loans to customers is VND 141,000 billion, rise by 13% compared to 2014); Profit before tax is VND 3,000 billion, rises by 5.2% in compare with 2014; CAR will remain over 9%; NPL ratio to be kept not exceeding 2.5% and dividend distribution is from 8% to 10% of the equity.
Congress also approved the policy to established financial subsidiary under form of Limited Liability Company or conversed/mergered present Financial Leasing Company (Sacombank-SBL) into financial company with an expectedcharter capital of VND 500 billion; allege to established Life Insurance Company under form of Joint Ventures with foreign partners with expected capital of VND 500 billion; allege to acquired or newly established Non-life Insurance Company with an expected investment of VND 300 billion.
In addition, Congress also approved the resignation of Chief Supervisor - Mr Nguyen Tan Thanh. Earlier, the BOS voted for Mr. Nguyen Van Ly - Deputy Supervisor to replace Mr. Nguyen Tan Thanh holding Chief Supervisor from 15.04.2015. Besides, Congress also approved the reaffirmed merger plan between Southern Commercial Joint Stock Bank and Sacombank and authorized the Board of Directors to study the feasibility construction project and perform the necessary procedures for the merger as prescribed in 2015.
In the context of the economy in 2015 together with the banking sector situation also happen with many difficulties and challenges, Sacombank has made adjustments in business, operations and administration strategies based on maintaining safety and effectiveness in the period 2015-2020. In particular, Sacombank established the key solutions for 2015 as follow: further restructuring of asset – liability structure; sustainability deposit growth; selectively credit growth; drastic resolving structure debt, bad debt, debt sold to VAMC; continuing to promote enhanced services; innovating and diversifining products and services; developing network system deeply; promoting the leading role of the branch; efficient use of operating expenses; improving communication activities; improving the information technology system.