Sacombank operated effectively in the first quarter of 2019


In the first quarter of 2019, Sacombank continued to focus on improving labor productivity, increasing market share in the direction of selective and efficient growth, reflected in the following outstanding results: profit before tax reached VND1,061 billion, gone up by 110.7% over the same period last year. Total assets reached more than VND425 trillion (up 4.7% compared to the beginning of the year), asset portfolio structure continued to be structured in the direction of increasing the proportion of profitable assets. Deposit from economic organizations and individuals sharply increased in the first quarter of 2019 to more than VND385 trillion, up 7.8% compared to the beginning of the year. Restructuring credit portfolio in a prudent direction, customer loans reached more than VND271 trillion, up 5.6% from the beginning of the year.

Sacombank's income sources in the first quarter of 2019 continued to grow steadily, total net income reached VND 3,542 billion, up 51.1% over the same period in 2018. In which, net interest income reached VND 2,458 billion, increased by 47%. Other business activities also showed impressive growth, service revenue reached VND642 billion, up 18%; revenue from foreign exchange trading reached VND113 billion, up 108.6%. As of March 31, 2019, the NPL ratio of Sacombank continued to decrease from 2.11% to 2.08%. Sacombank sets a pre-tax profit target in 2019 of about VND2,650 billion.

In parallel with the restructuring mission, customer service and marketing continued to be focused by Sacombank with product and service quality improvement. As a result, the number of customers transacting in the first quarter of 2019 increased by 4% compared to the beginning of the year, currently reaching more than 5 million customers across the system.

The results of the first quarter of 2019 showed that the revenue from Sacombank's services continued to increase, which also meant that Sacombank's dependence on traditional lending products was decreasing and showed that financial services - Banks are increasingly diversifying. It can be said that this is the result of the successful implementation of products, services and promotions recently; along with the application of digital banking, upgrading the e-banking system with a new version for both Internet Banking and Mobile Banking with many outstanding features based on modern security technology.

With the motto "Customer is the heart, personnel is the core", in 2019, Sacombank will continue its pioneering journey with the spirit of consolidation and acceleration, breakthrough and creativity to become a leading universal modern retail bank in Vietnam and reaching the regional level.