Sacombank exceeded 21.4% of the profit plan for 2019, the revenue from service accounted for nearly ¼ of total net income


At the end of 2019, Sacombank's consolidated profit before tax in 2019 reached VND 3,217 billion, exceeding 21.4% compared to the plan committed at the General Meeting of Shareholders; total assets reached nearly VND 453,600 billion, deposits from economic organizations and residents reached over VND 410,330 billion, customer loans reached more than VND 296,000 billion.

In particular, revenue from service made a significant contribution to Sacombank's total net income in 2019, accounting for 23%, reaching VND 3,323 billion (up 23.9% compared to the previous year), showing its ability to meet demands from customers in developing products and services system which emphasizes on modernity, safety, security, increasing utility and optimizing customer experience. Sacombank maintained a positive growth rate for traditional services, and gradually shifted the proportion of products and services to digital channels, combining the development of insurance-linked services with high growth rate.
In terms of card operations, 5.3 million customers using cards and the card acceptance network have been developed to more than 1 million ATMs and nearly 48,000 POS machines. Business performance on each ATM and POS is highly appreciated, with sales increasing by 8.1% and 75.6% respectively. Thereby, helping to lift the profit of card activities to more than 38%. Regarding e-banking activities, Sacombank developed the latest technology, expanded its features, focused on customer experience, contributed to promoting the increase in the number of actual users by nearly 40% (reaching nearly 1, 9 million customers) with sales volume and turnover increasing by 66% and 47% respectively, boosting service revenue by 87%. In terms of insurance activities, scale and efficiency increased sharply in the second operational year associated with Dai-ichi Life Vietnam, attracting nearly 100,000 new customers to the insurance market with FYP sales increasing 89% compared to the previous year with the total insurance revenue increased by 86.6%.
In addition, Sacombank maintains a stable customer system of nearly 6 million individuals and corporate customers; an effective operation network of 570 transaction points in 52 provinces and cities of Vietnam and Laos and Cambodia. In particular, Sacombank has applied Basel II in operation since January 1, 2020 in accordance with the schedule of Circular 41. The main objective of Sacombank in 2020 is: Increasing business efficiency, developing scale and market share, improve financial indicators; Drastically deal with bad debts and strictly control credit quality; Accelerate restructuring process; Maximize value and enhance experience for customers; Pioneer in modern information technology platform and security; Practically accompanies the business community and economic sectors; Thoroughly implement the streamlining of the apparatus, improve employee quality and improve the working environment.