Sacombank profit reaches $61.5 million in the first half

July 22, 2020 - 18:32
Sacombank has released its consolidated financial statements for the second quarter, with profit before tax going up by more than 10 per cent from the same period last year to VNĐ441 billion (US$19 million).

 

Sacombank achieves $61.5 million in profit before tax in the first half of the year. — Photo courtesy of the bank

HCM CITY — Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 per cent from the same period last year to VNĐ441 billion (US$19 million).

This took its profit for the first half of the year to VNĐ1.428 trillion ($61,479 million), or nearly 56 per cent of the full-year target, but falling by 2.2 per cent year-on-year.

Its net interest income for the second quarter was up nearly 31 per cent to reach VNĐ2.637 trillion ($113.6 million).

This was a much higher increase than the income achieved by other banks, and despite a sharp decrease in lending interest rates.

The bank’s profit from foreign exchange trading rose 54 per cent to VNĐ165 billion ($7.1 million).

Operating income topped VNĐ3.56 trillion ($153.3 million), a year-on-year increase of 8 per cent, while operating expenses decreased by nearly 14 per cent to VNĐ1.973 trillion ($85 million).

Sacombank has made a provision of VNĐ1.147 trillion ($49.4 million) for bad and doubtful debts, an increase of 86 per cent.

As of the end of June total assets were worth VNĐ481.898 trillion ($20.7 billion), an increase of more than 6 per cent from the beginning of the year.

Outstanding loans were up nearly 5 per cent to VNĐ310.695 trillion ($13.38 billion), and deposits increased by over 6 per cent to VNĐ426.236 trillion ($18.36 billion).

Non-performing loans (NPLs) in the balance sheet as of June 30 were worth VNĐ6.682 trillion ($288.05 million), an increase of nearly VNĐ950 billion for the year, as the NPL ratio in the balance sheet increased to 2.15 per cent from 1.94 per cent a year earlier.

The bad debts in group 3 increased by 185 per cent to VNĐ851 billion ($36.68 million).

At the end of June the bank had 18,638 employees (including at subsidiaries), a sharp decrease from the 19,237 people it had employed at the beginning of the year. — VNS

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