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HCM CITY — Sacombank announced a pre-tax profit of over VNĐ1.48 trillion (US$65.5 million) for last year, almost 10 times up from 2016.

The lender has set itself a target of VNĐ1.64 trillion ($72.24 million) for this year.

Last year was its first year under the restructuring scheme approved by the Government and State Bank of Việt Nam, and despite many challenges it managed to achieve outstanding results.

According to a report tabled at a review meeting in HCM City last Saturday, its total assets were up 11 per cent to nearly VNĐ369 trillion.

Outstanding loans rose by 12.1 per cent to VNĐ223 trillion and income surged 32.4 per cent to VNĐ8.65 trillion.

The bank managed to recover more than VNĐ19.66 trillion worth of bad debts last year, including more than VNĐ15 trillion included in the restructuring scheme.

Sacombank is among the largest joint stock banks in terms of network with 566 transaction offices in Việt Nam, Laos and Cambodia. — VNS

Tags Vietnam Sacombank Vietnam News pre-tax profit news restructuring scheme

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