Dương Công Minh, Sacombank’s Chairman, delivers the opening speech at the ceremony to celebrate the bank’s 33rd anniversary. — Photo courtesy of Sacombank

Sacombank’s pre-tax profit in Q4 is estimated to be over VNĐ4.6 trillion (US$180.7 million), marking a year-on-year increase of 68 per cent. For the full year 2024, pre-tax profit is projected to exceed VNĐ12.7 trillion ($498.9 million), the highest in its history, surpassing the targets approved by its shareholders.

The profitability ratios, ROA and ROE, are estimated at 1.46 per cent and 20.23 per cent respectively, both higher than the same period last year, positioning Sacombank among the leading banks.

Its total assets are projected to exceed $29 billion by December 31, reflecting a 7 per cent increase compared to 2023.

Total deposits and loans outstanding are estimated at VNĐ649 trillion and VNĐ542 trillion, respectively, both reflecting a 12 per cent increase over the same period last year.

In 2024, Sacombank’s digital banking channel witnessed robust growth, with the number of new digital customers and digital transactions estimated to increase by 6.9 per cent and 34.8 per cent over the previous year, expanding its customer base to 20 million.

Customer experience has been optimised with over 90 per cent of customers expressing high satisfaction levels.

Sacombank leaders and partners raise their glasses to celebrate the bank's powerful 33rd anniversary, looking forward to a strong future together. — Photo courtesy of Sacombank

Effective risk management

Amid economic challenges and a rising trend in bad debt ratios among banks, Sacombank has maintained strong asset quality, with the proportion of profitable assets estimated to increase by 95%.

The bank collected nearly VNĐ10 trillion worth bad debts and non-performing assets this year, further strengthening its asset quality.

Sacombank has also completed a project on implementating International Financial Reporting Standards (IFRS) 9 and continued the effective application of Basel III standards, enhancing transparency and reliability in its business operations and risk management in line with international practices.

The bank’s prudential ratios have continued to improve positively, with the capital adequacy ratio (CAR) reaching 10 per cent, striking a balance between operational safety and efficient capital utilisation.

This year, Moody’s and Fitch Ratings, two of the world's top three credit rating agencies, assigned a stable outlook for Sacombank’s credit ratings driven by its robust business performance, strong asset quality, solid profitability, and high risk management capacity as a result of its restructuring process.

Dedication to community development

In addition to its vibrant business activities, Sacombank has undertaken impactful initiatives that deliver meamingful value to the community, embodying its long-standing strategy of sustainable development intertwined with social responsibility.

Sacombank has always accompanied community and businesses since its establishment 33 years ago. — Photo courtesy of Sacombank

For instance, Sacombank has supported thousands of customers affected by the Typhoon Yagi through several policies, including reducing interest rates on existing loans by up to 2 percentage points, allocating an additional VNĐ10 trillion in a new loan programme with preferential rates from 4–5 per cent, cutting service fees by up to 50 per cent and waiving early repayment penalty interest.

In addition, over 18,000 Sacombank employees voluntarily contributed at least one day's salary each, raising more than VNĐ12.7 billion to support those affected by the typhoon.

Also this year, the bank granted 4,000 scholarships worth over VNĐ11 billion to underprivileged yet diligent students nationwide.

Responding to the emulation movement "Eliminating temporary and dilapidated houses" launched by the Prime Minister, Sacombank joined hands with the provinces of Bạc Liêu, Bắc Ninh, Thái Nguyên, Khánh Hoà, and Lâm Đồng to build thousands of houses for disadvantaged families.

Additionally, Sacombank, in coordination with partners, agencies, organisations, has donated funds worth a total of over VNĐ100 billion for building schools, cultural houses, bridges, roads and high-quality public toilets, conducting free eye surgery for hundreds of cataract patients, bringing electricity, and clean water to underprivileged areas, and other community activities.

During the upcoming 2025 Lunar New Year (Tết), Sacombank plans to allocate over VNĐ10 billion to support disadvantaged individuals in celebrating Tết.

Over the past 33 years, Sacombank has prioritised social initiatives alongside its business plans, striving to contribute comprehensively to economic prosperity and social sustainability. Looking ahead, the bank aims to enhance its technological and human resource capabilities to achieve its vision of sustainable development, closely tied to community responsibility, a representative of the bank said.