HCM CITY — While continuing to address legacy issues, SACOMBANK (stock ticker: STB) reported notable improvements in its third-quarter 2026 performance, with operating income reaching an all-time high, services revenues surging, operating expenses falling sharply, and pre-provision operating profit rising by nearly 60 per cent.

The bank's focus in 2026 extended beyond profit growth. While working to resolve issues inherited from previous periods, it sought to sustain business momentum, improve operational efficiency, and generate additional resources to support its restructuring.

Its third-quarter results showed improvements in key areas, including strong growth in non-interest income, tighter cost controls, and continued expansion in assets and lending.

Record operating income driven by non-interest revenue growth

SACOMBANK's quarterly operating income reached a record high, driven by strong growth in non-interest revenue, particularly from services.

Its consolidated financial statements showed that operating income exceeded VNĐ10.3 trillion (US$398. million) in the third quarter, up more than 17 per cent year on year. Non-interest income accounted for nearly half the total, reflecting a substantial shift in the bank's revenue structure.

Net service income reached approximately VNĐ4.255 trillion ($164.7 million), more than six times the level recorded a year earlier. Income from foreign exchange trading also rose sharply to nearly VNĐ711 billion ($27.5 million).

These gains came despite pressure on net interest income from funding costs and the expansion of preferential lending programmes designed to reduce borrowing costs for businesses.

The narrower margins associated with these programmes reflected the bank's efforts to pass on some benefits to customers, helping businesses maintain cash flows and sustain production and operations.

Growth in non-interest income was particularly important for a bank undergoing restructuring. With lending income under pressure, stronger services revenues provided another source of growth while reducing dependence on a single income stream.

The results also reflected SACOMBANK's strategy of strengthening customer relationships, refreshing its brand, and developing services tailored to customers' financial, consumption, and business needs.

A customer conducts a transaction at a SACOMBANK branch.

Operating expenses fall sharply, pre-provision profit rises nearly 60 per cent

Besides growing its revenues, SACOMBANK also recorded improvements in cost efficiency.

Operating expenses fell by more than 31 per cent year on year to approximately VNĐ2.82 trillion in the third quarter, allowing the bank to generate higher operating income while spending less on running its business.

As a result, pre-provision operating profit reached nearly VNĐ7.5 trillion, up more than 59 per cent year on year and the highest in several quarters.

In the first nine months of 2026, operating expenses declined by 19.3 per cent, while pre-provision operating profit rose by 42.6 per cent. The cost-to-income ratio fell from approximately 46.1 per cent to 32.6 per cent, placing SACOMBANK among banks with relatively low ratios in the sector.

Pre-tax profits were worth nearly VNĐ5.9 trillion ($228.4 million) in the nine-month period, equivalent to 73 per cent of its full-year target.

The figures indicate that the improved performance stemmed not only from higher revenues but also from more effective cost management, enabling SACOMBANK to convert a greater share of its income into pre-provision operating profit.

These improvements came as the bank implemented a new organisational model, streamlining management layers, reorganising operations along functional lines, and directing more resources towards frontline business activities.

The restructuring was intended not merely to reduce expenses but also to improve productivity, give individual units greater autonomy, and strengthen coordination across the organisation.

Assets surpass VNĐ1 quadrillion as expansion continues

While preoccupied with efforts to resolve legacy issues, SACOMBANK also maintained its business expansion. At the end of September 2026, total assets exceeded VNĐ1.057 quadrillion ($40.9 billion), up 15.3 per cent for the year, making it the fifth private bank in Việt Nam to surpass the VNĐ1 quadrillion ($38.7 billion) asset threshold.

Loans outstanding topped VNĐ700 trillion ($271 billion), an 11.8 per cent increase for the year.

Customer deposits rose by 25.4 per cent, among the highest growth rates in the banking sector.

Notably, Việt Nam đồng current and savings account deposits reached VNĐ138.979 trillion, up 60.5 per cent since the start of the year.

The value of debt instruments issued by the bank climbed by 118.3 per cent to VNĐ85.546 trillion.

These figures reflected strong customer confidence in SACOMBANK and provided a solid foundation for further business expansion.

SACOMBANK's third-quarter results pointed to gradual improvements in its operating fundamentals, with continued asset growth, stronger funding, higher operating income, and greater cost efficiency.

While these developments represented early progress in addressing longstanding issues, sustaining growth alongside operational improvements would be crucial to achieving a lasting recovery in profitability and meeting the bank's restructuring objectives.