As of the end of the first half of 2024, despite facing numerous challenges from the global and domestic economy, Sacombank maintained its business efficiency, targeting growth, financial structure transformation, and continued to lay the foundation for promoting digital banking, restructuring operating models, and standardizing human resources. These are important bases for Sacombank to aim to complete the 2024 plan as assigned by the General Meeting of Shareholders.
As of June 30, 2024, Sacombank’s consolidated total assets reached over VND 717,000 billion, up 6.4% from the beginning of the year, of which profitable assets increased by 11%. The scale of mobilization and lending grew positively, higher than the industry average. Total mobilization reached nearly VND 642,000 billion, up 11% from the beginning of the year, of which 82% was from individual customer deposits. Credit balance reached nearly VND 517,000 billion, up 7% from the beginning of the year, with a market share increase of 0.03%, mainly meeting production and business capital needs. At the same time, optimizing the capital structure helped increase stability, reduce capital costs, improve NIM, and create conditions for increasing net interest income. The bank has recovered and handled VND 4,822 billion of bad debts and stagnant assets, with a bad debt ratio of 2.15%. Total revenue reached over VND 14,000 billion, including nearly VND 2,000 billion of non-interest income. Thus, Sacombank completed 50.4% of the pre-tax profit plan, reaching VND 5,342 billion, up over 12% over the same period last year.
In addition, Sacombank promotes the application of technology to enhance utilities and modernize products and services to attract and improve customer experience. Accordingly, in addition to the modern features that have been deployed, the bank has just developed new features on the Smart Transaction Machine (STM) system (such as accepting Napas/Visa/Mastercard/UnionPay cards issued by other domestic and foreign banks, flexible currency conversion, selecting withdrawal denominations, video calls connecting to the call center, supporting English – Vietnamese) and Sacombank Pay application (such as buying foreign currency cash, sharing successful transaction screens, partial withdrawal/full withdrawal of term deposits/savings on holidays, changing non-physical card designs); at the same time expanding contactless payment methods such as Garmin Pay, integrating multi-purpose QR codes right on POS machines, connecting with 3 e-wallets MoMo – VNPay – Zalo Pay. To enhance account security for customers and comply with Decision 2345/QD-NHNN of the State Bank, Sacombank has also deployed transaction authentication using biometrics since July 1, 2024.
At the same time, Sacombank continues to restructure its operating model towards a lean, standard, and professional model by reshaping its organizational structure, studying the transformation of transaction models at the counter, and comprehensively reviewing activities and core processes. As a result, it helps the bank optimize efficiency in operations, business, and risk management.
In March and July 2024, Sacombank was upgraded by Moody’s in its credit rating and was rated by Fitch Ratings for the first time with a stable outlook, reflecting the bank’s continuous improvements in the restructuring process and its affirmation of its position in the domestic and international markets.
Latest Interest Rates at Agribank in February 2023: Highest Rate for 24-month Term
Interest rates for deposits at Agribank have further decreased in early February 2024 compared to January. Specifically, individual customers’ deposits are subjected to interest rates ranging from 1.7% to 4.9% per annum, while business customers’ deposits are subjected to interest rates ranging from 1.7% to 4.2% per annum.
SHB achieves excellent cost control with a CIR of only 23% in 2023, with profits exceeding 9,200 billion VND.
Saigon – Hanoi Bank (SHB) has recently released its consolidated financial report for the year 2023, showcasing stable business growth and strong safety indicators amidst a challenging market.
