Sacombank has made significant strides in its financial performance, as evidenced by its impressive figures in the first half of the year. The bank successfully mobilized nearly VND 642 trillion, an 11% increase from the beginning of the year, with 82% of deposits coming from individual customers. Credit balances reached nearly VND 517 trillion, a 7% increase from the start of the year, along with a slight increase in market share.
Sacombank has also optimized its capital structure, leading to enhanced stability, reduced capital costs, improved NIM, and increased net interest income. In the past six months, the bank has recovered and resolved VND 4,822 trillion of non-performing loans and stagnant assets, maintaining a bad debt ratio of 2.15% as of the end of the second quarter.
The bank’s total income for the first six months exceeded VND 14 trillion, including nearly VND 2 trillion in non-interest income. As a result, Sacombank achieved 50.4% of its pre-tax profit plan, posting a profit of VND 5,342 trillion, a rise of over 12% compared to the same period last year.
Sacombank has been actively leveraging technology to enhance its products and services’ convenience and modernity, attracting and improving customer experience. In addition to deploying modern features, the bank has developed new functionalities for its Smart Transaction Machine (STM) system, such as accepting Napas/Visa/Mastercard/UnionPay cards issued by domestic and foreign banks, flexible currency conversion, denomination selection for cash withdrawals, video calls to the call center, and bilingual support in English and Vietnamese.
Enhancements have also been made to the Sacombank Pay application, including the ability to purchase foreign currency cash, share successful transaction screens, and partially withdraw or close fixed deposits on holidays. The bank has expanded contactless payment methods with the introduction of Garmin Pay and the integration of a multi-purpose QR code directly on POS machines. To enhance account security and comply with the State Bank of Vietnam’s Decision 2345/QD-NHNN, Sacombank implemented biometric transaction authentication from July 1, 2024.
In parallel, Sacombank continues to restructure its operating model towards a lean, standardized, and professional approach. This involves reshaping the organizational structure, studying the transition to a new model for over-the-counter transactions, and comprehensively reviewing its core activities and processes. These efforts optimize the bank’s operational, business, and risk management efficiency.
In recognition of its continuous improvements during the restructuring process and its solid position in the domestic and international markets, Sacombank received upgraded credit ratings from Moody’s in March and July 2024 and was assigned a stable outlook by Fitch Ratings for the first time.
