On December 20, 2024, Sacombank celebrated its 33rd anniversary (December 21, 1991 – December 21, 2024), commemorating its achievements and outlining its future development plans.
Significant acceleration in the fourth quarter of 2024, estimated to exceed the plan approved by the AGM
Sacombank’s pre-tax profit for the fourth quarter of 2024 is estimated at over VND 4,600 billion, up 68% from the same period last year. For the full year 2024, pre-tax profit is estimated to exceed VND 12,700 billion, the highest ever, surpassing the target approved by the AGM. Profitability ratios ROA and ROE are estimated at 1.46% and 20.23%, respectively, higher than the previous year and remaining among the industry leaders.
As of December 31, 2024, Sacombank’s total assets were estimated at over USD 29 billion, up 7% from 2023. Capital mobilization and credit outstanding are estimated at VND 649 trillion and VND 542 trillion, respectively, both up 12% over the same period.
In 2024, the digital banking channel witnessed robust growth in new customers and transaction volume, estimated at 6.9% and 34.8%, respectively, compared to the previous year. This helped Sacombank expand its customer base to 20 million, enhancing customer experience with a satisfaction rate of over 90%.
Sacombank’s leaders and guests raise a toast to celebrate the bank’s 33rd anniversary and look forward to a strong future.
Effective and safe risk management
Amid the economic challenges faced last year, the non-performing loan ratio among banks tended to increase. However, Sacombank effectively managed and improved its asset quality, with the proportion of profitable assets estimated to increase to 95%. In 2024, Sacombank continued its efforts in debt recovery and handled nearly VND 10,000 billion in non-performing loans and stagnant assets, contributing to the improvement of asset quality.
Sacombank has also completed the project to build financial statements according to IFRS 9 standards and successfully applied Basel III, enhancing transparency and integrity in its business operations and risk management practices, in line with international standards. The bank has consistently adhered to and actively improved its operational safety indices, with the CAR ratio approaching 10%, balancing operational safety and capital efficiency.
In 2024, Moody’s and Fitch Ratings, two of the world’s three largest and most prestigious credit rating organizations, assigned a stable outlook to Sacombank’s credit rating. This recognition was based on their assessment of the bank’s business performance, solid asset quality, strong profitability, and high-risk management capabilities, which have continuously improved during the restructuring process.
Empowering development and sharing with the community
In addition to its vibrant business performance, Sacombank actively engaged in community initiatives to spread happiness and fulfill its long-standing strategy of sustainable development intertwined with social responsibility.
Sacombank stands alongside individuals and businesses during its 33 years of development alongside the country.
Following Typhoon Yagi, Sacombank provided support to thousands of affected customers through various initiatives, including reducing interest rates by up to 2% per annum on existing loans, offering new loans of VND 10,000 billion with preferential interest rates ranging from 4% to 5%, reducing service fees by up to 50%, and waiving prepayment penalties for all loans. Sacombank’s branches and transaction offices in the affected areas proactively reached out to customers, offering solutions to restore production and business activities and stabilize their lives.
In 2024, Sacombank also launched several meaningful programs to support the community. Over 18,000 Sacombank employees voluntarily contributed a minimum of one day’s salary per person, raising over VND 12.7 billion to support communities affected by Typhoon Yagi. The bank awarded 4,000 scholarships worth more than VND 11 billion to underprivileged students and pupils nationwide. Additionally, Sacombank allocated over VND 10 billion to support disadvantaged individuals during the upcoming Lunar New Year.
Responding to the “Eliminate temporary and leaky houses” movement initiated by the Prime Minister, Sacombank joined hands with the provinces of Bac Lieu, Bac Ninh, Thai Nguyen, Khanh Hoa, and Lam Dong to build thousands of houses for poor households and policy beneficiaries facing housing difficulties.
In collaboration with partners, authorities, and social organizations, Sacombank provided funding for the construction of schools, cultural houses, bridges, roads, and public restrooms, as well as projects to bring electricity, street lights, clean water, and wells to underprivileged areas. The bank also supported hundreds of free eye surgeries to restore the vision of patients with cataracts and provided nutritional support and expenses for pediatric cancer patients in Ho Chi Minh City, among many other large and small charitable programs, with a total budget of over VND 100 billion.
“Over the past 33 years, Sacombank has always placed the same importance on social activities as on its business plans and contributions to the prosperity of the economy and the sustainability of society. Moving forward, the bank will continue to strengthen its internal capabilities in technology and human resources to realize its goal of sustainable development intertwined with social responsibility.”
Recently, at the Trusted Brand Vietnam 2024 program with the theme “Positive Brand – Sustainable Consumption” organized by Vietnam Economic Times, Sacombank’s “Multi-method Payment Solution on POS Machine” was honored in the Top 10 group of Banks – Insurance – Securities.
Currently, there are more than 200,000 POS/Soft POS machines of Sacombank nationwide, an important part of the bank’s digital ecosystem. The payment solution on POS/Soft POS machines accepts various payment methods, including contactless card transactions, QR code scanning, and connections with Apple Pay, Samsung Pay, Google Pay, and Garmin Pay, making transactions more convenient, seamless, and faster.
For businesses and individuals/business households, equipping POS/Soft POS machines not only optimizes the payment process with reasonable investment and operating costs but also contributes to improving business efficiency. For consumers, this solution enhances their shopping and spending experience and offers various benefits such as discounts and 0% installment plans.
The Trusted Brand Vietnam program, launched by Vietnam Economic Times in 2006, has promoted multi-directional information exchange between manufacturers, distributors, and consumers, fostering understanding and connection for the development of a transparent and valuable Vietnamese consumer market.
The Power of a Robust Senior HR Foundation: Propelling MBV Bank to New Heights
On December 18, 2024, OceanBank unveiled its new identity as Modern Vietnam Bank (MVB), underscoring its commitment to innovation, agility, and optimizing efficiency.
Revolutionizing Urban Transportation: Sacombank’s Cashless Payment Solutions for a Greener Ho Chi Minh City
On December 22, the long-awaited Metro Line 1, connecting Ben Thanh and Suoi Tien, will officially open for commercial operations. This marks a significant step forward in the city’s transportation system, offering a fast and efficient way to travel. What’s truly remarkable is that passengers can now enjoy a seamless, cashless payment experience for their tickets through an innovative electronic ticketing system, powered by HURC1, Mastercard, and Sacombank. This cutting-edge Open-loop technology promises a convenient and secure journey for all commuters and tourists alike.
The Great Bank Clearance Sale: Offloading a Thousand Billion Debt, Including Nearly 6,000 Taels of SJC Gold.
Sacombank continues to slash prices on its long-standing debt, which includes a substantial cash loan and nearly 6,000 taels of SJC gold. Despite previous price cuts, this debt has remained stubbornly persistent over the years.
Sacombank Celebrates 33rd Anniversary with a Grand Customer Appreciation Gesture Worth Over 33 Billion VND
From December 9 to December 31, 2024, Sacombank is celebrating its 33rd anniversary (December 21, 1991 – December 21, 2024) with a special promotion, “Golden Birthday Celebration – A Month of Appreciation.” This promotion offers a total prize pool of over VND 33 billion as a token of gratitude to all its valued customers for their trust and loyalty over the years.
NAV Declares 10% Interim Cash Dividend
“Nam Viet Joint Stock Company (HOSE: NAV) has just announced the record date for shareholders to receive the first cash dividend of 2024. The ex-dividend date is set as December 24, 2024, meaning that shareholders owning the stock on that date will be eligible to receive the declared dividend.”
