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Sà i Gòn ThÆ°Æ¡ng TÃn Commercial Joint Stock Bank (Sacombank) recently announced its preliminary business results for Q4 and the full year of 2024.
Specifically, Sacombank’s pre-tax profit in Q4 2024 is estimated at more than VND 4,600 billion, up 68% over the same period last year. For the whole of 2024, the pre-tax profit is estimated at over VND 12,700 billion, the highest ever and exceeding the target assigned by the General Meeting of Shareholders. Profitability ratios ROA and ROE are estimated at 1.46% and 20.23%, respectively, both higher than the previous year.
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 649,000 billion and VND 542,000 billion, up 12% over the same period last year, respectively.
In 2024, Sacombank continued to strengthen its debt recovery efforts, handling nearly VND 10,000 billion of bad debts and stagnant assets, contributing to the improvement of asset quality.
In 2024, the digital banking channel grew strongly in terms of new customer numbers and transaction volume, up 6.9% and 34.8%, respectively, from the previous year. This helped Sacombank expand its customer base to 20 million and improve customer satisfaction, with a satisfaction rate of over 90%.
Previously, Sacombank recorded a pre-tax profit of VND 2,752 billion in Q3 2024, up 32% over the same period last year. For the first nine months, Sacombank’s pre-tax profit reached VND 8,094 billion, up 18.3% over the same period, and after-tax profit was VND 6,489 billion. The bank has achieved 76.4% of its full-year plan after nine months.
Sacombank is one of the oldest joint-stock commercial banks in Vietnam. In 2015, the bank merged with Southern Bank, becoming one of the five largest banks in Vietnam at that time, with total assets of VND 292,033 billion at the end of 2015; owner’s equity of VND 22,080 billion (including charter capital of VND 18,852 billion); a network of 560 transaction offices nationwide and in Laos and Cambodia; and a total of 16,485 employees.
After nearly eight years of restructuring (out of a 10-year plan), Sacombank has resolved almost all outstanding issues and basically completed its key objectives. Specifically, the bank has recovered and handled more than 80% of bad debts and stagnant assets and made full provisions as required, including 100% provision for bad debts sold to VAMC that have not been handled.
Up to now, Sacombank has only one last step left, which is to wait for the State Bank of Vietnam’s approval to handle the STB shares of the group of shareholders related to Mr. Tram Be (32.5% of STB shares are being managed by VAMC). Ms. Nguyen Duc Thach Diem – Vice Chairman and CEO of Sacombank shared that the bank has submitted the proposal to the State Bank of Vietnam and is awaiting approval.
“Sacombank: 33 Years of Solid Partnership with the People and Businesses of Vietnam”
After over three decades of groundbreaking work and continuous innovation, Sacombank has transformed itself with impressive growth potential, ready to embrace its 33rd year with confidence and an elevated stature.
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The Great Bank Clearance Sale: Offloading a Thousand Billion Debt, Including Nearly 6,000 Taels of SJC Gold.
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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.
