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Sacombank’s Q4 and 2024 Full-Year Business Results in VND billions
Source: VietstockFinance
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For Q4 2024, Sacombank’s net interest income increased by 8% year-on-year, reaching over VND 6,099 billion. Service income surged by 64%, earning VND 964 billion.
Some non-interest income sources witnessed a decline compared to the previous year, such as foreign exchange business (-7%) and other activities (-70%).
The bank’s profit before tax for Q4 2024 was over VND 4,626 billion, a significant increase of 68% year-on-year, due to an 8% reduction in operating expenses (VND 3,150 billion) and a reversal of credit risk provisions totaling more than VND 367 billion.
For the full year 2024, Sacombank’s profit before tax exceeded VND 12,720 billion, a 33% increase compared to 2023. This profit milestone marks the highest in Sacombank’s history and surpasses the bank’s initial target of VND 10,600 billion in profit before tax for the year by 20%.
| Sacombank’s Profit Before Tax in Recent Years |
As of the end of 2024, Sacombank’s total assets stood at VND 748,094 billion, an 11% increase from the beginning of the year. Customer loans and customer deposits also increased by 12% (VND 539,314 billion) and 11% (VND 566,881 billion), respectively.
The bank’s total non-performing loans as of December 31, 2024, amounted to VND 12,957 billion, an 18% increase from the beginning of the year. The non-performing loan ratio also witnessed a slight increase from 2.28% to 2.4% during this period.
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Sacombank’s Loan Quality as of December 31, 2024, in VND billions
Source: VietstockFinance
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Han Dong
– 10:00, January 25, 2025
Unlocking Sacombank’s Record-Breaking Success: A Dive into the Bank’s Impressive Q4 Performance and Annual Profits Surpassing 12,000 Billion VND
The bank’s estimated pre-tax profit for Q4 2024 stood at over VND 4,600 billion, a remarkable 68% increase compared to the same period last year. For the full year of 2024, the bank’s pre-tax profit is estimated to exceed VND 12,700 billion, the highest in its history and surpassing the target set by the Annual General Meeting of Shareholders.
“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.
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.
