24.07.2020, 11:27

Sacombank profit reaches 61.7 million USD in first half

Sacombank profit reaches 61.7 million USD in first half
Illustrative image (Source: cafe.vn)

HCM City (VNS/VNA) –
Sacombank has released its consolidated financial statements for the second quarter, with pre-tax profit going up by more than 10 percent from the same period last year to 441 billion VND (19 million USD).

This took its profit for the first half of the year to 1.42 trillion VND (61.7 million USD), or nearly 56 percent of the full-year target, but falling by 2.2 percent year-on-year.

Its net interest income for the second quarter was up nearly 31 percent to reach 2.63 trillion VND (113.6 million USD).

This was a much higher increase than the income achieved by other banks, and despite a sharp decrease in lending interest rates.

The bank’s profit from foreign exchange trading rose 54 percent to 165 billion VND (7.1 million USD).

Operating income topped 3.56 trillion VND (153.3 million USD), a year-on-year increase of 8 percent, while operating expenses decreased by nearly 14 percent to 1.97 trillion VND (85 million USD).

Sacombank has made a provision of 1.14 trillion VND (49.4 million USD) for bad and doubtful debts, an increase of 86 percent.

As of the end of June total assets were worth 481.89 trillion VND (20.7 billion USD), an increase of more than 6 percent from the beginning of the year.

Outstanding loans were up nearly 5 percent to 310.67 trillion VND (13.38 billion USD), and deposits increased by over 6 percent to 426.23 trillion VND (18.36 billion USD).

Non-performing loans (NPLs) in the balance sheet as of June 30 were worth 6.68 trillion VND (288 million USD), an increase of nearly 950 billion VND for the year, as the NPL ratio in the balance sheet increased to 2.15 percent from 1.94 percent a year earlier.

The bad debts in group 3 increased by 185 percent to 851 billion VND (36.68 million USD).

At the end of June the bank had 18,638 employees (including at subsidiaries), a sharp decrease from the 19,237 people it had employed at the beginning of the year./.