AsemconnectVietnam - Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, code STB) has just announced its consolidated financial report for the third quarter of 2023, pre-tax profit for the first 9 months of 2023 increased by 54% over the same period, thanks to a strong increase in main revenue sources and reduce provisioning.

Specifically, in the first 9 months of 2023, main activities grew strongly by 48% over the same period, recording more than VND16,439 billion in net interest income. On the contrary, non-interest income decreased. Profit from services decreased by 53%, profit from other activities decreased by 94%. Profit from foreign exchange trading increased by 6%, investment securities trading activities changed from loss to profit.
Meanwhile, Sacombank only set aside more than VND3,144 billion to reserve for credit risks in the first 9 months of 2023, a decrease of 43%. As a result, the Bank recorded a pre-tax profit of more than VND6,840 billion, an increase of 54% over the same period.
Thus, compared to the plan of VND9,500 billion profit before tax set for the whole year, Sacombank has achieved 72% of the target after 9 months.
Sacombank's total assets as of the end of the third quarter of 2023 expanded by 10% compared to the beginning of the year, reaching VND651,288 billion. Of which, customer loans increased by 8%; Customer deposits increased by 12%. Sacombank's total bad debt as of September 30, 2023 is VND10,387 billion, 2.4 times higher than the beginning of the year. The ratio of bad debt to outstanding loans increased from 0.98% at the beginning of the year to 2.2%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan