AsemconnectVietnam - Toan Cau Group Auction Company has just announced the continued auction of assets at the request of Sacombank (code: STB), with a starting price of more than VND508 billion.

Accordingly, the auctioned asset is a land lot with an area of 11,221 m2 for production and business, with a long-term use period. The assets attached to the land include a 3-storey building and a terrace, with a construction area of 5,644 m2 and a usable area of 6,413 m2...
This asset was updated to Mr. Pham Cong Danh's name in June 2006. In 2016, Mr. Danh was sentenced to 30 years in prison for crimes related to fraud and intentionally violating state regulations on economic management, causing serious consequences.
The auction of assets related to Mr. Danh is scheduled to take place at 2:00 p.m. on August 30, at Sacombank Headquarters, 266-268 Nam Ky Khoi Nghia, Vo Thi Sau Ward, District 3, Ho Chi Minh City. Regarding the obligation to pay taxes and fees related to the purchase of assets, the winning bidder shall pay all taxes, fees and costs arising from the transfer of assets, including income taxes from real estate transfer activities (if any).
Previously, Sacombank also auctioned the Xi Grand Court project at 256 - 258 Ly Thuong Kiet, District 10, Ho Chi Minh City, assets of Van Phat Real Estate Company, Kim Hoan My Company, Duc Ki Hu Mechanical Engineering Company Limited, Song Long Food Joint Stock Company, H.N.H. Joint Stock Company.
Sacombank has announced its 1H2024 business results with operating income (TOI) reaching VND14,000 billion (+3.6% YoY) and pre-tax profit reaching VND5,300 billion (+12.3% YoY), respectively fulfilling 41% and 47% of Vietcap's 2024 forecast.
Profit growth was generally in line with Vietcap's forecast thanks to lower-than-expected provision expenses offsetting low net fee income (NFI) and income from bad debt recovery. Compared to the previous quarter, Sacombank's pre-tax profit in Q2/2024 increased by 3%.
Vietcap forecasts that Sacombank will record VND2,000 billion from the sale of Phong Phu Industrial Park in the second half of the year. Accordingly, Vietcap sees no significant change to the Company's profit forecast for Sacombank, although further detailed assessment is needed. Sacombank's credit growth in the first 6 months of 2024 reached 7%, slightly higher than the system-wide rate of about 6%. Most loans are allocated for terms of less than 1 year.
Customer deposit growth in the first 6 months of 2024 reached 7.5%, slightly higher than credit growth. In the second quarter of 2024, Sacombank's CASA ratio improved slightly to 18.8% (+1.8% yoy). NIM in the first 6 months of 2024 fell to 3.93%, lower than Vietcap's full-year forecast of 4.01%. After 2 quarters of NIM improvement, Sacombank's NIM in the second quarter of 2024 decreased by 10 basis points.
Vietcap Securities Company believes that this decrease is due to low credit demand from retail customers and fierce competition among banks, leading to STB's asset yield decreasing more than the cost of capital mobilization.
Total non-interest income in the first 6 months of 2024 reached VND2,000 billion, unchanged compared to the same period last year and fulfilling 26% of Vietcap's full-year forecast. Vietcap believes that this is due to the continued low revenue from bancassurance and low income from recovering bad debts.
Vietcap forecasts that Sacombank will record VND2,000 billion in non-interest income from the sale of debts related to Phong Phu Industrial Park in the second half of 2024. The cost/income ratio (CIR) increased by 53.8% (+6 percentage points compared to the same period) in the first 6 months of 2024, higher than our full-year forecast of 44.8%.
At the same time, Vietcap expects that higher income from bad debt recovery in the second half of 2024 will help reduce Sacombank's CIR 2024. Sacombank's asset quality in the second quarter of 2024 decreased compared to the same period last quarter with the bad debt ratio reaching 2.43% (+64 basis points) and Group 5 loans recording an increase of 33.9% compared to the previous quarter. However, the encouraging sign is that Sacombank's Group 2 debt ratio decreased by 15 basis points.
According to Vietcap, Sacombank has almost no need to set aside additional provisions for VAMC, which has helped reduce the burden of provisions during the period. In the second quarter of 2024, Sacombank's risk provision expenses decreased by 64.6% to VND465 billion. Cumulatively, provision expenses in the first half of this year decreased by 50.7% to VND1,143 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan