AsemconnectVietnam - Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank - stock code: STB) has just announced documents for the 2025 Annual General Meeting of Shareholders (AGM), with pre-tax profit expected to reach VND14,560 billion, up 15% compared to last year.

Specifically, in 2025, Sacombank plans to have total assets of VND819,800 billion, up 10% compared to 2024. Mobilized capital is expected to increase by 9% to VND736,300 billion, outstanding credit balance increases by 14% to VND614,400 billion. The on-balance sheet bad debt ratio is controlled below 2%. The bank targets pre-tax profit of VND14,560 billion, up 15%.
Previously, the cumulative profit for the whole year of 2024 reached VND12,720 billion, an increase of 32.6% compared to 2023, reaching the highest level in the bank's operating history and exceeding the target assigned by the General Meeting of Shareholders. The main driver of profit growth came from service activities and investment securities with double-digit growth of 13.8% and 63.5%, respectively.
Regarding bad debt handling, the Bank has recovered and handled nearly VND10,000 billion of bad debt and outstanding assets in the past year, bringing the cumulative amount to VND103,988 billion, of which VND76,695 billion belongs to the Project. As a result, the outstanding amounts under the Project decreased by 80.5% in scale and 25.7% in proportion compared to the time of implementation, currently accounting for only 2.4% of total assets.
In particular, for debts in Phong Phu Industrial Park (IP), Sacombank successfully auctioned the debt after 18 auctions in 2023, with a selling price of VND7,934 billion, higher than the debt obligation of customers. To date, Sacombank has actually recovered VND1,587 billion and is expected to fully recover in 2025.
Currently, Sacombank has accumulated retained earnings of VND25,352 billion. However, this Bank has no plan to pay dividends because it has not yet completed the Restructuring Project. According to Sacombank, up to now, the Bank only has the last knot, which is waiting for the State Bank to approve the plan to handle the STB shares according to the Restructuring Project.
In 2025, Sacombank is confident that it will complete the proposed business plan and is determined to accelerate the working process with the State Bank to officially announce the completion of the Restructuring Project after the merger. For the debts secured by STB shares of Mr. Tram Be and related parties, Sacombank has submitted settlement plans and is awaiting approval from the State Bank.
At the same time, Sacombank has made a 100% provision for the principal balance of the above bad debt and has completely withdrawn accrued interest from the end of the second quarter of 2022. However, the approval for Sacombank to handle the stock lot as well as record the completion of restructuring will take time. However, with the current business results, Sacombank is confident that it can operate effectively and increase value for shareholders, investors, customers and partners.
Over the past year, Sacombank has restructured its organizational model, network and human resource management. Accordingly, Sacombank has implemented a strong restructuring, streamlining the apparatus in a selective direction, reducing 6 transaction points and 426 employees to improve efficiency.
N.Nga
Source: VITIC/Tinnhanhchungkhoan