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Sacombank (STB): Consolidated pre-tax profit reached VND6,175 billion in the first 8 months of 2023 

 Saturday, September 30,2023

AsemconnectVietnam - Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, code STB - HOSE) said that consolidated pre-tax profit for 8 months reached VND6,175 billion, up 56% over the same period last year, completing 65% of the whole year plan.

In the first 8 months of 2023, Sacombank's total assets continue to expand and maintain its position in scale, reaching more than VND635 trillion, an increase of more than 7% compared to the beginning of the year.
Asset quality improved strongly with profitable assets increasing by 9.4%, accounting for 91% of total assets; Profitability also increased significantly, ROA - ROE reached 1.21% and 18.13%, respectively, up 0.3% and 4.3% compared to the previous year.
In addition, Sacombank also strengthens control of the quality of risky assets, regularly reviews and evaluates key risk portfolios, risk appetite and endurance tests to comprehensively assess the ability meet the capital adequacy ratio in the most stressful cases, thereby having appropriate capital planning and capital allocation.
Sacombank's equity as of August 31, 2023 reached more than VND43 trillion, an increase of nearly 12%, mainly from undistributed profits. Of which, charter capital is VND18,852 billion, accounting for 43.7% of equity.
The mobilized capital structure ensures liquidity safety, the Bank's total mobilization at the same time reached nearly VND558 trillion, an increase of more than 7% compared to the beginning of the year, of which, mobilization from economic organizations and people Housing increased by more than 11%, accounting for 4.2% of the entire industry market share.
At the same time, Sacombank said that it actively promoted non-credit activities to diversify revenue sources, especially digital banking and foreign exchange services, helping total income grow high compared to the same period last year.
Sacombank's total net income in the first 8 months of 2023 reached nearly VND17,500 billion, an increase of 9.3%. Operating costs are strictly controlled. Consolidated pre-tax profit reached VND6,175 billion, up 56% over the same period last year, reaching 65% of the plan assigned by the General Meeting of Shareholders. In 2023, Sacombank sets a profit target of VND9,500 billion, an increase of 50% compared to 2022.
Source: VITIC/Tinnhanhchungkhoan


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