Sacombank terminates contract with Deputy General Director Phan Dinh Tue

According to information on the Ho Chi Minh City Stock Exchange (HoSE), Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank , HoSE: STB) announced that it has resigned from the position of Deputy General Director and terminated the labor contract with Mr. Phan Dinh Tue from June 15, 2023.

However, Mr. Tue will continue to hold the position of Member of the Bank's Board of Directors for the 2022-2026 term.

Mr. Tue, born in 1966, was appointed Deputy General Director of the bank since June 14, 2012 and was elected as a member of the Board of Directors of Sacombank at the bank's 2022 General Meeting of Shareholders.

In addition to his positions at Sacombank, Mr. Tue also holds the position of Permanent Chairman of Nghe Tinh Business Association in Ho Chi Minh City.

Mr. Phan Dinh Tue.

Regarding business situation, in the first quarter of 2023, Sacombank earned nearly VND 2,383 billion in pre-tax profit, an increase of 50% over the same period.

Accordingly, the bank's main activity is net interest income, which grew strongly when it earned nearly VND5,837 billion, an increase of 113%, equivalent to 2.1 times the same period last year.

On the contrary, non-interest income sources at Sacombank decreased, such as service income decreased by 57% to 658 billion VND, foreign exchange income decreased by 13% to 258 billion VND and income from other activities decreased by 95% to 29 billion VND.

As of March 31, 2023, total assets at Sacombank reached VND596,694 billion, a slight increase of 1%. Of which, customer loans increased by 2%, reaching VND448,469 billion.

Regarding debt quality, at the end of the first quarter of 2023, total bad debt at this bank increased by 24% compared to the beginning of the year, recording more than VND 5,341 billion.

Of which, substandard debt (group 3 debt) increased 2.4 times, reaching more than VND 1,360 billion, causing the ratio of bad debt to outstanding loans to increase slightly from 0.98% at the beginning of the year to 1.19% .

Source: https://www.nguoiduatin.vn/sacombank-cham-dut-hop-dong-voi-pho-tong-giam-doc-phan-dinh-tue-a612446.html