This morning, April 25, Sacombank successfully held the 2024 fiscal year General Meeting of Shareholders. More than 1,000 shareholders arrived early to attend the Meeting - Photo: Sacombank
Sacombank maintains high growth rate despite 9 years of no capital increase
This morning, April 25, Sacombank successfully held the 2024 General Meeting of Shareholders.
The Congress unanimously approved many important contents such as: Report on 2024 performance results and orientations and goals for 2025; audited separate and consolidated financial statements for 2024; profit distribution plan for 2024 and profit distribution plan for 2025; remuneration of the Board of Directors and Board of Supervisors in 2024; Proposal on charter capital increase; Proposal on capital contribution/share purchase of securities companies...
In the context of the Vietnamese financial market facing many challenges, Sacombank has quite comprehensively completed the set plan by closely following the monetary policy of the State Bank of Vietnam (SBV), effectively transforming digitally, and anticipating shifts in production and consumption trends.
Chair of Sacombank's 2024 Annual General Meeting of Shareholders - Photo: Sacombank
Specifically, pre-tax profit reached VND12,720 billion, up 32.6% over the same period. Credit growth reached 11.7%, raising total outstanding debt to VND539,315 billion - accounting for 3.4% of total outstanding debt of the entire economy . Total mobilized capital increased sharply by 16.7%, exceeding 106% of the plan.
Of which, mobilization from market 1 accounted for a high proportion (85.6%), with CASA alone increasing by 9.3%, helping Sacombank maintain a stable source of capital and competitive capital costs. ROA and ROE increased steadily, reaching 1.42% and 20.03% respectively.
The on-balance sheet bad debt ratio was controlled at 2.08%, a slight decrease compared to the beginning of the year. The limits and ratios for ensuring operational safety complied with the regulations of the State Bank of Vietnam. Notably, the capital adequacy ratio (CAR) was at 10.14% - significantly higher than the prescribed 8%, showing that Sacombank still maintained a safe financial margin.
Ms. Nguyen Duc Thach Diem - Standing Vice Chairman of the Board of Directors and General Director of Sacombank presented a report on outstanding business results in 2024 - Photo: Sacombank
These impressive achievements were created by Sacombank in the context of not having increased its charter capital since 2016 - a factor that is limiting Sacombank's scale and competitiveness. The fact that the Bank still maintains a high growth rate shows its ability to operate flexibly, maximize existing resources and strictly manage risks.
Growth prospects 2025
This is also the first year after 9 years of implementing the restructuring project, Sacombank plans to pay dividends to shareholders in the context that the bank has achieved many positive results. Specifically, Sacombank has handled an additional VND 76,695 billion of bad debts and backlog assets under the project, reducing the proportion of this item in total assets to 2.4%.
Shareholders participate in discussing issues at the General Meeting - Photo: Sacombank
In particular, Sacombank has completed the handling of all 21,576 billion VND of interest receivables that were frozen under the Project and set aside 100% of the provision for the entire remaining outstanding debt portfolio that has not been handled.
Regarding the issue of paying dividends in shares to increase charter capital, the proposal stated that after being approved by the State Bank, the Board of Directors will develop a detailed plan and seek shareholders' opinions before implementation. Currently, Sacombank's accumulated retained earnings have reached VND25,352 billion.
Sacombank is ready in terms of both responsibility and obligation, expecting to be approved for successful restructuring this year, paving the way for larger-scale and more breakthrough development strategies.
Source: https://tuoitre.vn/sacombank-lan-dau-len-ke-hoach-chia-co-tuc-sau-9-nam-20250425170304393.htm
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