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Restructuring improves Sacombank health

Customers at a Sacombank transaction office. Sacombank had a good  二0 一 七 after a year of restructuring. — Photo courtesy of Sacombank

HCM CITY — A year after it began to restructure under a Government-approved scheme, Sacombank appears to have turned the corner with decent results for  二0 一 七.

Its total assets increased as of December  三 一 by  一0. 七 per cent to VNĐ 三 六 四 trillion. Deposits were up  一 一. 四 per cent to VNĐ 三 二 三 trillion (US$ 一 四. 二 billion), and outstanding loans by  一 二. 六 per cent to VNĐ 二 一 九 trillion. Income surged  三 三 per cent to VNĐ 八. 二 trillion, strongly supporting bad debt resolution efforts.

Non-interest income was worth VNĐ 二. 四 trillion, with traditional fee income increasing  二 九. 六 per cent.

The lender managed to recover more than VNĐ 一 九 trillion ($ 八 三 七 million) worth of bad debts last year, reducing its non-performing loans (NPLs) ratio to  四. 二 八 per cent compared to  六. 六 八 per cent a year earlier.

Its chairman, Dương Công Minh, said the bank hopes to reduce the NPL rate further to below  三 per cent this year.

The bank is among the largest in terms of network with  五 六 六 transaction offices in  四 八 cities and provinces in Việt Nam, Laos and Cambodia.

Its two major goals in  二0 一 八- 二0 are to speed up the restructuring and settle bad debts, improving its asset quality, and become the top retail bank in the country and the neighbourhood.

The Government decided to restructure banks to improve the health of the financial sector.

Sacombank was among the lenders with a high NPL rate, and its restructure is expected to be completed in three to five years. — VNS