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STB: assets dip 2.6 percent in April
Saigon Thuong Tin (Sacombank), Vietnam’s second-biggest bank by market value, has said it had total assets of VND73.25 trillion (US$4.58 billion) at end-April, down 2.6 percent from a month earlier.
The Ho Chi Minh City-based bank said January-April gross profit jumped 40 percent to VND536 billion ($33.5 million).
In a statement, the bank said “the unpredictable trend of the global economy” in the January-April period had been difficult, but “Sacombank maintained the positive result thanks to its accurate economic forecast and appropriate business plan.”
Sacombank shares closed down 0.6 percent at VND31,200 ($1.93) Thursday.
The lender expects a 38 percent rise in gross profit this year to VND2 trillion ($124 million) and lending growth of 34 percent, slower than last year’s expansion as the central bank has taken steps to tighten money supply to fight double-digit inflation.
Last year Sacombank’s gross profit jumped 167 percent, its assets also soared 156 percent and loans jumped 136 percent.
The World Bank’s International Finance Corp., Dragon Capital and ANZ Bank together own 30 percent of Sacombank, the ceiling for foreign ownership of listed banks in Vietnam.
Sacombank is set to start operating a VND300 billion ($19 million) gold and gem company in July.
Thanhnien
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