Bad debts decline at Sacombank

The bad debt ratio of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) fell from 1.46 per cent to 1.19 per cent during the first quarter of this year.

Further, according to the bank's Q1 report, its after-tax profit reached VND637 billion (US$30.33 million), up 3 per cent over the same period last year. Also, net revenues expanded 24 per cent year-on-year at VND1.94 trillion ($92.38 million).

The bank's total asset value reached VND198.74 trillion ($9.46 billion) on March 31, an increase of 5 per cent from the 2014 year-end figure. Also, deposits at the bank grew 5 per cent to VND171.1 trillion ($8.15 billion) and outstanding loans increased 4.7 per cent to nearly VND134 trillion ($6.38 billion).

However, operational costs rose by 11 per cent year-on-year to VND1.10 trillion ($52.38 million), and the provisional value extracted by the bank to support risks was 3.5 times higher in Q1/2015 than that recorded in Q1/2014, reaching VND332 billion ($15.81 million).

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