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Banking & Finance

Sacombank hints at targets

Released at: 10:08, 09/04/2015

Sacombank hints at targets

Plans for 2015 have been announced in preparation for its upcoming AGM.

by Hung Nguyen

The Saigon Thuong Tin Bank (Sacombank) has released documentation in preparation for the bank's annual general meeting to be held on April 21 in Ho Chi Minh City.

They set out a target to increase total assets by 14 per cent to VND214.55 trillion ($9.93 billion), total equity by 12 per cent to VND19.90 trillion ($921.17 million), and total capital mobilization is targeted at VND131.2 trillion ($6.07 billion) which would mean an increase of 14 per cent over 2014. The bank has also set targets for outstanding credit to be around VND144.9 trillion ($6.70 billion), up 11 per cent on 2014 and lending activity is penciled in for roughly VND141 trillion ($6.52 billion), rising 13 per cent.

In terms of profit before tax, it is aiming for VND3 trillion ($138.87 million), an increase of 5.2 per cent.

Sacombank is also attempting to limit its non-performing loans to under 2.5 per cent, with a dividend payout ratio estimated at 8-10 per cent.

Sacombank's capital adequacy ratio, return on equity, and return on assets as of December 31, 2014 were at 9.87 per cent, 13.21 per cent, and 1.31 per cent respectively. Earnings per share were VND1.931 ($0.09)/share.

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