Saigon Joint Stock Commercial Bank for Industry and Trade (Saigonbank, UPCoM: SGB) has just announced its consolidated financial report for the second quarter of 2024 with the main source of revenue being net interest income reaching nearly VND 225 billion, down 7% over the same period.
Regarding the bank's non-interest income sources during the period, net profit from service activities reached VND9.8 billion, an insignificant increase compared to the same period.
Net profit from foreign exchange trading activities of the bank decreased by 25% compared to the same period to 4.5 billion VND. Only net profit from other activities of Saigonbank showed growth when it reached nearly 23 billion VND, an increase of 2.5 times compared to the same period last year.
All business segments showed a decline while operating expenses increased by 6% year-on-year to VND142 billion, leading to a 9% decrease in the bank's net operating profit to VND120 billion.
Thanks to the bank's credit risk provisioning cost being reduced by 2.45 times compared to the same period to nearly VND22 billion, Saigonbank reported a 24% increase in pre-tax profit compared to the same period to VND98 billion; after-tax profit correspondingly increased by 45.8% to nearly VND70 billion.
In the first 6 months of 2024, Saigonbank recorded net interest income of VND 409 billion, down 11.85%. The bank earned net pre-tax profit of VND 166 billion; corresponding after-tax profit reached VND 133 billion, down 9.55% compared to the first 6 months of 2023.
In 2024, Saigonbank set a pre-tax profit target of VND 368 billion, an increase of nearly 11% compared to the 2023 results. Thus, by the end of the second quarter of 2024, Saigonbank had completed 45% of the set profit target.
As of June 30, 2024, Saigonbank's total assets were recorded at VND32,413 billion, up slightly by 2.8% compared to the beginning of the year. Of which, deposits at the State Bank of Vietnam were VND438 billion, down nearly 8.6 times compared to the end of 2023.
The bank's deposits at other credit institutions were VND 6,607 billion, up 54% compared to the second quarter of 2023. Customer loans were VND 20,121 billion, up slightly by 1.7% compared to the end of 2023.
Customer deposits at Saigonbank were VND23,514 billion, down slightly by 0.2% compared to the end of last year.
Regarding loan quality, at the end of June 2024, Saigonbank's total bad debt was over VND519 billion, up 28% from VND404 billion at the beginning of the year. As a result, the bad debt/loan balance ratio increased from 2.03% last year to 2.55%.
Mainly due to the increase in doubtful debt (group 4 debt) which increased 4.5 times at the beginning of the year to VND 163 billion.
As of today, Saigonbank has a total of 1,517 officers and employees, an increase of nearly 6% over the same period. The total salary fund for employees is 125 billion VND, an increase of 5% over the previous year.
Total employee income is 176 billion VND, up 15%. In which, average employee income is 19 million VND/person/month.
Source: https://www.nguoiduatin.vn/he-lo-muc-thu-nhap-binh-quan-cua-nhan-vien-saigonbank-204240731104106175.htm
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