Sacombank (code: STB) has just announced its consolidated financial report, with pre-tax profit of more than VND 12,720 billion in 2024, an increase of 33% over the previous year, exceeding the annual profit target by 20%.
Sacombank (code: STB) has just announced its consolidated financial report, with pre-tax profit of more than VND 12,720 billion in 2024, an increase of 33% over the previous year, exceeding the annual profit target by 20%.
Specifically, in the fourth quarter of 2024, Sacombank's net interest income increased by 8% over the same period last year, reaching more than VND 6,099 billion. Service income increased by 64%, earning VND 964 billion.
Meanwhile, foreign exchange trading activities decreased by 7% over the same period... However, thanks to an 8% reduction in operating costs and the reversal of more than VND 367 billion in credit risk provisions, Sacombank earned a profit of more than VND 4,626 billion in the last quarter of 2024, an increase of 68% over the same period last year.
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| Sacombank's profit exceeds 20% of 2024 target |
Accumulated for the whole year of 2024, Sacombank's pre-tax profit was over VND 12,720 billion, up 33% over the previous year and exceeding 20% of the plan set for the whole year (VND 10,600 billion) before tax. By the end of 2024, Sacombank's total assets reached VND 748,094 billion, up 11% over the beginning of the year. Of which, customer loans increased by 12%, customer deposits increased by 11%. Sacombank's total bad debt as of December 31, 2024 was VND 12,957 billion, up 18% over the beginning of the year. The ratio of bad debt to outstanding debt increased slightly from 2.28% at the beginning of the year to 2.4% by the end of 2024.
Sacombank's retained earnings after fund allocation by the end of 2023 were at VND18,387 billion, nearly equal to charter capital. The issue of dividend payment is therefore always a major concern of this bank's shareholders at each General Meeting of Shareholders, when looking at the increasingly large retained earnings. The source of funds for dividend payment is available, the remaining issue is the timing of payment.
The bank's senior leaders have repeatedly shared that the necessary procedures have been submitted by Sacombank to the State Bank, and that dividends will be distributed to shareholders immediately after approval. Therefore, Sacombank continues to have no plans to distribute dividends to shareholders.
Sacombank Chairman Duong Cong Minh said that Sacombank had submitted a plan to pay dividends to shareholders to the State Bank, but it had not yet been approved, because the bank was in the restructuring phase. However, according to Mr. Minh, "if you don't eat rice, there is still something left". Currently, Sacombank has basically handled the bad debt backlog in the restructuring project and the only remaining amount is Mr. Tram Be's shares.
Previously, answering shareholders at the 2024 annual meeting held at the end of the second quarter of 2024, Ms. Nguyen Duc Thach Diem, Standing Vice President and General Director of Sacombank, also said that the final issue to pay dividends is to auction 32% of Mr. Tram Be's shares. In Sacombank's report, retained earnings were VND 18,000 billion. Currently, the 30% foreign room at Sacombank has been fully divested. If the restructuring is successful, dividends will be paid in shares, then charter capital will be increased and strategic shareholders at home and abroad will be called upon.
Source: https://baodautu.vn/loi-nhuan-sacombank-vuot-20-chi-tieu-nam-2024-d243237.html
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