On December 20, 2024, Sacombank held its 33rd Anniversary Ceremony (December 21, 1991 - December 21, 2024), honoring its achievements and determining its future development direction.

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Mr. Duong Cong Minh - Chairman of Sacombank's Board of Directors delivered the opening speech at the ceremony. Photo: Sacombank

Estimated to exceed 2024 plan

Sacombank's pre-tax profit in the fourth quarter of 2024 is estimated to reach over VND 4,600 billion, an increase of 68% over the same period, and for the whole year of 2024 it is estimated to reach over VND 12,700 billion, the highest level ever and exceeding the target assigned by the General Meeting of Shareholders (GMS). Profitability indicators ROA are estimated at 1.46%, ROE is estimated at 20.23%, both higher than the same period last year and continue to be among the leading groups in the industry.

As of December 31, 2024, Sacombank's total assets are estimated to reach over 29 billion USD, an increase of 7% compared to 2023. Capital mobilization and outstanding credit are estimated to reach 649 trillion VND and 542 trillion VND, respectively, both up 12% over the same period.

In 2024, the digital banking channel will grow strongly in both the number of new customers and the number of transactions, estimated to increase by 6.9% and 34.8% respectively compared to the previous year. Thereby helping Sacombank expand its customer base to 20 million, improving customer experience with a customer satisfaction rate of over 90%.

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Sacombank leaders and guests congratulated the 33rd birthday with full of energy and together looked towards the future with a solid position. Photo: Sacombank

Effective and safe risk management

Along with the general difficulties of the economy, the bad debt ratio in the banking group has tended to increase over the past year. However, the positive point is that Sacombank still controls well and improves asset quality, in which the proportion of profitable assets is estimated to increase by 95%. In 2024, Sacombank will continue to promote the recovery and handling of nearly VND 10,000 billion of bad debt and outstanding assets, contributing to strengthening asset quality.

Sacombank has also completed the project of building financial reports according to IFRS 9 standards and continued to successfully apply Basel III, improving transparency and honesty in business operations and risk management according to international practices. Sacombank always complies with and actively improves operational safety indicators, the CAR ratio is approaching 10%, balancing the goal of operational safety and effective capital exploitation.

In 2024, Moody's and Fitch Ratings - two of the three largest and most prestigious credit rating organizations in the world, rated Sacombank with a stable outlook based on their assessment of business operations, solid asset quality, good profitability and high risk management capacity, continuously improving during the restructuring process.

Accompanying development and sharing with the community

Besides its vibrant business activities, Sacombank also carries out many activities to spread happiness to the community to realize the Bank's strategy over the years - Sustainable development associated with social responsibility.

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Sacombank has accompanied people and businesses throughout 33 years of development with the country. Photo: Sacombank

Typically, after Typhoon Yagi, Sacombank supported thousands of affected customers through policies such as reducing interest rates by up to 2%/year for existing loans; adding new loan capital of VND 10,000 billion with preferential interest rates from 4 - 5%; reducing service fees by up to 50% and waiving early repayment fees for all loans.

Sacombank's branches/transaction offices in storm-affected areas have proactively reviewed, shared and accompanied customers, seeking solutions to restore production, business and stabilize life.

In 2024, Sacombank also implemented many meaningful programs for the community: More than 18,000 Sacombank employees voluntarily contributed at least 1 day's salary/person, contributing more than 12.7 billion VND to support people affected by Typhoon Yagi; Awarding 4,000 scholarships worth more than 11 billion VND to studious students in difficult circumstances across the country. On the occasion of the upcoming Lunar New Year 2025, Sacombank continues to spend more than 10 billion VND to take care of Tet for people in difficult circumstances.

Responding to the emulation movement "Eliminating temporary and dilapidated houses" launched by the Prime Minister, Sacombank has joined hands with the provinces of Bac Lieu, Bac Ninh, Thai Nguyen, Khanh Hoa, Lam Dong, etc. to build thousands of houses for poor households and policy families facing difficulties in housing.

At the same time, in coordination with partners, agencies/organizations, funding was provided to build schools, cultural houses, bridges, roads, high-quality public toilets or programs to bring electricity, street lights, clean water, and wells to many disadvantaged areas; support hundreds of free eye surgeries, restoring vision for cataract patients; support costs and nutritional gifts for children undergoing cancer treatment in Ho Chi Minh City;... and many other large and small volunteer programs and activities with a budget of more than 100 billion VND.

“Over the past 33 years, Sacombank has always placed social activities on par with business plans and expectations of comprehensive contributions not only to the prosperity of the economy but also to the sustainability of society. In the coming time, the bank will continue to consolidate and promote its internal strength in technology and human resources to realize the goal of sustainable development associated with community responsibility,” said a representative of Sacombank.

Sacombank's "Multi-method payment solution on POS machine" was honored in the Top 10 Banking - Insurance - Securities group at the Vietnam Trust 2024 program.

There are currently more than 200,000 Sacombank POS/Soft POS machines nationwide, an important part of the Sacombank digital banking ecosystem. Sacombank's POS/Soft POS payment solution accepts a variety of payment methods from tapping bank cards, scanning QR codes or connecting with Apple Pay, Samsung Pay, Google Pay, Garmin Pay, making the transaction process convenient, seamless and fast.

Le Thanh