Saigon Joint Stock Commercial Bank for Industry and Trade (SaigonBank - UPCoM: SGB) has just announced its business results for the fourth quarter and accumulated year 2023.
Notably, at the end of the fourth quarter of 2024, this bank reported pre-tax profit of more than VND 84 billion, an increase of 92.4 times; after-tax profit reached VND 66.9 billion, an increase of nearly 80 times over the same period last year.
During the period, SaigonBank recorded net interest income of VND 221.6 billion, a slight increase of 4.6% compared to the fourth quarter of 2023. Other business activities brought the bank a large profit.
Accordingly, the bank's net profit from service activities reached VND10.3 billion, up 25% over the same period last year. Notably, the bank recorded net profit from other activities skyrocketing to VND167.9 billion, up 1,200% over the same period last year. This profit helped the after-tax profit in the fourth quarter of 2023 increase dramatically.
Only the bank's foreign exchange business declined with a profit of VND9.4 billion, down 41% compared to the same period last year. With the above results, the bank's net profit from business activities increased by 409.1% compared to the same period to VND252.4 billion.
The bank also reduced total operating costs to VND156.8 billion, down 21.4% year-on-year. As a result, although the bank increased its credit risk provisioning costs to VND168 billion, profits still increased rapidly.
Thanks to bright business results in the fourth quarter, accumulated for the whole year of 2023, SaigonBank recorded net interest income of VND 891.9 billion, up slightly by 1.9% compared to the previous year.
The 1,200% increase in profit in the fourth quarter pushed the bank's net profit from other business activities for the whole year up sharply from VND91 billion last year to nearly VND200 billion, while operating expenses remained unchanged, helping SaigonBank's net profit from business activities increase by 23.3% to VND601 billion. The bank's provision expenses for the year inched up 7.4% to VND268.9 billion.
As a result, the bank reported pre-tax profit of VND332 billion in 2023, up 40%; after-tax profit of VND266.8 billion, up 40.4% compared to 2022. In 2023, SaigonBank set a pre-tax profit plan of VND300 billion. Thus, at the end of the year, the bank exceeded its profit target by 11%.
As of December 31, 2023, SaigonBank's total assets were recorded at VND31,501 billion, up 13.7% compared to the beginning of the year. Of which, customer loans increased by 6.7% to VND19,967 billion. Deposits recorded a higher growth rate, reaching 14.9% and a balance of VND23,557 billion.
As of this date, the bank's total bad debt was VND404.4 billion, a slight increase of 1.7% compared to 2022. Of which, substandard debt (group 3 debt) increased by 79% to VND136 billion. Doubtful debt (group 4 debt) and debt with the possibility of losing capital (group 5 debt) decreased by 58.8% and 0.9% to VND36 billion and VND232 billion, respectively. However, the ratio of bad debt/loan balance was 2.01%, still lower than the ratio of 2.12% at the end of 2022.
As of December 31, 2023, the bank's total number of employees was 1,491, an increase of nearly 100 people compared to the beginning of the year, with an average cost of 19 million VND/month .
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