Sacombank targets 2.7tr dong profit in 2011

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently successfully organised its annual shareholders’ meeting to pass the business and operation results in 2010 and the development strategy of 2001-2010.



At the meeting, Sacombank’s shareholders also agreed the operation plan of 2011 whereby the bank will hike chartered capital in 2011 and have plan of using the raised equity and other related issues.



The meeting also passed the business results in 2010 with pre tax profit at 2.426 trillion dong, or 101 percent of the year’s plan and up 28 percent against 2009, total assets at 141.799 trillion dong, equalling to 105 percent of the year’s plan and rising 44 percent year-on-year, chartered capital was raised from 6.7 trillion dong to 9.179 trillion dong, fulfilling 100 percent of the year’s plan and up 37 percent y-o-y, total deposits at 126.203 trillion dong, or 106 percent of the year’s plan and up 46 percent y-o-y and total outstanding loans at 77.486 trillion dong, up 40 percent y-o-y.



In 2011, Sacombank targets to gain total assets at 160 trillion dong, up 12 percent from the previous year, chartered capital by the end of 2011 would be about 10.74 trillion dong via offering 15 percent stake to the existing shareholders priced at par (10,000 dong per share) and 2 percent stake to the bank’s key employees, up 17 percent year-on-year.



Also in 2011, the lender targets to reach total deposits at more than 120 trillion dong, up 22 percent year-on-year, total outstanding loans at 90.5 trillion dong, up nearly 20 percent y-o-y and pre tax profit at 2.7 trillion dong, up 12 percent against 2010′s.



Sacombank expects to ensure the capital adequacy ratio (CAR) at over 9 percent and the control the non performing loans (NPL) at less than 2.5 percent this year.

Tags: Vietnam business, Vietnam business news

Posted by VBN on Apr 6 2011. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry