Sacombank to recoup 20 trillion VND of bad debts in 2017
Sacombank aims to tackle 20 trillion VND (880 million USD) of bad debts in 2017, with the bank taking drastic measures to implement a restructuring scheme, said its chairman Duong Cong Minh.
A transaction at Sacombank. The bank aims to tackle 20 trillion VND (880 million USD) of bad debts in 2017 (Photo: VNA)
Hanoi (VNA) – The Sai Gon Thuong Tin Commercial Joint Stock Bank(Sacombank) aims to tackle 20 trillion VND (880 million USD) of bad debts in2017, with the bank taking drastic measures to implement a restructuringscheme, said its chairman Duong Cong Minh.
Minh believed that bad debt settlement will be effective due to upbeat signs inthe property market, the National Assembly’s legal provisions for bad debts andthe bank’s restructuring project.
The bank’s profit before taxes was estimated at 428 billion VND (18.8 million USD)in the first half of the year, up 70.4 percent year-on-year, according to thebank’s report. Its total assets stood at nearly 353 trillion VND (15.5 billion USD).
During the first six months, customer lending and capital mobilised fromindividuals and economic organisations exceeded 212 trillion VND (9.3 billionUSD) and 317 trillion VND (13.9 billion USD), up 10.1 percent and 9.7 percentfrom the outset of the year, respectively.
The bank tackled 845 billion VND (37.2 million USD) of non-performing loans inthe period and bought back 247 billion VND (10.9 million USD) in non-performingloans from the Vietnam Asset Management Company.
Chairman Minh shared the bank’s restructuring scheme, including shaking up bankorganisation and human resources and re-arranging transaction networks andbranches was based on the strategy “developing rural areas to support urbanzones”.
Last month, Sacombank held its annual general meeting of shareholders for thefiscal year 2015-2016. Minh was elected as Chairman of the Board of Directorsfor the term 2017-2021 and Nguyen Duc Thach Diem as Standing Director General.-VNA
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A transaction at Sacombank. The bank aims to tackle 20 trillion VND (880 million USD) of bad debts in 2017 (Photo: VNA) 
