Saigonbank plans to increase pre-tax profit by 11%

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The bank sets a pre-tax profit target of 135 billion dong, in 2011, plans to pay dividend at the rate of 5%. Mobilized capital and credit balance are expected to increase by 1.77% and 4.5% respectively.

Saigonbank (UPCoM: SGB) submits to shareholders a plan for 2021 with a pre-tax profit of 135 billion dong, an increase of more than 11% from the previous year, and is expected to pay a dividend of 5%. Total assets by the end of the year are expected to reach VND 24,336 billion, an increase of 1.6% compared to the beginning of the year.

Mobilized capital and credit balance are expected to increase by 1.77% and 4.5% respectively. External payment is expected to be about 300 million USD, an increase of more than 10% compared to 2020. Saigonbank will focus on measures to handle bad debts (internal bad debts, contingent debts and VAMC debts), control and limit Newly arisen bad debts, submit to competent authorities to organize the implementation of the Scheme on restructuring the credit institution system associated with dealing with bad debts in the period of 2021-2025.

The Board of Directors will submit to shareholders a plan to pay dividends in 2020 at the rate of 5%. The targets are built by Saigonbank in the context of well-controlled Covid-19, in case the epidemic is complicated, the bank will adjust the plan accordingly.

Kế hoạch lãi 2021 tăng 14%.

The bank targets a 2021 profit increase of 11%.

In 2020, the bank will still have a pre-tax profit of more than 121 billion dong, down 34% compared to 2019. Profit after tax is more than 97 billion dong, down 33%, equivalent to 93% of the plan.

By the end of December 31, 2020, total assets were at VND 23,942 billion, 5% higher than the beginning of the year. Loans to customers were VND 15,447 billion, an increase of 6%. Bad debt is more than 226 billion dong, down by 20% YoY. NPL ratio decreased from 1.9% to 1.46%. NPL coverage is at 52%.

Customer deposits 18,223 billion dong, up 16% year-on-year. Meanwhile, deposits and loans from other credit institutions decreased from 3,219 billion dong to nearly 1,654 billion dong. Undistributed after-tax profit was more than VND 231.4 billion.

Source: ndh.vn – Translated by fintel.vn