Sacombank revises profit target lower by 500b dong
Source: 25-JUL-2008 Intellasia | AtpVietnam
Jul 25, 2008 - 7:00:00 AM Saigon Thuong Tin Commercial Joint Stock Bank (coded STB) announced that it is seeking shareholders' approval to lower the pre-tax profit target in 2008 from two trillion dong down to 1.5 trillion dong due to the banking sector is facing many difficulties and challenges.

In first half of 2008, the bank reported gaining over 754 billion dong in pre-tax profit, exceeding 23% against the same period of 2007 and equalling to 37.7% of the whole year's goal, total asset of 74.875 trillion dong, up 95% yoy, more than 64.230 trillion dong in total deposits, and 38.330 trillion dong in outstanding loans.

Earlier, STB targeted to reach total deposits of eight trillion dong, total outstanding loans of over 46 trillion dong, total asset of 93 trillion dong, pre-tax profit of two trillion dong and a dividend of 14-16% in 2008.

On July 23, the bank's share price stood at 23,700 dong per share with 41,450 shares changed hands.