The Saigon Thuong Tin Joint Stock Bank (Sacombank), the only listed bank in on the country, has released estimates of business performance for 2006 showing a high growth speed.
In 2006, the revenue of Sacombank is likely to grow 58%. Sacombank’s pre-tax profit is expected to hit 500 billion dong, exceeding its full-year target of 400 billion dong by 25% and increase over 63% against 2005.
Sacombank also has announced the increase of its chartered capital from 1.899 trillion dong to 2.089 trillion dong. This is the 21st chartered capital hike of this bank since it was set up bringing its total net assets to over 22 trillion dong or US$1.4 billion.
According to Sacombank, this chartered capital hike was derived from the legal capital source of its local and foreign shareholders, including of the profitable assets that accounted for 75% of total assets.
In January–September, Sacombank posted 413 billion dong in pre-tax profit, exceeding the full-year target by 13.6 billion dong.
Particularly, the structure of Sacombank’s income for between net incomes from profits with other incomes except for profits has seen positive changes, from 71% : 29% into 65% : 35%.
This showed that Sacombank is gradually switching the structure of income mostly from credits into other earning sources such as services and other investment activities.
The country’s stock market today November 14 marked a record change in stock trade in order to warmly welcome the Apec Summit 2006 as well as celebrated Vietnam’s entry in World Trade Organisation as VN Index rose 18.49 points to close at 555.77, up 3.44% against the previous session.
The turnover of the whole market reached 4,195,050 stocks changing hands for a total value of 237.616 billion dong.
Today, the price in SBT-coded shares of Sacombank rose 1,500 dong to close at 62,500 dong per share with the total amount of 275,600 shares changing hands.