Saigon Commercial Joint Stock Bank for Industry and Trade (Saigonbank, SGB) has announced its consolidated financial statement in the second quarter (Q2) of 2019 with many lower indicators.
Accordingly, in Q2, the bank’s net interest income was 156.9 billion dong, down by seven percent against the same period of last year.
In addition, other activities also decreased. Specifically, service activities brought 9.7 billion dong of profit to Saigonbank, down by 6.7 percent. The profit from foreign exchange trading of Saigonbank significantly declined to 3.4 billion dong, while it was 8.3 billion dong in the same period of 2018. The profit from other activities also dropped sharply by 53 percent, reaching only 4.8 billion dong.
However, thanks to the lower provisions for risks than the same period of 2018 (reaching 485 billion dong), Saigonbank no longer suffered loss like in the same period of 2018 (in Q2 2018, the bank recorded a pre-tax profit of 4.2 billion dong). As a result, Saigonbank’s pre-tax profit in Q2 reached 17.8 billion dong.
Overall, in the first six months of 2019, Saigonbank’s pre-tax profit was 88.4 billion dong, down by 20.7 percent compared to the same period of 2018.
The total assets of Saigonbank by the end of Q2 2019 reached 21.291 trillion dong, up by more than 900 billion dong compared to the beginning of the year. Lending to customers in the period was 14.074 trillion dong, equivalent to an increase of 3.7 percent. Deposits of customers in the period slightly declined from 14.678 trillion dong to 14.588 trillion dong.
In 2019, Saigonbank targets to achieve 175 billion dong of pre-tax profit, to raise total assets by 10 percent compared to the realised figure in 2018. The bank also aims to increase mobilisation by 14 percent and total outstanding loans by 10 percent compared to the realised figure in 2018.
Thus, after six months, Saigonbank has completed 50.5 percent of the set profit target.
