Euromoney Honors Sacombank as Best Bank Vietnam 2007
The UK's Euromoney Magazine has given the “Best Bank Vietnam 2007” award to the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).
With the ward, Euromoney has honored Sacombank for its sustainable development, solid performance, risk management, information technology, management quality and distribution to Vietnam banking-financial market.
The awarding ceremony will be held on July 17 in Hong Kong with the participation of 250 leading financial experts in Asia.
Sacombank is the only Vietnamese bank to receive such award this year.
Sacombank is one of the most profitable commercial banks in Vietnam. The bank posted a record earning before tax of VND610 billion in the first half of 2007, more than twofold over the corresponding period last year.
In the first six months of 2007,
Sacombank earned pretax profit of VND610 billion (US$38.1 million), representing a growth of 113 per cent on year and fulfilling 51 per cent of the full year target.
The bank’s total asset reached VND38.4 trillion (US$2.4 billion) as of late June, up 104 per cent on year, and equal to 90.9 per cent of its annual plan.
Its total deposits hit VND33.85 trillion, up 116 per cent on year and surpassing 0.9 per cent from the yearly plan, while its outstanding loans totaled VND26.9 trillion, up 151 per cent on year and finishing 81.6 per cent of this year’s plan.
Sacombank is now the biggest joint stock bank in terms of registered capital in Vietnam, with VND4.45 trillion. (Sacombank, VNA)
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