Sacombank's consolidated report shows that the total number of employees at the parent bank and its subsidiaries stood at approximately 14,100 by the end of March, a reduction of over 2,700 people since the start of the year.
This 16% reduction in workforce across the bank and its subsidiaries occurred in just three months, primarily at the parent bank, which saw a decrease of nearly 2,600 employees since the beginning of the year.
Alongside the staff reduction, Sacombank's operating costs fell by 519 billion VND year-on-year, while employee expenses remained stable at 2,000 billion VND.
This marks Sacombank's most significant organizational streamlining in recent years. Last year, the bank also reduced its workforce, but by only about 1,300 employees over the entire year.
Sacombank's first-quarter profit declined by over 40% year-on-year, primarily due to increased risk provisions as the bank focuses on restructuring and resolving bad debts.
Specifically, consolidated pre-tax profit reached approximately 2,100 billion VND, a nearly 43% decrease year-on-year. Credit risk provision costs for the period exceeded 2,000 billion VND, a tenfold increase compared to the first three months of last year.
Furthermore, net interest income decreased by over 800 billion VND, as the cost of capital rose faster than income. While interest income increased by 1,500 billion VND, interest expenses saw a sharper rise of 2,300 billion VND.
To mitigate the profit decline, Sacombank intensified cost-cutting measures and boosted non-interest income. Consolidated operating costs dropped by 520 billion VND year-on-year to 3,400 billion VND. Additionally, non-interest income grew by 560 billion VND, largely driven by 430 billion VND from debt resolution.
Sacombank has undergone a series of significant changes since Nguyen Duc Thuy joined the bank in late 2025. These include a brand identity overhaul, organizational streamlining, and new personnel appointments.
Last year, Sacombank reported its first significant profit decline of 40% after years of growth, attributed to a sharp increase in credit risk provisions in Q4 2025. The bank stated that this move reflects a cautious risk management approach, aiming to enhance its defensive capabilities amidst rising market risks and proactively manage outstanding assets.
In April, Sacombank relocated its general shareholder meeting from TP HCM to Phu Tho. This marked the first general meeting since Nguyen Duc Thuy joined the bank and assumed the role of general director in early March. The bank also officially changed its name from Saigon Thuong Tin (Sacombank) to Saigon Tai Loc.
Following the meeting, the Board of Directors unanimously appointed Nguyen Duc Thuy as Permanent Vice Chairman. In this role, he is directly responsible for strategic direction, senior management, and the bank's long-term development. Concurrently, the Board of Directors appointed Loic Faussier as Acting General Director, tasked with overseeing the bank's operations.
Quynh Trang
