Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) recently released its consolidated financial report, revealing substantial fluctuations in several key items. A major factor was the credit risk provision, which exceeded 9,230 billion dong. In contrast, the bank had reversed nearly 370 billion dong in provisions during the same period last year. This led to a pre-tax loss of over 3,360 billion dong, a stark difference from the profit of over 4,620 billion dong reported in the corresponding period of the previous year. Sacombank's last reported loss was approximately 18 billion dong in the final quarter of 2016.

For the full last year, Sacombank recorded net operating income exceeding 19,000 billion dong, representing a 29% increase compared to the previous year.

However, the significant loss in the final quarter eroded accumulated profits from the previous three quarters. This resulted in a full-year pre-tax profit of just 7,628 billion dong. This figure marks a more than 40% decrease from the previous year and fell short of the 14,650 billion dong profit target approved by shareholders.

Sacombank stated that last year's business results were primarily impacted by increased credit risk provisions, totaling 11,300 billion dong. The bank explained this reflects a cautious risk management approach, aimed at improving its defense capabilities amid rising market risks and ensuring proactive management of legacy assets.

"This is a strategic step, prioritizing asset quality and sustainable development in the medium and long term, rather than solely focusing on short-term profit goals," Sacombank stated in its business results announcement.

By the end of last year, Sacombank's total assets exceeded 917,000 billion dong. Credit outstanding amounted to over 626,000 billion dong, an increase of more than 16%. The non-performing loan (NPL) ratio stood at 6,4%, with group 5 NPLs (classified as loss-risk) at over 4,7%, equivalent to approximately 30,000 billion dong.

Recently, Sacombank underwent significant changes in its senior leadership. In late 12/2025, the bank announced the appointment of Nguyen Duc Thuy as acting Chief Executive Officer, shortly after he stepped down as Chairman of LPBank. Nguyen Thi Kieu Anh, a deputy Chief Executive Officer at LPBank, also moved to Sacombank to hold a similar position.

Two days later, Sacombank rebranded. The bank also appointed Ha Van Trung as permanent Deputy Chief Executive Officer and promoted Vu Minh Quan from his role as Director of the Debt Resolution Center and Assistant to the Chairman of the Board of Directors to Deputy Chief Executive Officer.

Sacombank is currently accepting applications and nominations for additional members to its Board of Directors for the 2022-2026 term. The bank plans to elect four people, including one independent member.

Phuong Dong