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Sacombank shareholders greenlight merger

Sacombank shareholders has agreed to the bank's plan to merge with Southern Bank which will be implemented this year if the feasibility study is approved by the authority and shareholders.
Sacombank shareholders has agreed to the bank's plan to merge withSouthern Bank which will be implemented this year if the feasibilitystudy is approved by the authority and shareholders.

Addressingthe annual shareholders' meeting on March 25, newly-appointed chairmanKieu Huu Dung said the merger would help the bank increase itscompetitive advantage, expand operations and have more resources tocarry out future business plans.

The management board has been tasked with compiling the feasibility study to submit to the authority and shareholders.

Sacombank(STB) on March 25 reported pre-tax profit of nearly 2.84 trillion VND(134.5 million USD) last year, surpassing its yearly goal by 1.3 percentand up 115.9 percent against 2012.

Including profits from thebank's subsidiary units, total pre-tax profit reached over 2.96 trillionVND (140.3 million USD), an increase of 116.4 percent over the previousyear.

The bank's vice chairman, Nguyen Mien Tuan, said the bankhad reached its profit target despite losses incurred from closing goldaccounts following the central bank's regulation.

Tuan said mostbusiness targets rose over the previous year, of which charter capitalwas up 15.7 percent to 12.425 trillion VND (588.7 million USD), whiletotal assets increased 5.9 percent to 160.17 trillion VND (7.6 billionUSD).

At the end of last year, deposits totalled 140.77 trillionVND (6.67 billion USD), up 13.8 percent, and total outstanding loansreached nearly 110.3 trillion VND (5.22 billion USD), up 13.7 percent.The bank's bad debt ratio was low at 1.44 percent.

The bank will pay shareholder dividends at 18 percent, of which 8 percent was already paid in cash last year.

Thisyear, the lender has set a profit target of 3 trillion VND (142.2million USD), up 6 percent over 2013; total assets of 183 trillion VND(8.71 billion USD), up 14 percent; total deposits of 160.5 trillion VND(7.64 billion USD), up 14 percent; and total outstanding loans 124.6trillion VND (5.9 billion USD), up 13 percent.

It projects a dividend rate of 10-12 percent of charter capital and plans to limit bad debt to under 3 percent.-VNA
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