Ho Chi Minh city, 29/05/2020 – Sai Gon J.S. Commercial Bank (SCB) successfully organized the Annual General Meeting of Shareholders 2019. At this meeting, the following documents were approved: Report of operation activities in 2019, operation orientation and scheme in 2020, such as plan to increase charter capital, securities registration at Vietnam Securities Depository (VSD) and securities transaction registration on Unlisted Public Company Market (Upcom), etc.
SCB organized the Annual General Meeting of Shareholders 2019 on 29/05/2020.
As of 31/12/2019, SCB’s total assets reached VND567,913 billion, increasing by VND58,959 billion, a growth rate of 11.6% compared to end of 2018. In terms of total assets, SCB is leading the non-state commercial banks.
Customer deposits increased by VND69,754 billion, a rise of 16.7%. Customer’s deposits were VND488,092 billion as of 31/12/2019. Such impressive growth continued to affirm SCB’s strength in capital mobilization.
The loan balance of SCB as of 31/12/2019 reached VND333,879 billion, an increase of 10.6% compared to the beginning of 2019. Last year, SCB continued to focus on credit growth, asset restructuring towards a safe and effective manner, raising the proportion of profitable assets in balance sheet’s structure. SCB has controlled credit quality, promoted recovery of overdue debts and bad debts; maintaining the ratio of overdue debt, bad debt at low level, respectively 0.9% and 0.49%.
In 2019, SCB achieved a profit before tax of VND220.3 billion. Last year, SCB’s business results continued to grow, especially in services and currency trading with total non-interest income of VND1,937 billion, a growth rate of 30% compared to 2018. Of which, net profit from service activities reached VND1,420 billion, up 33.5% compared to 2018.
Shareholders voting at the meeting.
The meeting approved the business plan of SCB in 2020 with key targets: Maximize resources to implement restructuring solutions; business development; and governance.
It is expected that in 2020, SCB will increase by VND5,000 billion of charter capital, raising the charter capital after the increase of VND20,232 billion. Such increase will determine success in expanding the scale of operations and increasing the safety level, facilitating the Bank to its strategic business targets. In addition, SCB will implement synchronous solutions to promote new credit growth, recover bad debts, and manage assets according to the roadmap approved by the State Bank in the SCB restructuring project associated with bad debt management period 2019-2020, vision to 2030.
With the goal of business development, SCB has shifted its business model towards multi-service approach. SCB expects that in 2020, net income from service activities will reach VND1,800 billion, an increase of 40% compared to 2019, of which: insurance revenues increasing by 70% compared to 2019; 30,000 customers being reached on digital platforms; international credit cards newly issued up to 50,000, etc.
At the same time, SCB advocates a prudent and safe new credit development, focusing on lending for business production, trade, services, etc. and especially for developing high-tech agriculture. SCB also aims to separating customer bases to outline specific strategies for each segment.
It is expected that in 2020, SCB’s total assets will increase to VND637,166 billion; deposits increase by VND65,000 billion; loans grow by about 13% compared to 2019, in line with the State Bank’s approval, etc.
To achieve this goal, SCB has set a number of key objectives, in which the main priority in 2020 will be customers. Aiming at the goal of a VERSATILE RETAIL BANK with a minimum annual revenue growth of 30% and customer experience system as the foundation, SCB has planned to specialize in its business model. The first is to organize a business model with an independent apparatus for retail and corporate activities; The second is to focus on developing premier customer services; and the third is to implement direct business channels.
In 2020, SCB is targeted to become a Bank with leading quality in services and experience governance. Business orientations are associated with the value of “The Bank for a Better Community”, developing corporate culture commensurate with TOP 5 position in terms of total assets. At the same time, there are also plans to apply information technology in operations; as well as improving financial management and cost control, etc.
Mr. Dinh Van Thanh – SCB Chairman (on the right) delivers flowers and congratulations to Mr. Bui Anh Dung – Deputy CEO of Corporate Division to be the new member of the Board of Directors in term 2017-2022.
At the meeting, the shareholders approved to dismiss a member of the Board of Directors - Ms. Mai Thi Thanh Thuy and a member of the Supervisory Board - Mr. Nguyen Manh Hai. The meeting also unanimously elected Mr. Bui Anh Dung - Deputy CEO of Corporate Division to be the new member of the Board of Directors in term 2017-2022.