SCB has recently announced its business performance in the year of 2020 with noteworthy growth rates as well as progressive profitability.
By the end of 2020, the bank’s financial status achieved positive results, making it as the leading retail bank with dynamic and sustainable strategies. As of December 31, 2020, the bank’s total assets hit VND633,277 billion, holding its acclaimed position as one of the Top 5 Vietnamese credit institutions and the largest private joint-stock commercial bank among non-state banks in terms of total assets. In which, deposits from economic organizations and individuals reached VND578,703 billion, loans reached VND351,386 billion.
As per business performance report (separate), SCB’s total pretax profit was reported to have exceeded VND658 billion, which is believed to have resulted from a strategic transformation of business model with goal to become a leading retail Bank through strong stimulation of services for personal customer segments.
Going through a tumultuous and tough year, SCB nevertheless gained impressive profit, in which net income from services jumped to VND1,775 billion, from forex trading and securities came near to VND700 billion, contributing largely to the bank’s incomings.
The impact of COVID-19 pandemic on the bank’s credit activities was reflected on slightly increase of ratios of overdue and bad debts from the beginning of the year as 1.16% and 0.81% respectively, that said, the ratios were still within the acceptable limit. The bank had given priority to provisions for credit losses as nearly VND2,000 billion had been put aside, setting up the total credit risk provisions to nearly VND13,600 billion.
SCB was particularly recognized by outstanding performance in the Bancassurance in several months at the end of the year, consistently at the head of the market, breaking insurance sales records. SCB is currently in Top 3 joint stock commercial banks that grow fast in Bancassurance. It was honored as “Bank Partner of the Year 2020” by Asia Advisors Network, Asia Insurance Review and LIMRA.
Moreover, SCB continuously received many prestigious domestic and international awards in the same year, among those were 4 consecutive years in “Top 50 Vietnam The Best” voted by Vietnam Report, “Top 10 – Vietnam Best Places To Work”, 5 years consecutively certified by Payment Card Industry Data Security Standard version 3.2.1, “Top 50 Vietnamese Attractive Employers”, “Leadership in Payment Volume Growth 2020” rewarded by Visa, “Most Innovative Mobile Savings App Vietnam 2020” by Global Banking & Finance Review Magazine, “Best Retail Bank” by World Finance Magazine and “Best Banking Technology Vietnam 2020” by The European Magazine, to name a few.
SCB was previously granted permission from the State Bank of Vietnam to add more VND5,000 billion to its maximal charter capital from the value of VND15,231,688,100,000 by issuing shares to existing shareholders, according to plan for increasing charter capital that had been ratified at the bank’s Extraordinary General Meeting of Shareholders in 2020.
Along with business plans, SCB has long-term goals for building a solid financial foundation, improving efficiency of organizational management and operations, orienting itself as a modern, multi-functional retail bank that always gives utmost priority to customers. In the third quarter of 2020, it also signed “Transformation and sustainable development in the period 2020 – 2030” cooperative agreement with McKinsey Vietnam. This marked an important tactical step on the bank’s way to find breakthrough solutions that can optimize resources, develop competitive advantages and make the most of market opportunities.