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Shareholders of SACOMBANK (STB) are seeing a favorable period as the bank’s stock has repeatedly moved above prior highs. The bank’s market capitalization has also reached a record near VND 145,000 billion, up 32% compared with the start of the year. In late 2025, businessman Nguyễn Đức Thụy appeared as interim CEO.
Nguyễn Đức Thụy, a founder of LPBank, is described by Petri Deryng, head of the USD 1 billion Pyn Elite Fund, as having an excellent reputation and a track record that Vietnamese retail investors associate with strong outcomes. After his appointment at SACOMBANK, the bank reportedly adjusted its brand identity, streamlined operations, and appointed new executives.
By March, Thụy was officially appointed as SACOMBANK’s Chief Executive Officer. He was later elected to the board at the bank’s 2026 annual general meeting on April 22, to serve as standing vice chair.
A notable item at SACOMBANK’s 2026 AGM was shareholder approval of a rebranding. The bank will replace “Saigon Thuong Tin Bank,” the name used since its founding in 1991, with “Saigon Tai Loc Bank,” a name management described as linked to feng shui.
Shareholders also approved a plan to relocate the headquarters. Management said the current address at 266-268 Nam Ky Khoi Nghia, Ward 9, District 3, Ho Chi Minh City is not in the core area of the city’s International Financial Center, making relocation necessary to align with the bank’s development direction.
For 2026, SACOMBANK aims to achieve pre-tax profit of VND 8,100 billion, up 6%. Total assets are targeted to exceed VND 1,000,000 billion, up 10%. Credit outstanding is set at VND 699,400 billion, up 12%, and not exceeding the State Bank’s approved limit. Total mobilized deposits are expected to reach VND 921,300 billion, up 10%, with management planning to handle liquidity flexibly in line with credit growth.
In Q1, SACOMBANK recorded pre-tax profit of VND 2,106.2 billion, down 42.7% year-on-year. The bank attributed the decline mainly to core income pressure and elevated provisioning.
As of March 31, total assets were nearly VND 860,000 billion. Total mobilization stood at VND 776,335 billion, supporting a stable capital base. Credit outstanding reached VND 626,960 billion, up slightly from the start of the year.
In 2025, SACOMBANK previously disclosed its first significant profit decline of 40% after years of growth, citing a sharp increase in credit risk provisions in Q4 2025. The bank said the move reflects a prudent risk-management stance intended to strengthen resilience amid rising market risk and to support proactive handling of non-performing assets.
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