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Sacombank’s shares hit the ceiling on May 7 as investors reacted positively to developments during the final phase of the bank’s multi-year restructuring. The stock traded at 73,700 dong per share, with roughly 19 million shares exchanged—well above the average trading volume.
The price jump followed Sacombank’s continued advancement through the latter stages of its restructuring program. In Q1 2026, the bank reported pretax profit of 2,106 billion dong, down 43% year on year, largely because credit risk provisions rose sharply by more than 2,000 billion dong.
Management said 2026 will focus on resolving bad debts, improving asset quality, and proactively increasing provisions to raise the bad debt coverage ratio.
Sacombank also announced the appointment of Mr. Nguyen Duc Thuy to the Board for the 2022–2026 term. The bank said the appointment is expected to support decision-making during the transition from asset resolution to growth and efficiency.
VNDirect said the auction of a 32.5% stake linked to Tran Be is the final bottleneck in Sacombank’s restructuring. The brokerage expects that new leadership and clearer direction could help accelerate the handling of legacy issues, particularly those related to this stake.
If the auction is successful, VNDirect expects Sacombank could reverse provisioning related to VAMC bonds and recognize part of previously suspended interest income.
VNDirect estimates the principal and accrued interest on the loan secured by the 32.5% stake at around 63,000 billion dong (about USD 2.4 billion). This figure includes loans sold to VAMC, repos, and accrued interest provisioned under the restructuring plan.
Alongside the stake-related process, Sacombank has accelerated efforts to resolve non-performing assets. Provisioning on total lending rose to 5.9% by end-2025 from 0.7% in the prior quarter.
VNDirect also noted that the non-performing asset ratio excluding bad debts declined to around 2.4% of total assets by 2024.
As of end-March 2026, Sacombank’s headcount stood at 14,080, down 2,736 compared with end-2025—its lowest level in more than a decade.
VNDirect expects the stake auction to clear most remaining distressed assets and provide a foundation for a new growth cycle for Sacombank.
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