Merged SCB post $3.26B profit in first month of operations

The merged Saigon Commercial Bank earned a profit of US$3.26 billion in the first month of this year.

By the end of January/2012, the lender had total assets of VND150 trillion; total deposits of over VND81 trillion; and total outstanding loans of VND69.531trillion.

The “new” SCB, an entity formed by the merger of three local banks, namely Ficombank, TinNghiaBank and “old” Saigon Commercial Bank, began operation on January 1, 2012.

The lender has charter capital of VND10.584 trillion or $503 million and total assets of VND153.626 trillion with a network of more than 230 transaction counters. The merged bank is currently the third biggest commercial joint stock bank in the local market, after Asia Commercial Bank and Techcombank.

SCB targets its after-tax profits to reach VND667 billion in 2012, VND1,850 billion in 2013, and VND1,865 billion in 2014. Particularly, the merged bank seeks to increase its charter capital to VND16 trillion by 2014.