SCB targets 75.5% after-tax profit increase

SCB is targeting an after-tax profit of US$23.39 million in 2011, up 75.5% from US$13.3 million last year. This was recently approved by its general shareholders.

SCB also targets total assets of US$3.2 billion, up 11.9% on year; total deposits of US$2.87 billion, up 10% on year; total outstanding loans of US$1.9 billion, up 20% on year.

This year, it plans to scale up charter capital to US$239 million from current US$200 million through issuing 81.6 million new shares to existing shareholders, said the unlisted lender, adding that it will use US$6.37 million from the proceeds to invest in technology, US$4.79 million in head office and branches, and US$27.9 million in business operations.

Sai Gon Joint Stock Commercial Bank or SCB is mulling to tie partnership with foreign investors this year, requiring them to have total assets of at least $20 million and 20 years of experience in providing banking services.

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