Sacombank Unexpectedly Adds Important Proposal Ahead of General Meeting, Stock Surges to New High

Sacombank’s shares (STB) surged nearly 5% in trading on April 21, reaching a new high of 40,450 VND/share, pushing its market capitalization over 76 trillion VND (~3 billion USD). The bank will hold its Annual General Meeting on April 25 and has recently supplemented a proposal to increase charter capital through stock dividends and bonuses for employees. Sacombank has resolved most of its bad debts, except for the shares of Mr. Trầm Bê, and is awaiting approval from the State Bank of Vietnam. This year, the bank aims for a before-tax profit of 14.65 trillion VND, a 15% increase from last year, while maintaining a bad debt ratio below 2%. Sacombank is one of the leading commercial banks, attracting many foreign funds in the Vietnamese stock market.