notes to the consolidated financial statements - Sacombank

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A YEAR WITH OUTSTANDING ACHIEVEMENTS By year end, many fi nancial targets were surpassed. Most notable was the VND1,452 billion profi t that more than doubled that of 2006, and 21% over the target set at the 2007 AGM of VND1,200 billion. Furthermore other performance indicators showed exponential growth. Compared to 2006, the total mobilized capital upped 151% to reach VND54,041 billion; total loan balance stood at VND34,317 billion, up 136%; and total assets was up by 156% to VND63,364 billion. The above performance was derived from the banking business, excluding that of subsidiaries and joint ventures. 12 ANNUAL REPORT 2007 Sacombank’s remarkable achievements in 2007 have set the stage for its growth strategy towards 2010. With its aim to be the top modern retail bank in Vietnam, Sacombank has strengthened its fi nancial capability, expanded its operation network, and developed banking products and services that meet the customers’ demand in the last 16 years. On 16 August 2007, Sacombank almost doubled its chartered capital and paid up equity to reach VND4,449 billion and VND5,948.7 billion respectively, and became one of the fi ve Vietnamese commercial banks with the highest funding. By year end, many fi nancial targets were surpassed. Most notable was the VND1,452 billion profi t that more than doubled that of 2006, and 21% over the target set at the 2007 AGM of VND1,200 billion. Furthermore other performance indicators showed exponential growth. Compared to 2006, the total mobilized capital upped 151% to reach VND54,041 billion; total loan balance stood at VND34,317 billion, up 136%; and total assets was up by 156% to VND63,364 billion. The above performance was derived from the banking business, excluding that of subsidiaries and joint ventures. Holding its philosophy of “profi tability in sustainable market share”, Sacombank continues to expand nationwide. As at end 2007, the operational network consisted of 211 branches and transaction offi ces nationwide, an increase of 132 transaction points within 12 months. The Bank is now represented in all 13 Mekong Delta Region provinces and holds the top position among joint stock banks. Then Women Entrepreneurs branch model was replicated Hanoi City with the opening of the 8 March Branch on 8 August 2007. The Hoa Viet Branch was opened on 8 October in Hochiminh City to cater for the Chinese Community.
Sacombank is the fi rst Vietnamese bank allowed by China’s central banking authorities to operate in Nanning City of Guangxi Province. This paved the way to set up a representative offi ce across the border in early 2008. Meanwhile, the administrative and legal procedures are being prepared for branch opening in Laos and Cambodia in the second quarter of 2008. In line with Vietnam’s global integration, Sacombank is expanding its alliances with dominant local and foreign partners to take advantage of the collective strength. Such cooperation creates opportunities for Vietnamese enterprises to improve their competitive position. Sacombank in 2007 has allied with SJC Jewelry Company, Bao Minh Insurance, Huu Lien A Chau Construction Company, Truong Hai Automobile, Habubank and Military Bank. Sacombank has identifi ed organizational restructuring as a crucial step for expansion. Since mid 2007, the Bank has comprehensively restructured its management mechanism including procedures, policies, regulations and business processes, asset structure and funding approaches from Head Offi ce to the branch network. With this initiative, it brings consistent action between executive management and the governing board. It is also expected to provide more effective management and stable development in 2008. Service with a Smile In 2007, an unprecedented event took place, in that Sacombank became the only bank in Vietnam that received two international banking awards, namely, “Best Bank - Vietnam 2007” by Euromoney, and “Vietnam Retail Bank of the Year 2007” by Asian Banking and Finance. The recognition is based on the criteria of strong development, business results, risk management, IT application, management quality and contribution to the fi nancial and banking sector. Also according to a UNDP Top 200 Vietnamese Enterprises Survey, Sacombank was ranked 26 th among all enterprises and 4 th among all commercial banks. With the aim to be a leading fi nancial group by 2010, Sacombank is accelerating its fi nancial investment via subsidiaries and joint ventures and expanding alliances with local enterprises. At the Sacombank AGM in early 2008, the Bank forecasted total assets of VND93,000 billion, chartered capital of VND6,494 billion, and pre-tax profi t of VND1,800 billion. This represents an increase of 46%, 46% and 24% respectively. International Awards 13
Page 1 and 2: Content Message of the Chairman of
Page 3 and 4: Our Dreams: OVER THE RAINBOW, DREAM
Page 5 and 6: THE SECRET OF OUR SUCCESS Sacombank
Page 8 and 9: 8 ANNUAL REPORT 2007 1 1. Mr. Dang
Page 10 and 11: 10 ANNUAL REPORT 2007
Page 14: 14 ANNUAL REPORT 2007 Our Vision: W
Page 17 and 18: Youth - Dynamic - Enthusiasm Custom
Page 19 and 20: 3. Total Assets Total assets at end
Page 21 and 22: 5. Loans and Debt Securities Invest
Page 23 and 24: Sacombank in 2007 had a sterling fi
Page 25 and 26: 1 BOARD OF SUPERVISORS 1. Mr. Nguye
Page 27 and 28: “Start yesterday, Strengthen toda
Page 29 and 30: To appreciate the staff for their c
Page 31 and 32: Our Partnership: BUILT ON TRUST, WE
Page 33 and 34: Sacombank’s leaders recognized th
Page 35 and 36: 4 1 BOARD OF MANAGEMENT 3 7 6. Mr.
Page 38 and 39: ANNUAL REPORT 2007 MAJOR TARGETS OF
Page 40 and 41: 40 ANNUAL REPORT 2007 ▲ Challenge
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Page 44 and 45: ANNUAL REPORT 2007 Organizational C
Page 46: ANNUAL REPORT 2007 Our Goals: THE S
Page 49 and 50: STATEMENT OF THE RESPONSIBILITY OF
Page 51 and 52: INDEPENDENT AUDITOR’S REPORT TO S
Page 53 and 54: CONSOLIDATED BALANCE SHEET (continu
Page 55 and 56: CONSOLIDATED CASH FLOW STATEMENT (I
Page 57 and 58: NOTES TO THE CONSOLIDATED FINANCIAL
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NOTES TO THE CONSOLIDATED FINANCIAL
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Our Determination: EVERY WAVES LAUN
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SINGLE-ENTITY FINANCIAL STATEMENTS
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SINGLE-ENTITY FINANCIAL STATEMENTS
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ANNUAL REPORT 2007 AWARDS BESTOWED
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ANNUAL REPORT 2007 106 TEN MILESTON
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ANNUAL REPORT 2007 108 TEN MILESTON
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ANNUAL REPORT 2007 110
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ANNUAL REPORT 2007 INVESTOR RELATIO
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ANNUAL REPORT 2007 Price , , , , 02
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ANNUAL REPORT 2007 CORRESPONDENT BA
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Our Achievements: PARADISE ARE NOT
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5 Long Bien Branch 247 Ngo Gia Tu S
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Central Region 16 Lam Dong Branch 3
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43 Tay Loc T.O 172 (Formerly 02) -
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31 Dong Nai Branch 87-89 30th April
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37 Cho Lon Branch 485-487-489 Nguye
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43 Thu Duc Branch 251 Vo Van Ngan S
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53 Can Tho Branch 34 A2 - Tra Noc 1
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62 Ben Tre Branch 16 Hai Ba Trung S
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SUBSIDIARIES AND JOINT - VENTURE SA
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notes to the consolidated financial statements - Sacombank

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