PERFoRMAnCE RESULtS oF SUBSIDIARIES In 2011, based on <strong>the</strong> viewpoint of Safety and Efficiency in business administration, <strong>the</strong> <strong>to</strong>tal <strong>consolidated</strong> assets of <strong>Sacombank</strong> changed slightly from <strong>the</strong> beginning of <strong>the</strong> year. As at 31 December 2011, <strong>the</strong> <strong>to</strong>tal assets of <strong>Sacombank</strong> were worth VND141,469 billion, of which profitable assets represented 83.9%. Due <strong>to</strong> <strong>the</strong> difficulties in <strong>the</strong> domestic and world economies, as well as <strong>the</strong> stagnation of <strong>the</strong> s<strong>to</strong>ck market, <strong>the</strong> Bank faced significant challenges in its operation, such as difficulties in increasing equity capital <strong>to</strong> improve its <strong>financial</strong> capacity and meet business development needs. However, with its strong reputation, business scale and consistent business performance, <strong>Sacombank</strong> has always been trusted by cus<strong>to</strong>mers, inves<strong>to</strong>rs, and shareholders. In particular, <strong>the</strong> professional and flexible management by <strong>the</strong> management teams at various levels in <strong>the</strong> Bank helped <strong>Sacombank</strong> achieve its equity capital target. Its <strong>to</strong>tal equity capital reached VND14,547 billion as at 31 December 2011, an increase of VND529 billion from <strong>the</strong> previous year. In 2011, local enterprises, including <strong>Sacombank</strong>’s Subsidiary Companies, were unable <strong>to</strong> avoid <strong>the</strong> impact of economic challenges. However, with <strong>the</strong>ir extensive experience accumulated over many years, <strong>the</strong> Subsidiaries actively implemented <strong>the</strong>ir defense and streng<strong>the</strong>ning plans and made use of every market opportunity <strong>to</strong> launch appropriate business solutions in order <strong>to</strong> exceed <strong>the</strong>ir assigned targets. In addition, product cross-sale activities between <strong>the</strong> Bank and its Subsidiaries were boosted <strong>to</strong> help ensure that satisfac<strong>to</strong>ry results were achieved. The business units shared and exploited each o<strong>the</strong>r’s existing cus<strong>to</strong>mer bases through a wide network at home and abroad. Through this process, practical economic benefits were obtained for each subsidiary and for <strong>Sacombank</strong> as a whole. The <strong>consolidated</strong> profit before tax in 2011 was VND2,771 billion, an increase of 7.6% from 2010. n <strong>Sacombank</strong>-SBA: This Subsidiary earned profit before tax of VND110.6 billion, or 106.1% of target. To achieve such good results, <strong>the</strong> Company actively and fully used its existing warehousing system and efficiently managed <strong>the</strong> mortgage of commodities pledged by cus<strong>to</strong>mers; n <strong>Sacombank</strong>-SBR: Foreign exchange remittance revenue <strong>to</strong>taled US$1.57 billion, an increase of 20.6% from 2010, representing a 17.4% market share. This Subsidiary’s profit before tax was VND9.1 billion, an increase of 67.6% from 2010, equal <strong>to</strong> 106.7% of target. During <strong>the</strong> year, through <strong>the</strong> implementation of solutions <strong>to</strong> attract remitted capital from traditional markets, building relationships with new partners, and <strong>the</strong> launch of a number of home delivery money transfer products and services, <strong>the</strong> Company enjoyed increases in <strong>to</strong>tal incomes; n <strong>Sacombank</strong>-SBL: This Subsidiary’s profit before tax was VND75.02 billion, an increase of 42.9% from 2010, exceeding <strong>the</strong> target by 7.2%. Despite many difficulties in <strong>the</strong> <strong>financial</strong> leasing market last year, SBL utilised all of its business opportunities and network advantages <strong>to</strong> cross-sell products and control credit quality; n <strong>Sacombank</strong>-SBJ: This Subsidiary’s profit before tax was VND22.1 billion. In <strong>the</strong> context of <strong>the</strong> numerous changes in <strong>the</strong> State Bank of Vietnam’s policies, which adversely affected gold trading activities, <strong>the</strong> Company made good use of market opportunities and restructured its business activities with a focus on boosting jewelry trading. As a result, <strong>the</strong> Company successfully met its business targets. In order <strong>to</strong> keep pace with market developments and trends, in future, <strong>the</strong>se Subsidiaries will continue <strong>to</strong> focus on <strong>the</strong>ir core business, utilising <strong>the</strong>ir potential and strengths <strong>to</strong> develop in line with <strong>the</strong> Group’s orientation, and achieve <strong>the</strong> required rate of return for <strong>Sacombank</strong> as scheduled. 43 ANNUAL REPORT 2011
BÁO CÁO KẾT QUẢ KINH DOANH ANNUAL REPORT 2011 44