Sacombank raises $120M in bonds as half-year profit halves
What's the deal? Vietnam's SacombankDealroom has a profile for this one. Try Dealroom → (STB) has raised 3,000 billion VND (about $120 million) through two bond tranches issued on August 28, 2026. Both tranches carry a six-year maturity, mature on August 28, 2032, and pay a fixed 9.5% annual interest rate.
The details: The first tranche, coded STBL12609, comprised 1,000 bonds at a 1 billion VND face value each, for 1,000 billion VND. The second, STBL12610, was twice the size at 2,000 bonds, raising 2,000 billion VND.
Why now? The raise lands as the lender's earnings come under pressure. Its audited half-year results for 2026 showed after-tax profit of 2,931 billion VND, down 49% from the same period in 2025.
What's behind the drop? Management blamed narrowing net interest income and a sharp rise in credit risk provisions. Net interest income fell 8% to 12,289 billion VND, while provisions jumped by roughly 6,011 billion VND year on year.
Not all lines weakened. Non-interest income grew by 3,081 billion VND, driven mainly by services and foreign exchange trading. Outstanding customer loans rose 2% to 636,028 billion VND, and deposits climbed 5% to 647,939 billion VND, though total assets slipped 2.7% to 892,048 billion VND.
What we don't know: The bank has not publicly disclosed the bondholder list, collateral, or the specific intended use of the funds.
The signal: Tapping the debt market as profit halves points to a bank shoring up long-term funding while it absorbs a heavier provisioning load. The quick move to raise fixed-rate, six-year money suggests Sacombank is bracing for a longer stretch of margin pressure.
Read more: vietnam.vn
Image credit: nhadatvideo
