Sacombank reports workforce decline and halved profits in H1 2026

Sacombank has reported a significant reduction in its workforce and a decline in employee income according to its audited semi-annual financial report for the first half of 2026. As of June 30, 2026, the bank had 12,112 employees, representing a decrease of 1,169 staff members in the second quarter alone and a total reduction of over 3,700 employees since the end of 2025.

Average monthly income per employee fell by approximately 12.1% compared to the same period last year, dropping from 42.54 million VND to 37.39 million VND. While base salaries saw a 15.2% increase, this was offset by a nearly 48% drop in other forms of income.

The bank's individual after-tax profit for the first six months of 2026 was 2,849 billion VND, a decrease of more than half compared to the previous year. This decline is primarily attributed to credit risk provision expenses, which surged more than sevenfold to 7,064 billion VND. Additionally, net interest income decreased by 8.8% to 12,009 billion VND.