Sacombank shares hit new historic high despite profit decline

Sacombank (STB) shares have reached a new historic high, rising 2.5% to 78,600 VND per share during morning trading on September 10. This performance marks an approximate 31% increase in share price since late March 2026. The stock's upward movement occurred even as the broader VN-Index faced downward pressure.

Despite the record stock price, Sacombank reported a decline in short-term profits. In the second quarter of 2026, pre-tax profit was 2,030 billion VND, a 44.5% decrease compared to the same period last year. For the first half of the year, cumulative pre-tax profit reached 4,136 billion VND, roughly half of the previous year's figures.

The profit decline is primarily attributed to a significant increase in credit risk provisions. In Q2 2026, the bank allocated 5,095 billion VND for provisions, which is approximately 5.6 times higher than the same period last year. This increased buffer is part of the bank's ongoing efforts to manage asset quality and complete a multi-year restructuring process.