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    32 views86 pages

    Sacombank - Consolidated Financial Statements 2019

    Uploaded by

    Nguyen Ha Quan

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    ‘Saigon Thuong Tin Commercial Joint Stock Bank ‘consokastd nancial statements For tho year onded 31 December 2018 Saigon Thuong Tin Commercial Joint Stock Bank conrents General information Report the Board of Management Independent austere rope Coneoliates balance sheet Consolidate income siatonent Consolidated cath ow stazment Noes tothe consoled fnonelat states Saigon Thuong Tin Commercial Joint Stock Bank (GENERAL INFORMATION [BANK INFORMATION Saigon Thuong Ti, Commercial Joint Stock Bark (the Bank’) isa commercial jit stock bank ineerporatod inthe Sodas Republic of Vitnan “The Bank was established and operates in accordance with Banking conse No, 111/GP-NHNN ‘Soued bythe Sate Bark o Vietnam an 9 Novembor 2018 repiasng Barking Licance No. COOBNH GP dated 6 December 19, Dusiness Regltston Cerscae No. 0301109008 dated 12 January ‘02 and other armenamerts saved by Ho CX Minh Cly Depariment of Planning and investment ‘The Bank’s operation perio! 99 yore rom § December 1981 [As at t October 2015, Souter Commercial Jont Stock Bank was offcaly merged into Sigon ‘Thuong ‘eo, Commer cine Stock Bank ecorang fo Decison No. 1844IQD-NHINN daied 14 September 2016 asued byte Sato Bank of Vietnam. Aecorcinly, Saigon Thueng Tin Comercial “ISht Stok Bark nas cehed and inherted a asets and obigalons of Soutnem Comerea! Jo Shock Bank since he date of merger ‘The Bank is alowed to cory out fl rango of banking serves incising mablizing and recsing Shot, medium and longterm doposts from ergarlzaons ard iid: proving shor. medum land long tem loan to organizations and nivale based onthe Bank's nsture and capac of he Captal resource: ‘orign exchange radng’Inieratonal ase Tharcng services; cscount of Commercial pope's, nds end ofr valabe papers proving setlementsorvices, operating in ‘monetary market tanking and inal! consutancy,ading in government and cxrprsie bonds Gols {fading caen manager serve, asset preservation. cabin and caer retng,enstnent ano {Tusoeshp sores, nsurence aga brokerage and other banking eervcas as alowod by te Sato Banca Vebm “The Bank's head ofce fs located at 286 -208 Nam Ky Ktoi Nghia Set, Ward, Distt 3, Ho Chi Msn Oty, Au a 31 Dacerbor 2010, the Bank had ane (1) Head Offce, one hundred and tan (110, broncses located hes and provinaes in Vela, four hundred and forty-seven (447) domestic arsecion offs located nchles and provinces in Vietnam (3% Decomber 2018: Ne Bank ac ore {Uh Hees ofc, one hunded and fe (105) branches, fur hundred and fry-soven (447) domestic Wansacbonoftes). ‘BOARD OF DIRECTORS, Members of he Board of Cirectors of he Bank ring the year and atthe Sato ofthis report Nome Peston __ Dato of sppoinment We. Ovong Cong Minh Charman ‘Appointed on 90 June 2017 Me Pham Van Pnong ‘Standing Vice Carman ‘Appointed en 2 Api 2018 Me Nguyen Mien Tuan Vice Chatman Dppeintes on 20 A 2018 Me Nguyen Xuan Vu Member ‘pein on 30 June 2017 IMs nguyen Ove ach Ohm Meer ‘Rpplnte on 20 Apr 2013 Ms. Le Thi Hoe Thdepondent member Depsntes on 0 June 2017 Me Nguyen'Van Huyen Independent member ‘Repo on 20 Api 2078 BOARD OF SUPERVISION Members ofthe Board of Supervision othe Bank dung the year and a the date of he ropar ar: Name esiton Mr Tran wean Tet ‘Ohiet Supervisor ‘Appointed on 30 June 2017 Mr He‘Ton Trung Hanh Member ‘panied on 30 We 2017 IMs. Nguyen Ty fhanh Ml Member Revappainted on 30 June 2017 Me Levan Tong Nor-decicated member _Revappoited on 20 Ap 2018 Saigon Thuong Tin Commercial Joint Stock Bank (GENERAL INFORMATION (continued) ‘BOARD OF MANAGEMENT AND CHIEF ACCOUNTANT Members of the Board of Management and Chief Accountant ofthe Bank uring the year and at the date of his repert are Nome Ms. Nguyen Due Thach Olam ‘Me Nguyen Noh Tan tM Dao Nguyen Vu is, Queen Thann foe Thay Ie Bui van Dong Mr Phan Dinh Tue MMs a Guyan Aan Me Nguyen 83TH Me Ho Doan Guong IM Vo Ann Ne ic Ha Von Tang ‘Mr Hosng Thanh Hai Wir Le van Ron tir Le Bue Than {Me Phan Quoc Huy He Huyen Thanh Gang LEGAL REPRESENTATIVE sion General Director Deputy General Drector Deputy Geneal Director Deputy Genera Director Deputy General Director Deputy General Director Deputy General Director Deputy General Owector Deputy General Drector Deputy General Droctor Deputy General Drestor ‘Deputy General Doctor Dept General Dractor Deputy General Director Deputy General Director Chie Accountant ate of appoinmenvresignation ‘Appointed on 25 Sly 2017 Appelt on 21 May 2007 Sppeinted on 27 June 2007 ‘tinted on 6 Febrry 2010 ‘npcinted on 22 Merch 2012 ‘epsnte on 14 June 2012 ‘Repaid an 28 June 2012 ‘spots on 26 Jy 2012 ‘Aboot on 4 October 2012 Appointed on 1 October 2012 ppeined on 10 Oetober 2012 ‘ppd en 7 Ap 2014 ‘pint on 1 July 2017 ‘eesnts on 15 September 2017 Resigned on 2 Mare 2020 ‘opened on 1 dune 2012 “The loga epreseniatve ote Bank cringe year and atthe date ofthis reports Ms. Nguyen Duc ‘Thach Dem, General Dede. auorrors ‘Te ausitor of the Bank is Emet & Young Vielnam Limited Saigon Thuong Tin Commercial Joint Stock Bank [REPORT OF THE BOARDOF MANAGEMENT “TheBor of Managements Sagen Thuorg Ta Commer int ioc Banke Bank’ isplessed {pecan ts tp ane conondntes Manca setorens of he Bank and ts subscis for tha yer ended 34 Docent 20°9 THE BOARD OF MANAGEMENT'S RESPONSIBILITY IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS. ‘The Board of Managementis responsble for he consoidated franca statement of each fanci Yost wich gue a ve ars far aw of the poraokdated Mhancal poston of the Bank and ts ‘bschres and ofthe conse results of is operations ands corsolsted cash flows fr the sear In preparing hove cosoldetadfeanda statements, the Bard of Managements required to > selec uable accountng goes and apply bem consistent > make judgments and extratos that are reasonable sna prudent > state whether aplcaie accountng stancats nave been followed, subject to any mater! Sopartares diated and explained n te consodatedfancal siaterents; anc 1» prepare the consists ancl staternens onthe going concer bess unless tis inappropriate {D resume fat the Ban ands subedais Wil comnue mn Business The Board of Managemantis responsible for ensuing that proper accounting records are kept which Szclose, wih reasonable secrecy at anytime, te coneovdated franca poston ofthe Bank and is ‘tosulaves ond fo onsuretha the aozountng records compl win he apoled accountng system. [Seo recponable for ssfequstng the aseae ofthe Bark ands subsilares and hence fr aking Feasonable steps forthe prverilon ard detecion of taud and other rregartos, “The Board of Managemen confirmed thal thas eompled wth the above requlrement in preparing ‘he accompanying consoled facil statement, STATEMENT BY THE BOARO OF MANAGEMENT ‘The Board of Management does nereby stale that. in fs opinion, the accompanying consolidates {haves statements ive etn and far vaw othe consoled Inancll poston of be Bark a is Subsidiaries axa 3t December 201, ofthe consldstedresuls of operations and its consoled ash tows for he year er ended i cordance wih Viebamese Acceurtng Standards, Vietnamese [Recourtng Sytem fr Great Instone the ofl approval f the State Bank of Vietnam forthe Postmerger Resivetuingbsan and the Bani’ proposal for ancialepmes and resousions inthe Restucuring Pian in rlon to acarved Irostrecotabls, VAMIC's special bonds, bad debe, Sovota gobs ard investnens curing restetsing perod (he Restuetrng Plan approved by to ‘State Ban of Vetnar) a8 descrbed In Nota 2-4 andthe sllulory requrements reevant © the preperation and pesentaton of te consolaledfitanca stloments f Ts: Nguyen Due Thack Bom ‘Genera Brecte Ho Ch Min Cy, Vietnam 24 Mar 2020, —_ INDEPENDENT AUDITORS’ REPORT ‘To: The Shareholders of Salgon Thuong Tin Commercial Joint Stock Bank We have sudted the acconpanying consolidated franca statements of Saigon Thuong. Tia ‘Commercial Jont Stock Bank ihe Bank’) an ls subsiaries as prepared on 24 March 2020 an sat ‘ton pages & fo 84, whieh comprise tho Conslicaod balance sheet os at 21 Deoernber 2039, the onsolaeted income satomen: andthe coneeléated cashflow statement fr the year then ended end thanotes thereto, ‘The Board of Managements responsibilty “The Banks the Board of Managements responsible forthe proparaton and fle presentation ofthe Coreoiate fnancal sateen n accordance wh Vieamose Accounting Sancaré, Vlnamese [courting Sytem fr Cred nettston, the oficial aproval a ne State Bank of Vetnar fr the Pest forge Restucturing Plan and tno Bank's proposal foe tran ropes and reeolston in the ResvucturngPianinflaton accrued nerestrevevable, VAMC's spell bonds, bad cobs, dubia {sects and invetnenta cum the reetung paiod ard fhe statutory requirements relevant fo the preparation and presentaion ifthe consoldated mancilsatrrens, and fx such intra con as Fhe Board of Management debrmines's necessary to enble te preparation and presentation ofthe Consoinated nancolsalemerta at re ee fom matral misstatement water duoto rad oreo. ‘Auaitors responsibilty (Our responsibilty to express an opinion on these consléated franca stlements based on our ‘Sets concuctd our avin acordance wih Vieameee Standaras on Audi. Those standards ‘eau that we comply win ePealrulrements and plan and perform the aud to obiin reasonable Seourance about whether fn congoliated nancial statemords othe Bank and is subsides ae ee from mitral mistatrnent. ‘An aut involves pererming gocedure fo obtain aut evidence about the amounts and cscosures in ‘he consoldted nancial efstements. The procedures seleciod depend on the audiors’ judgment ‘eluding tho assesment ofthe risks of material misitement ofthe consoldated randal statements, ‘ihetne ue to reud oer in makeng tose rak assestmons, the sustors cone ntmal corto ‘Glvanl tothe Bank and fs etbedares preparation and far presertaton ofthe consoldated fhancil Statements n order to design suck procedures tat ro appropiate inthe crcumnstaces, bt not forthe pupose of exressing an opin onto efechverias of be Bark and subside’ eral convo. ‘an’ sustaiso incudes evausing. the eporopfateness of accouning palcies used and the reasonableness of aceounting estates mace oy the Board of Manageme, 8s wel as vataang Te ‘eral prevention of he corsoaeted nancial statements ‘Wo beieve that te aust evidence we have obtaned is sufcient and appropriate to provide a bess for ‘ou aust opinion. eb sees t pinion nou opnon, the contosdatecfnancial statements gv tru and fa view in all atl oopacs of ‘ha consolidated francl poston ofthe Bank and ts subedares as at 31 December 2090, and of he Consolidated resus of ie opwatons and Ae consoidstos cash flows for fhe year the ended Secowance wit) Viomamese Acscuning Slardarse, Viehamese Accounting System for Cred Instore, te ofcal approvlo the State ark of Vietnam forthe Post merger Restucting Pian and the Bans proposal fe tnancl regimes ang resutlone inthe Resucturng Plan in elaton fo accrced intrest rocevabie, VAMC’ fecal bonds, bad debt, doubt assets and ivestnant secures ung the reatrecturng period and th statutory requementsrtvant othe preparation ad presontation of "Me consoles fnaneal slants Emphasis of matter \We craw tention 0 Not 3.4 on 22 May 2017, the Postmerger Restructuring Plan of Saigon Thong Tin Commercial Jant Stock Bank wih the implementation period onl one of 2028 and tne Bans proposals for nancial regimes and realtone inthe Resbustuing Plan in eaten to aczrved intrest Fecevabls, VAMC’ spec bends, bad debts, doubt asses and inveetments rng ie restuctong Palod wae proved bythe Ste Bonk of Viehem according fo Deceon No. 24/GB-NANN Ty end Otel Leter No. £29MHNN-TTGSNH Tym. Accordingly, he bas or recogiton, mesturement and petentaton of tose toms ni consldaed nanca talents was asoptedm accordance he bal approval he State Bark of Veinom forthe Posteverper Restructuring tan andthe Barks proposals inthe Restucturing lan. which are presented n relevant notes fo the coneokdated nancial Hatomerts (ur pion e not men rept of he mater, thor mator ‘The consolidated Manca statement ofthe Bank and its subsidies forthe year ended 21 December 2018 were audited by another aut frm which expressed an unmedifed opin on those consoldated {inci statements With empnasis of matron the accouting poles fr acervd ieestecevabies, YVAN’ specs bonds. bad debs, coubiul asels and investments in the consoled thaneal Statements wich were adopted by ie Gank in accordance wit te ofl approval ofthe State Bank ff Viena forte Pest merger Reeructuring Pan an the Bank's proposals nthe Restecumng Plan ‘he aud repr dated 29 March2019 eo Varian bong Depa ‘Aut ‘Aust Practeing Regitation ‘Ait Practicing Regitaton Certeate No 0868-2018-c04-81 Certeate No. 8221-2020-004. He Chi minh city, tna 24 Maren 2020 5 1 £2 84 2A Saigon Thuong Tin Commercial Joint Stock Bank ‘CONSOLIDATED BALAN 8 at 31 December 2010 HET ASSETS (cath, gold and gemstones ‘Balances with the Central Bank ‘Due from an loans to otter ced institutions ‘Due rom other crest nstutons loans to ctor seat stuns Proven treat oasee Derivatives and othe finsncilstsets Loans to customers ane to customers Prowson fr eo losses on fons o customers Purchased debts Purchased sobs Provision for eed ooses on purchased debs ‘aval Hedttomatrty secures Provision fr nfestmer securtios Long-term lavestments| ‘Other ong term invests Proven forong erminvestmenss Fixed assots Tangible feed assets Cort ‘ecumiated depreciaton Intangible feed assots Cot ecumsted amortzaion Other assets "Recevabies Interest and fous reclable Detorod corporate inca tax assets Other assets Provision fr oter assets TOTAL ASSETS Note ™ n n 14 ” waa 2 28 2 144 142 184 22 63 14 8,260,373 209861 13,180915 2irig808 24488 232,088,715 bassoon 4 (9.971058) 76487497 agg00010 35)47,109 (ose) 103954 208,971 725.7) 8,269,968 jase @eisieon, 3592507 aeri70 (4,008,128) 42652986 22256005 0.598680 ‘s9819 4.561300 (e551) 453,551,057, o2rreTo-HN Ending alanco Boginning balance VN maton 8,379,549 9,602 4922454 4446288 sane (652) 21310 253,100,194 2581522753 (22642) saa98 519.000 (4254) rsst4aat ‘7008 732 aoaaaaie (207.528) saasts soar? rns) 8.49682 417730 7086,107 @ara77) “3.681.922 4573586 (@s1683) 47884200 23'154808 3102 41965348 (470,809) 409,040,598, Saigon Thuong Tin Commercial Joint Stock Bank ‘CONSOLIDATED BALANCE SHEET (continues) fs 2131 December 2049 Notes uasILiTiEs Dueto the State Bank of Vietnam 6 ‘Due and borrowings fram other crest Inettione Dus tacts erat nstitons a4 Boronings tom otber eae nsttuions 172 Dueto customers 1” (Granta, entrusted funds and loans exposed to risks 1° Valuable papers issued 2» ‘thor abe Interest and ees payatio au Deleres corporate near taxisbtes 222 Other Eabiies 212 TOTAL LIABILITIES ‘OwneRS’ EQUITY Capital Charter capil Fun fo capil expendture Share premium Treasury shares thereat Foreign curency translation reserve 1 earings TOTAL OWNERS’ EQUITY ma TOTAL LIABILITIES ANDOWNERS' EQUITY BouTero-HN Ending boloneo —Boginng btonce "RD ion VA mon 2530 5,203,008 3528,580 17300,188 ‘00.865 Soas'ate $125,505, 6260982 4oosea.se0 349,980,822 83,606 sre 400,008 8,065,808 1254204 siz72428 aosaes 3.06068 25.462 28.402 5528399 +5300,004 426,809.417 yeasais? 124 east soar 653 2.968,901 2rnages 199,543, 223,706 ain 504 3521.066 74,640 24632367 453,501,057 406,040,508 Saigon Thuong Tin Commercial Joint Stock Bank. ‘CONSOLIDATED BALANCE SHEET (contnuod) po2rero-HN 221 Docomber 2019, (OFF BALANCE SHEET TEMS Ending balance Begining blanco vio maton 7 'VNO mion Carnes for bonowngs asex2 raze Soragnexcangecommlnens ssgieaor + Geontmanson buying in curenios Sars * Sonmtnans on song lore corenoes S0as02 = Sentiments on sap Pansacrons naaecons ites otecat “hos s80 ‘iter purenioes eeates ‘ter contents ae seamen Prepares by 4 * ie Loaven Hee Raya Ta Gian gajn Due Tash DS ‘ecniniant ‘hit Reatant General brecor Ho Chin Cy, Vietnam 24 Maren 2000 Saigon Thuong Tin Commercial Joint Stock Bank (CONSOLIDATED INCOME STATEMENT BosToTOHN forthe year endod 31 Decenber 2018 Current yeor —Provious year tos __“yno\miion "YD tion, Interest ane snr income 25 soareert ——_26206,571 Inert and ailarexpanese 28 1306-265) __(18681,777) Net interest and similar rcome 100.688 7933794 Fee and commission ncore 900.443 s772038, Fee and commision xperses (0,485) (1,080,658) Net fee and commission meeme a 322.800 Net gan from trading of reign currencies 28 on 748 [Net gan from dealing of hele fortrading securities : 3306 [Net gan from investment secures » 72784 23 Coter opening come s4as.a74 51.030 (ther operating expanece (eae) _(i3aen, Net gain trom other opereting activ 2 1421,107 932383, Income from investments in other entitles 34 23.64 2808 TOTAL OPERATING INCOME ta sas.33 11876935 Personnel expenses 6465957) (4832478) Depreciation and ameoizaton charges (e304) ‘aseor7) (ther eperating expenses 9258482) 6437) ‘TOTAL OPERATING EXPENSES 3 (7887,830), [Net operating profit before provision expense for eveat losses 5,360,038 3,839,108 Prouison expense fo cre ose " cerisne60) 4802.14) PROFIT BEFORE TAX 3216,746 2246901 Current corporat ncome x expense m4 791,542) 5711) Deleted corporat income taxincomelespense) 222 25.800, 124) Corporate income tax exsenset ysis) (400.85) PROFIT AFTER TAX 2as4e64 1,790,186, ‘Basi earnings per share (VNDIshare) ™ 4a19 781 MV ir Liu van eae Huynh Than Giang“ Ms. ngayon Dus Tach Diem ‘scorn Chie Accountant (General Decor Ho Chinon Cty, Vietnam 24 March 2000, Saigon Thuong Tin Commercial Joint Stock Bank ‘CONSOLIDATED CASH FLOW STATEMENT forthe year ended 31 December 2019 CASH FLOWS FROM OPERATING ACTIVITES Intoret and smiar enn Interest and ilar payment Nettoe and commision exits Netreceipt rom wading ofsecutes, gold and fevogn eurensis Recaps rom other scties Recovoras rom bea debsprevously witen- ‘ie tae Van Fa 1, Huynh Thanh Giang ‘We. Nguyen Duo Tach Dior ‘esourtan (Chet Accountant ‘Goneral Decor Ho Cri Minh Cy, Vietnam ‘24 Maren 2020 " ‘Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANGIAL STATEMENTS. 0uTeTO-HN {3 121 December 2010 and forthe yea then ended BANK INFORMATION ‘Saigon Thuong Tin Commercial Joint Stock Bank (he Bane’) Is ‘Dank incoporeed hte Soeit Republic of Vetta Establishment ané Operations “The Bank was essblsned and persis in accordance wi Banking Llosnse No. 111/GP- [NHN esuad by th» Stato Gan of Vielam of © Novem’ 2018 epacig Bankng License No. OOOBNH-GP dite Decomber 100, Business Regivaton Ceifesta No 0301103008 fates 13 January "992 and oer amendmres issued by Ho Chi Win Cy Deparment of Panning and Invesment. The Bans operaion pees $0 years rom 6 Doceroer 1881 (On October 2016, Souter Commaral Jit Stock Bark was offically mergednto Saigon ‘Thuong Tn Commi! Jot Stock Bank soordeg to Dacison No. 1844/QD-NHN detec 1a Soplemnber 2075 auld bythe State Dank of Vielnam.Aecrngy, Sagon Thuong Tin CGommerciaJeint Stock Sank nas fecelved and iheraod all astels and oblgatons of ‘Sou Commarial Jit Stock Sank since the dato merger. commercial jit sock “The Bank i alowed to cary ut full range of banking services Incudng mating and {eceuing short mesium ara fng-term deposts om ergantatons and indvduals;provdng Shor medum ane longarm loans to anasto and inddvals based on the Banks ature and capscy ofthe eso! resourses; forign exchange tracing Ienalinal ade financing teres, decount of commercl papers, bonds and. other valuable papers proving selflement serves, operating In’ monetary market, banking ard tnanca onautane: train in government and corporat bonds; got ading cash ransgement Sorvoes, abst presenaton- cabin ns safe emg, errustnent and tusteship sevces iRsurance spent troterage and oiner tanking tows a8 alowel by tne State Bank of Viena (Charter capital “Toe charter capa the Gank 98 at 31 Decomber 2019 amounted to VWD18 85,157 milion {1 December 20%8: VND 652.157 milan) The Bank nas asued 168,218,716 oriaty Shae wth apa wie of VNDY0,000 por snare. The Batis shares have ben tos on Me Ho Chitin Cty Sock Exchange, Network “The Bank's Head Ofce I lated at 286 268 Nam Ky Khol Nghia Steet, Ward, Distt 3, ‘Hoch Oty, tram ke 931 Decontar 201, the Bank had ono (i) Head Ofice, one Furor and ot (70) branches, four andre and forty-seven (487) comaste Yansacon foes oeatedin des ang povines in tna (31 Decemoor 2018. the Bank ha one (1) Fiend Offs, one hundred and fve (108) branches, four hunered and fory-soven (647) ‘domeste transact offlet). 2 Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (contioues) BosmrorD-N = at 31 December 2019 ard forth yer than sndod 1. BANK INFORMATON (coninued) Subsidiaries ‘sat 31 December 2019, the Bank has si: (6) subsites a folows ‘isinessreiseton Conticatn/ ‘subsicarios (porting Leense No, Nolue of@ushoss —Onnership ‘Sacombank Asset 4404000053, Asset management 100% Management Co, Ws ‘Socombank Lessig Go, 658]GP-NHNN Mobiiing capt! ana 100% us teasing seins SSacombenk Remitanee 0504242674 Ferigncuroney 00% Express C0, Ui, femitance service and foreign exchange agent SSacombank Jewel Co, 0305584700 Retaing gol ever and 100% te precious stones, jewel Eomamercal inspection, 0 rscng, ‘manufacturing god and Fewelry Sacombank (Camtodis) N27 Banking business 100% Pre Sacombank (La0}P NHN Banking busines 100% Employees “The Bank an ts susdres are otal number of employees as at 31 December 2019 were 18257 persona (31 December 2018: 1,648 preons). 18 Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) ‘0srTeTo-HN {3.2131 December 2010 ae he yoo hen ened 22 a2 [ACCOUNTING PERIOD AND ACCOUNTING CURRENCY Fiscal year ‘The Bank and its ever’ fscal year stat ont January and ond on 31 December. Accounting eurroney ‘Te Bank and is subsidies matin is eecountng recorded in Vietnam dong (VND) Dsordng to Chur No 45/2014/TT-NHNN, for to prpese of preparing these consolidates Francia statements, the amount are reunded to the nearest millons and presented in milo of Vein dong (VND milion). [APPLIED ACCOUNTING STANDARDS AND SYSTEM ‘Statement of compliance “Tne Board of Manapeento the Bank onfms that te socompanyng consolidate Maral Siatements nave feen prepared in secodance wit Vietnamese Accountng Standards, Xeiramese Accouing System for Cred nettons, the ofa approval of Oe State Bank of Vitnam for tho Post merger Restlurng lan and the Bank’ proposals for Sharia fegimes and reaction in the Restuctring Plann relaton to acouod eres reccivales, \VAMCs special berg, bad debi, doubt assets and invostents during the esrclug petld and be stoulry eaurements relevent fot preparation and presentation of the Consolidated franca! satemerts ‘Accounting standards and system ‘The consolidated financial statements of the Bonk and its subsidiaries are prepared in focorance wih fo Accounting System appleable to crea Inctutns required under Boston No 47000400 NHNN lesued on 30 Apri 2004, Crue No. 1020"4/TT-NHNN Gated 20 Maren 2014 and. Creu Ne. 222017ITT-NHNN dated 29 December 2017 mending and susplemening Decision No. 479/2004/QD-NHNN, the thancial reporting ‘ogme aplcabeb Creat natutonerequed under Deison No, 762097/0D.NHNN dates ‘Yeap 2007 end Cour No, 49/2014/TT-NHNN amending ane supplomentng a number of Afides of Deen No. 1820011OD-NANN and the ehat of account system for cred instsionslsued n conection with Decision No. 479/2004/0D-NHIN by the Stato Bank of team Denson No 34/Q0-NANN. Tym dated 22 May 2017 and Oficial Lei No 2BNHNN-TTESI Tym dated 22 May 2017 by th Stato Bank of Vitnam for he Pos merger Resructumg Plan and the Banks proposals for nancial regimes and resolutions Ih {ho Restrtuing lan as Geserbed n Note and cher Veinarnese Accounting Slanaards Issuedy be tine of Finance as per Decision No. 149200%/00-8TC dated 31 December 2001 on the Issuance and Pronulgati of Pau Visanose Stancards.on Aczuneng (Sones > Decision No. 1952002/00-87C dated 31 Decamber 2002 on the Issuance and Promulgatono Six Vetnamere Stondarse on Accounting (Series > Decision No, 294/2005/00-8TC dated 30 December 2003 on the Issuance and Promgaton ot Si Visnamese Standards on Ascounna (Seis 3 > Dacision No. 1272006/00-07C dated. 18 February 2005 on tho Issuance and Promigalon of Sx Vietnameee Standards on Acooutng (Serle 4), and Decision No. 1002005/00-87C dates 26 December 2008 on the Issuance and Promuigaton a Fur Vietnamese Standars on ozauntg (Seres 8) Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) ‘0xTCTO-HN ‘8 131 Decomber 2010 and fr to year then ended 32 33 a4 [APPLIED ACCOUNTING STANDARDS AND SYSTEM (continued) ‘Accounting standords and system (continued) ‘The accompanying sonsoliste franca statements have been prepared in ocordence with ‘ocouneng. props and. pracioes goneraly accepted m Vietnam ‘Accotngy, the ‘Secompanyiigcontoldeted nancial etatoment, cueing the wlstion are not dsignes io tone who are nol informed about Vstnam's ecccuning princpen,srocedues ang practices and tuthermaoresra nat hte o preset the consolidates Mandl poston and Tonaoidated esuts of operations and coneaiate eath ows In aecordanoe th ecouning principles and praceoe gonoraly acestedncourtes ofr Pn Vietnam hes or balances required by Decision No. S/2007IOO-NHNN dated 18 Aprt 2007 and CCrovir No, cO0T4/TT-NHNN dated 2" Dacembor 2074 isued by the State Bank ot ‘Vietnam stpuatng tne Francia eatements reporing mechanism fr credit insttuons that ‘remot shown nese consoidated fnancaleatements deat Mi blance Basis of concolition “The coneodated Inara eltemants comprise the Francia sttoments of the Bank and ts ‘subsides for hayear ended 31 December 2018, Subsioris are fly coneodatd rom the dle of acquilon, blag the dato on which the Banke obtains conta Sra conn fo be consoled unt the dae that such corvl ceases “The fnanca sateen a! he suostis are proparod forthe same reporting period asthe Bank using concent accounting ples. [Al ince-goup balances, income and expenses and unreized guns ores ecuting fom ‘piragroupraneacone ae elminated i ‘Accounting poles applicable fo the main items in accordance with the Restructuring Pian approved bythe State Bank of Vietnam (0n22 tay 2017, te Postmerger Restructuring Pin of Saigon Thuong Ti Commer Joint Stock Bane wih te implementation per unt end of 2025 andthe Ban’s proposals for finan! regmes nd resolutons the Restucurng Plan in velaton to accrued interest TeceWveies, VAN epecal bonds. Sad debi, douetUl assets and investments dng the Festuctring pert vas approved by the Sata Bank of Visarn aecotng fo Denson No S4]Q0-NANN.Tymané Ofeal Ltr No, 425NHNN-TTGSNM. Tyr. Accorngy, te basis for reeegntion, measurement ang presentation of hese tems inthe cencollated Mancial ‘atemonts wos scoped accordance wh te cffcll approval ofthe State Ban of Vietnam {or the Port marper Resiuturng Plan an Pe Banks proposals inthe Restructuring Pan lahich are presened i relevant nles fo the consoldsted thancil sisements Those > Accrued interest ecevabas: The Banks pois to block accrued inerest reelvebles (of corin ba Sette and dob! asats ns consoidsted farsi stlomers as at December 2018 ane amortize such aoc'ved interest receivables io prot and toss based ‘on te tnancal eopabery over a maxrmum perod of 10 yous according to he Reatracturng Plan davleposby the Bank (Note 752). Provision for caitlestes The Bank's permited to make and aca provision or ere [besos based on nancial capsbilly asc tothe Restucures Plan ceveloped by the Gank dung te resbucturng period (ere 9.? and 1.1). Specil bondsissved by VAMC: The Bank's permits to make and aocete provision for ‘Vanics specal bends Based on te manos’ sapabity during the trm a te Bonde (Nata 123) 15 Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) josrTcTO-HN beat 21 Decomor 2010 ad fe the you thon ended a4 as [APPLIED ACCOUNTING STANDARDS AND SYSTEM (coninued) “Accounting polices applicable fo the tems in accordance with the Restructuring Pan ‘spproved bythe Sats Bank of Vetnam(contrues) Doubt assets, orcosed assots: The Bank is roquied to establish speci processes land ached.los > completly esol the orecooed onsets nore to rocov the copa for the Bank The Bark is ported to ool ts bad debls and doubtful assets to ‘rgantzatione and individuals at marke proes and amorize esses aiing from sles of ‘hee cent fo pot anc lees based ons financial capably over maxamum pers of ‘years om ths sling date (oto 151 and 183). > Investments nexcsa of 1% of he investe's charter capt and cross ownership: The Bank is aporoic to flow the proposed schedule Tor resolang tese invectents Inthe Restructrng Flan to comply with te pevanng regulations (Note 121). ‘Accounting estimates and assumptions “The preparation ofthe consoliaod nancial statements roques the Board of Management ‘rake cetmatos ani assumptions tat fet the epored amount of seeais nd labile and Ciseosure of content babates. Those eeUnates and assumptone also tact he income, the exoenses and Povisions, Such estimates ar based on aeeumatiosioveling varying flgrees of susjectrty and ures. Threfoe, actual resis ay afer or estimates, Feauiing in ute changes to such Fors Going concern “The Board of Management has ‘akon all necessary measures 1 mainiln the Banks paraton cont, eluding the recovery of matured debts and bd debs, malhenance of ‘xing customer copes, nang new customers, deployet ofnew services and products, ‘Stet conta of operating expenses ec, Smutanaousy, te Doar of Management has asc inpiemanted the bod debt recovery and restuetsing according othe Merger Pan ar the Restructuring Pan ae eperoved bythe Sata Bank of Vietnam. The Board of Managemart Doves that hte Implmentalon af he above raasures, tho Bank ad is subetares ‘al contin fo operate nthe defate hte As 8 raul hese consobdsted thancal "atoments have Been oropared one going assumption bass, ‘SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Changes in accounting polleles and dsclosuros ‘The accountng polis adopted by the Bank and its subscares in preparation of the {Dneotated rans stataments are consistent ith thse flowed nth preparation cf the onsaldates frail statements foc the Year ended St Docomber 2018, except for the CCtoutar No, 482019/77-870 proving gutance fo the appropriation and use of provisions fordevalton of nvenones,tranc! investments, bad rocolVabe debts ad waranty for ‘product, goede and sontratan were af ertorprses (on 8 August 20%, tho Minsty of Fnance issued Guar No. 4872019/T-BTC ear ‘%2) prowing gudanee tothe appoptision and use of provsene for dovaluaion of invontores, oss fnanclalivestmants bad receivable debts ane waranty for preducs {Goode ang covstueton works 22 a Basle for determining deductbie expenses when Seterning axabe income 6 Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANGIAL STATEMENTS (connuod) bosrrero-HN (3. 24 Decembor2019 ar fer he year hen ended as 42 49 44 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contrued) changes in accounting polices and disclosures (conthued) Koy changes in Ceular 48 areas below: > Amancng the guidance on making powsions foros dus to dovahaton of secures: Amending guidance on making grovisione for capital contibuon and longterm investment Amending guidance on mating proses for bad det. Cceeuar 48 has taken effect sce 10 October 2018, apple from fecal year 2019 and feplaces Creuar No, 228/2000/TT-BTC cates 7 December 2000, Gzcular No. 247201177 [Sfo dated "4 March 2011 and Chowar No. SO20TS/TT-OTC dated 28 June 2013, cash and cash equivalents ‘cash and cash eqvtens comprise cash on hand, gol and gemsiones balances wih the Genital Sank, teaury nots and oer short term valuable papers which canbe discounted ‘ith the Stoo Gank of Var ("he SBV'), due tom other eat isons on demand or ‘rh an onginal metry af lee than es mont fore te transaction date and secures Thvestment wih matty of es han three mona om purchase dates which ae roxy ‘Convereieinto cetan routs of cash snd subject significant rks of change in value atthe reporting ‘Due rom and! loans to other credit instuions Due fon and oens to other crest initaons butstanding atthe anol he year 1 presentad at the principal ameunts “The eet isk lssicaton of ue om anc aan ooor cect netutone and provision for ‘Heat rok thereof are provides acoréance wi Crear No, O220137T7-NHNN cated 21 ‘Susy 2019 of he $8 on clsstston of sects, levels and method of maxing risk pyovaln, snd usec provison agaist ced ste oparaton of crea ett, feign Bons branches (Stelr 02) and Grculr No, O920%4/TT-NHAN dates a March 2014 on fmendeg and suplamenting a numbor of aie af Creuar 02 Clodar 08, Accortngy, the Bank ants subsidiaries make a specie provision for due rom excep for Curent aoaunt) and loan o other ert nsttutlons according to the metho es desosbed in note #8 ‘According to Crevar 02 and Crelr 09, the Bank and its subsides are ct requiod take 2 general provision ode from an loans to oor cet netulons. Purchases ents Purchased debe 3 recognize atthe emount which nas been pai for det purchase and ‘asalfed nfo the group of rik whieh not lowe” than the grou of cobs clasetied before purchase. Interest recap ncucin te interest ierred before the purenese Is recognizes Using th lowing penile) reduce te value of purchased debs bythe aout ofierest incuted before te purchase date I) Tecogne ine intrest Income inthe pered by tNe ‘mur incutes ater the purchase date “The purchased debs are classed nolan group and made provisions agalnst credit sks In adcodance win regulaons on making provslons a using of provsions aganet ea Mets e doceboain Noo 48 " Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) j0xTcTo-HN feat 21 December 2010 ad forthe yer then ended 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) 45 Loans to customers Loans to customers ae ecosed and presented atthe principal amounts oustanding a the endothe year ‘short. loans have maturty of es than one year rom disbursement ate, Medium term Tears have mati of mare than one o fe ears rom dsbursermet dat. Long-term loans hava matucty etme than ve years Kom abursemont dat Loan clsstation and provision for cre e868 are made eesordng o Greular 02 and {Grouar 09 as dosotbedin Note 48 46 Loan classiticaten and provision for creat losses appled fo due trom and foans to ‘other credit instetions, unlisted corporate bonds purchased and tuted for purchase by the Bant, foae to eustomors, entrusted for ereltgrenng by tho Bank and other rot iskboaring assets Loa caseticton “The clasieaton cf dua from andloans to oer cred intttons, unlisted corporat bonds purchased and tusled for purchase by the Bank, loan lo customers. entusted for cet ‘ranting bythe Bank and ether creat ik bearing ascats colecvety called "ett" sade ‘F complancs wh to quantiatve method ae prescrbed in Arie 10 of Cwculay 02 ‘Recording. debe ie classiedacceraing to level of sk as. Current, Spcil mention, Sub ‘Standard, Doubt and Loss based onthe overdue stats and oer quaatve factors Debs ‘assed ito sub stondord, doubt and oes group are determined ae bad dbs. ‘Specie provision “The specie provision for dats belonging tothe Restructuring Plan is made in compliance ‘Wt the oficial approval of he SBV forthe Post merger Restructuring Plan and the Banks ropoaslsin the Restetring Plan dung the resvuctung paid (Nate 3.4), “The specific provon for dels as at 31 December t mide based onthe principal balance fess counted vaue of colaterate multiplied by prow ates which are detemined based ‘ne debt claseatons a8 at 30 November The spect provision fates foreach group are presented as fotows: ‘Specie Loan grup eserption lawson rate + [Curent |) Curent debts are assessed as Wy and Uma) om ‘eoverabie forbot pnepals and sess: oF (0) Debts are overdue fra period of ess than 10 days ‘Sd assessed as uly reeoverabie for ban Oveaue prindpals and erect, and tly and Wnely Tacoverable foe both remaining edeclpas and _ interest. 4 2 | Specs ]l@ Debs are overdue fora period oftetwesn 10daysand| i enon |" 90aays oF (Debi nich he rapaymonttrme are esrutured for she iret oe Saigon Thuong Tin Commercial Joint Stock Bank NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (contied) tat 31 Decembs 2019 ad fer the year hen ended 4. SUNMARY OF SICNIFICANT ACCOUNTING POLICIES (continues ‘eoeTCTO-HN 48 Loan classitation and provision for credit losses applied to dye from and foans to ‘thor credit inetiations, unlisted corporate bonds purchased and rustod for purchase by the Bank, loans to customers, usted for erelt granting by the Bank and othor (red rck baring assets conned) Spec provision (eantinued) estision ‘Seecte [provision rate oan gros 3 [sw Bondord % [Bout ja) Debts are verde or period ofbetwoon 3 days and 180 days: or |b) Dable whic he repaymenttems ere etendod for ne Je) Dette bien inforests ae exempted or reduced because customers donot have sleet capably to repay al lorests vader creat contacts or i) ates under one ofthe lowing cares which have not been racovered in oss than 30 days om the dao ol the recovery decision: + debts made incampilnce wih Clause 1,3, 4,8, {under Ace 126 of Law on Creat nsitutons 1 Debts made incomptance wit Clause 1,2, 3,4 Under Arete 127 of Law on Crit Ietutons or 1+ Debts made incompance with Clauses 1,2 and 5 Under hte 128 of Law en Cre Inattudons 1) Debts are requied to be recovered according to ator nspacon concustns. [a Datis are overdue for @ pened of between 181 days (Debts which he repayment trms ae restructured fr the st im tate overdue x poroa of fxs than ‘0 daye under that esrctred repayment er, or lc) Debts whien th repayment tems are restructured for the second ime: oF (Debts are specied in pot () of Loan group 9 and ‘overdue fora pared of between 30 days and 60 days ‘ater decisons of recovery have boon seve of 2) Dabte aco required to be recovered according. ‘equator ingpection conasions but sti oustanding ‘sith an overdue pared up To 60 days ance te| Toowory cate a6 rqured by regultry inspection 19 0% Saigon Thuong Tin Commercial Joint Stock Bank. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (connues) BosrTcro-HN 5 31 December 2010 ard forthe yor thn onde “6 ‘SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contd) ‘Loan clasiication and provision for creat losses applied fo due from and loans to ‘ther ert inedtions, unllated corporate onde purchased and trusted for purchase bythe Bank, loans fo customers, anusted fr ered granting by the Bank and other (eredirisk Bearing assets conti) ‘Specte provson (continued) ‘Specie Loan or Descrpian proton rate | Lose | (a) Dabir ae overove fora eros of mere than 360

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