ACB Posts Pretax Profit of US$55Mln, Fulfilling 59 per cent Annual Plan
Hanoi bourse-listed Asia Commercial Joint Stock Bank (ACB) said it gained pretax profit of VND880 billion (US$55 million) in the first six months of this year, fulfilling 59 per cent of the target set for the whole year, at VND1.5 trillion.
The first-half earnings far outstripped the figure of the last whole year, which stood at VND494 billion.
The bank also reported its total assets of VND58.4 trillion (US$3.65 billion) by the end of June, accounting for 89.8 per cent of this year’s target.
The bank’s total deposits reached VND50.7 billion, and its outstanding loans hit VND22.1 trillion, fulfilling 88.4 per cent of the annual plan.
The Ho Chi Minh City-based bank has scaled up its registered capital to VND2.53 trillion ($158 million) from VND1.1 trillion.
The bank targets to become the leading financial group in Vietnam by 2010 with core business as retail banking.
ACB looks to acquire a 10 per cent deposit market share, a 5 per cent lending market share in Vietnam with total assets of about $12 billion by 2010, equivalent to the size of regional lenders. (Securities Investment, Young People)
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