Vietnam Banks Report High Profits despite Tough Policies
Commercial banks in Vietnam have recently announced good business results in the first quarter this year despite tightened monetary policies by the government of Vietnam in the fight against inflation and costly deposit interest wars.
Asia Commercial Bank (ACB) saw profits rise to VND501 billion (US$31.31 million) in the first quarter, up 120 per cent over the same period in 2007.
Its total assets doubled to VND100 trillion (US$6.25 billion) and total deposits rose 180 per cent to VND81 trillion (US$5.06 billion), while the bank projected total profits of VND2.5 trillion (US$156.25 million) this year.
Sacombank, which trades on the Ho Chi Minh City Stock Exchange under the code STB, posted profits of VND435 billion (US$27.18 million) in the first quarter, up 44 per cent, a figure expected to total VND2 trillion (US$125 million) by year’s end.
Sacombank’s assets grew 135 per cent during the same period to VND75.2 trillion (US$4.7 billion), while total deposits jumped 133 per cent year-on-year to VND65.44 trillion (US$4 billion).
Two unlisted banks, Military Bank and Southeast Asia bank (SeABank) announced profits of VND240 billion (US$15 million) and VND127 billion (US$7.93 million), respectively.
Techcombank posted VND220 billion (US$13.75 million) in profits, expecting to generating VND1.5 trillion (US$93.75 million) in profits by the end of this year. (vietstock)
Vietnamese
