Vietnam Banks See 9-Month Profit Ahead of 2009 Targets
Many commercial banks in Vietnam have announced they have surpassed their whole-year profit goals as of late Sept, despite forecasts made in late 2008 that this would be a difficult year for banks.
Vietnam International Commercial Joint Stock Bank (VIB) made a pretax profit of VND496 billion between Jan-Sept, surpassing 24% of its whole-year target.
Vietnam Maritime Commercial JS Bank (Maritime Bank) also earned VND700 billion in pre-tax profits during the period, exceeding 15% of its full-year target.
Some credit organizations have meanwhile said they are confident on exceeding their profit targets by the end of this year.
Vietnam Export Import Commercial Joint Stock Bank (Eximbank) said it is set to reap VND1.5 trillion in profit in 2009 and has already earned VND1.163 trillion in the past nine months.
Cao Thi Thuy Nga, Vice Director General of the Military Bank (MB), attributed the outstanding performance of banks and the confidence of credit organizations to the Government’s economic stimulus packages.
The Government’s subsidized lending interest rate package has helped enterprises weather difficulties and restore production, which in turn has enabled them to pay back debts and even step up their use of banking services.
A rebound in the stock and real estate markets has also contributed to pushing up commercial bank profits, Nga added.
Early this year, domestic banks had to low-ball their whole-year profit goals relative to the value of their assets, credit balance and mobilized capital amid predictions of difficulties in the monetary market. (Securities Investment)
Vietnamese
