ACB Reports Profit Up 20 per cent to VND2.6 Tln in 2008

Asia Commercial Joint Stock Bank (ACB), the biggest listed bank on the stock market of Vietnam, has said in a statement on its website that it made pretax profit of VND2.56 trillion (US$150.6 million) in 2008, rising 20 per cent on year and surpassing the year’s target.

 

The bank had total deposits of VND88.2 trillion, total outstanding loans up 8.7 per cent to VND34.3 trillion, and maintained bad debt rate at 0.9 per cent. Its total assets reached VND115.2 trillion.

 

The earnings from credit activities in 2008 accounted for only 22.5 per cent of ACB’s profit, much lower than 50 per cent in 2007, the bank said, explaining that it provided unprofitable loans for enterprises since the end of the second quarter until mid-fourth quarter of the year to share difficulties with borrowers.

 

ACB said its income came mainly from currency trading activities and banking service.

 

The VND6.4-trillion bank, which listed on the Hanoi Securities Trading Center, had to put aside VND500 billion for securities provision fund last year. Its earning per share (EPS) in 2008 was VND3,673.

 

The HCM City-based lender had total 186 branches and transaction offices by the end of last year, an increase of 67 per cent against 2007, and total 7,000 employees, up 52 per cent. (www.acb.com.vn , Vietnam Economic Times)