Vietnam Biggest Listed Bank Earns US$26.5M Profit in Q1
Asia Commercial Joint Bank (ACB), the biggest listed bank on Vietnam’s bourse, said on its website that it earned a pretax profit of VND450 billion (US$26.5 million) in the first quarter of this year despite local economic difficulties.
ACB’s total assets reach over VND136.1 trillion as the end of March, a rise of 18.1 per cent from the beginning of this year. It also reported total deposits of VND89.5 trillion and total outstanding loans of VND36.9 trillion during the period.
The bank did not give the comparative figure of last year.
Complying with the government’s demand stimulus package to support local enterprises, ACB has pledged to lend total VND35 trillion of subsidized loans to local institutional and individual customers starting February 5.
Based on this growth, the bank will be able to reach the profit target of VND2.7 trillion set for this year and maintain the credit growth of 90 per cent, or VND65 trillion worth of loans in 2009, said Ly Xuan Hai, general director of ACB.
The HCM City-based lender posted profit up 20 per cent to VND2.56 trillion in 2008.
As of March, ACB had raised its total offices and transactions sites to 188 nationwide. (www.acb.com.vn, Securities Investment)
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