Military Bank Reports Q1 Pretax Profit of VND408B
Military Joint Stock Commercial Bank (MB) has announced its business results in the first quarter of 2009 with VND408 billion in pretax profit, up 1.7 times against the same period last year.
Fifty percent of the figure came from credit activities, the bank said in the statement.
As of March 31, MB had total deposits of VND35 trillion and total outstanding loans of VND16.5 trillion, representing year-on-year increase of 43 per cent and 20 per cent, respectively.
The HCM City-based lender is also one of pioneers in the government-initiated interest subsidy program with nearly VND4,190 billion of soft loans disbursed so far. It plans to lend around VND35 trillion-VND40 trillion under the program.
MB expects 30 per cent-35 per cent growth on its all business targets this year while its bad debt ratio will be controlled at below 2 per cent. (Vietnam Economic Times, VNA)
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