Vietcombank Sees Pre-tax Profit up 42.7 per cent in First Quarter

The Bank for Foreign Trade of Vietnam (Vietcombank or VCB) posted total capital source in the first of quarter of 2006 was VND146.171 billion (US$9.14 million), up 5.8 per cent compared with late 2005 and the total credit balance reached 53,357 billion (US$3.33 billion), down 5.5 per cent compared with late 2005. Notably on March 31, 2006, overdue loans out of the total outstanding loan amount stood at 2.6 per cent. Overdue loans were 1.367 billion, down 7.9 per cent compared with late 2005. The pre-tax profit in the first quarter was VND1,029 billion (US$64.31 million), up 42.7 per cent against the same period last year, according to Mr. Vu Viet Ngoan, General Director of Vietcombank.

 

Ngoan said that, at present, VCB is completing the procedures for listing, which will be submitted to the State Securities Commission. The new VCB bond issuance is slated for June 2006.