ACB Reports Profit Up 77.21 per cent

The Asian Commercial Bank (ACB), Vietnam’s largest commercial joint stock bank by assets, posted a pre-tax profit of VND682.4 billion last year, a year-on-year rise of 77.21 per cent, confirming its leading position in Vietnam.

 

By the end of last year, ACB registered total assets of VND44.875 trillion, up by 85.07 per cent on year; total deposits of VND39.548 trillion, growing by 77.09 per cent; and total outstanding loans of VND17.116 trillion, rising 78.94 per cent.

 

Last year, the bank expanded its operation network to 80 branches and transaction offices.

 

ACB’s scheduled dividend rate is 38 per cent of which 8 per cent will be paid in cash and 30 per cent in shares.

 

ACB officially listed its shares on the Hanoi bourse in last November.

 

Recently, Fitch Ratings affirmed ACB’s Individual and Support ratings of 'D' and '5', respectively, reflecting ACB's profitability and adequate level of capital.

 

ACB was founded in 1993 by a group of local businessmen who still hold 20 per cent of the bank. Other shareholders include the International Finance Corp. and Standard Chartered Bank ('A+'/Stable), both of which are represented on the board and provide ACB with considerable technical assistance. (Labour, ACB’s website, Vietnam Panorama)