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Banks see strong results despite tough policies, interest rate wars
Leading commercial banks have posted good business results in the first quarter despite tightened Government monetary policies and costly deposit interest wars.
Asia Commercial Bank, the shares, of which are traded at the Hanoi Securities Trading Centre under the code ACB, saw profits rise to 501 billion VND (31.31 million USD) in the first quarter, up 120 percent over the same period in 2007.
Total assets doubled to reach 100 trillion VND (6.25 billion USD) and total deposits rose 180 percent to hit 81 trillion VND (5.06 billion USD), while the bank projected total profits of 2.5 trillion VND (156.25 million USD) for all of 2008.
Despite the solid performance, ACB shares closed down 2.9 percent on April 11, at 93,700 VND.
Sacombank, which trades on the Ho Chi Minh City Stock Exchange under the code STB, posted profits in the first quarter of 435 billion VND (27.18 million USD), up 44 percent, a figure expected to total 2 trillion VND (125 million USD) by year’s end.
Sacombank’s assets grew 135 percent during the same period to 75.2 trillion VND (4.7 billion USD), while total deposits jumped 133 percent year-on-year to 65.44 trillion VND (4 billion USD).
Yet, despite the promising figures, STB shares closed off 1.77 percent on April 11 trading, ending the day at 38,900 VND.
Two unlisted banks, Military bank and Southeast Asia bank (SeABank) announced profits of 240 billion VND (15 million USD) and 127 billion VND (7.93 million USD), respectively.
Techcombank posted 220 billion VND 9(13.75 million USD) in profits, expecting to generating 1.5 trillion VND (93.75 million USD) in profits by the end of this year.
VNA
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