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Banks begin declaring business results
The State Bank has confirmed that commercial banks have been operating well since the beginning of the year.
Maritime Bank has released a report that says by June 19, the pre-tax profit of the bank had reached VND175bil, equal to 73% of the profit for the whole of 2007. Its indices of mobilised capital, outstanding loans and total assets also show steady growth in the first months of the year.
The bank also announced indices which show the safety of the bank’s operations, including its capital adequacy ratio, compulsory reserve deposits, ratio of loans to mobilised capital, ratio of short-term capital use for long-term loaning and ratio of securities loans and real estate credit.
SeABank has emphasised the business results of the bank in May, which shows the pre-tax profit of VND71bil, of which, services brought about VND3.4bil. The bank has disbursed nearly VND465bil in contracts on funding projects.
Lien Viet Bank has also announced its business results though it has been operational for only little more than a month. The bank has mobilised nearly VND500bil and earned VND80bil.
Techcombank said it has mobilised VND42tril, an increase of 21% over the beginning of 2008.
Sacombank and ACB, the two listed banks on the bourse, have also released satisfactory business results. Sacombank got VND640bil worth of pre-tax profit in the first five months of the year, while ACB got VND612bil.
Deputy Governor of the State Bank Tran Minh Tuan said at a meeting between the Taskforce on Monetary Market Supervision and Hanoi branch of the State Bank of Vietnam and commercial banks in Hanoi that banks still recorded relatively high growth rates especially in service and technology development, financial capability and competitiveness improvement.
Tuan said that there was no weak commercial bank that needed to be put under the special supervision of the State Bank.
The State Bank stated that it does not have any intention to force banks to merge into each other, and that it will support the banks that are having temporary difficulties in payment capability.
In early 2007, the State Bank announced it had put four banks under special control.
At that time, Vietnam had 34 joint stock banks, including 33 urban joint stock banks. Two new banks have appeared since then, Tien Phong and Lien Viet.
However, it seems that banks do not want to release business reports noisily this year, the way they did last year when the banking system reaped fat profit. Experts say that banks are focusing on the information that they have good liquidity and high levels of mobilised capital, rather than detailed figures about profit.
VNN
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