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Eximbank gross profit more than doubles
Eximbank, 15 percent owned by Japan’s SMFG, reported nine-month gross profit soared 127 percent to VND1.1 trillion (US$67 million), a local newspaper said Friday.
Total assets of the partly private bank, Vietnam’s eighth-largest, rose 54.3 percent from December 2007 to nearly VND52 trillion ($3.1 billion) at the end of September, the Dau Tu Chung Khoan (Securities investment) magazine reported Friday.
The nine-month profit made up at least 85 percent of the annual profit target of the Ho Chi Minh City-based bank, which has forecast it will earn VND1.3 trillion-1.5 trillion before paying tax for the whole of 2008.
Eximbank has not revised its annual profit targets, even though many banks in Vietnam have lowered theirs this year due to difficulties in financial markets, the Planning and Investment Ministry-run magazine said. It did not provide any loan figures for Eximbank.
In August 2007, Sumitomo Mitsui Financial Group (SMFG) bought the 15 percent Eximbank stake for $225 million. British Virgin Islands-registered VOF Investment Ltd owns 5 percent of Eximbank, MAE under South Korea’s top mutual fund Mirae Asset group has 4.5 percent and Mirae Asset Maps Opportunity Vietnam Equity Balanced Fund has 0.5 percent.
Thanhnien
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