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Habubank's assets dip, profit below target
Habubank, 10 percent owned by Deutsche Bank, has reported that its assets fell 18.4 percent last month from end-2007 to VND20.82 trillion (US$1.3 billion), a local newspaper said Tuesday.
The unlisted bank, also known as Hanoi Building Bank, said deposits were VND16 trillion in November versus VND20 trillion a year earlier, when its assets were VND23.52 trillion, the central bank run Vietnam Banking Times newspaper said.
It said Habubank posted a gross profit of more than VND490 billion as of November, well below a full-year target of VND650 billion that would have been a third higher than in 2007.
Banks have been urged by the State Bank of Vietnam to lend with caution and set aside funds to prevent risks and to deal with bad debts.
Habubank had said in March it hoped to raise assets to VND30 trillion by end-2008, expand loans to VND12.2 trillion and keep bad debts below 2 percent.
The country's 16th-largest partly-private lender by assets had also said it would slow its lending growth to 29.5 percent this year from 57 percent in 2007, falling in line with government measures to control double-digit inflation.
Reuters
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