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Seabank says 2008 net profit up 7.4 percent
Vietnam's SeABank, 15 percent owned by France's Societe Generale, said Tuesday its net profit last year rose 7.4 percent to VND321 billion (US$18 million) despite losses from currency and securities trading.
The unlisted Hanoi-based SeABank, or Southeast Asia Bank, was able to record a profit last year thanks to a surge in fees from services and commissions from VND10.8 billion in 2007 to VND114.37 billion, its statement of audited results said.
Losses from foreign exchange trading stood at nearly VND17 billion last year after a profit of VND1.4 billion in 2007 and investment in securities incurred losses of VND77.5 billion against a gain of VND27.7 billion in 2007.
The stock market lost 66 percent in 2008 after a rise of 23 percent the previous year.
SeABank said its total assets last year fell 14.4 percent to VND 22.47 trillion after loans dropped 31.3 percent to VND7.58 trillion.
The banking sector reported credit growth of around 22 percent last year after a surge of 54 percent in 2007. The State Bank of Vietnam has projected credit growth of 21-23 percent this year.
thanhnien, Reuters
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