Asia Commercial Bank net climbs 16 percent in first-half

Asia Commercial Bank, Vietnam’s third-biggest listed company by market value, posted a gain in net profit of 16 percent in the first half because of increases in gold and currency trading.

The Ho Chi Minh City-based company posted VND1.04 trillion (US$58 million) in earnings on the  half, according to an e-mailed statement from the bank Thursday. Net income was VND895 billion in the same period last year, according to figures on the bank’s website.

Profit jumped after the bank, known as ACB, boosted lending and trading of gold and currencies, Ly Xuan Hai, chief executive officer, said in an interview on July 10 after the company released its pretax earnings.

ACB , 15 percent owned by Standard Chartered Plc, plans to raise total assets to VND170 trillion by the end of the year, according to the statement Thursday. Assets were VND115 trillion at the end of 2008.

The figures were released after the close of trading. ACB fell for a second day, dropping 0.4 percent, to close at VND46,800 on the Hanoi Stock Exchange.Asia Commercial Bank, Vietnam’s third-biggest listed company by market value, posted a gain in net profit of 16 percent in the first half because of increases in gold and currency trading.

The Ho Chi Minh City-based company posted VND1.04 trillion (US$58 million) in earnings on the  half, according to an e-mailed statement from the bank Thursday. Net income was VND895 billion in the same period last year, according to figures on the bank’s website.

Profit jumped after the bank, known as ACB, boosted lending and trading of gold and currencies, Ly Xuan Hai, chief executive officer, said in an interview on July 10 after the company released its pretax earnings.

ACB , 15 percent owned by Standard Chartered Plc, plans to raise total assets to VND170 trillion by the end of the year, according to the statement Thursday. Assets were VND115 trillion at the end of 2008.

The figures were released after the close of trading. ACB fell for a second day, dropping 0.4 percent, to close at VND46,800 on the Hanoi Stock Exchange.

thanhnien, bloomberg

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