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SeABank on track for 46% profit rise
Vietnam's SeABank, 15 percent owned by France's Societe Generale , forecast that its gross profit would jump by almost half this year.
SeABank said in a statement it aimed for a gross profit of VND646 billion, an increase of 46 pcercent from the VND443.9 billion recorded for 2008.
The lender has forecast that loans would nearly triple to VND22.46 trillion this year from VND7.59 trillion in 2008.
It said the central bank had approved an increase of 25 percent in its registered capital this year to VND5.07 trillion and it would use the proceeds from convertible bonds issued in 2007 to fund the capital boost.
SeABank has said its gross profit in the second quarter ending in June jumped 106 percent from the same period last year. Outstanding loans nearly doubled from the end of last year to VND14.83 trillion at the end of June.
In July, the government said overall credit growth this year should be 25 percent to 27 percent. The central bank has since capped the increase in lending by major banks at 25 percent for 2009.
vietnews, Reuters
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