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VIB Bank ahead of yearly targets
VIB Bank has become the latest commercial bank to report meeting its profit target for the year three months ahead of schedule.
The bank posted a profit of VND496 billion (US$27.7 million) in the first nine months of the year, 24 per cent higher than its projection for the entire year and double last year’s figure.
VIB Bank’s total assets at the end of September totalled VND47 trillion ($2.6 billion), equivalent to 118.6 per cent of the bank’s projection for the year.
VIB Bank, ranked second among the four leading Vietnamese banks in Moody’s August assessment of the financial strength of banks, also made headway in attracting deposits and in credit growth.
Deposits totalled more than VND44 trillion ($2.5 billion) at the end of the period, representing a year-on-year increase of 38 per cent and 99 per cent of this year’s target. Outstanding loans reached VND25.5 trillion ($$1.4 billion), 29 per cent higher than in the corresponding period in 2008 and 103 per cent of the year’s target. The bank’s bad debt ratio, meanwhile, was kept low, at about 1.5 per cent of the total.
Maritime Bank and the HD Bank have previously reported meeting their profit targets for the year during the third quarter.
Maritime Bank said it had met its profit target of VND600 billion ($33.5 million) by the end of August. It has reported profits of VND700 billion ($39 million) in the first nine months of the year and now expected to post a total profit by year’s end of VND800 billion ($44.7 million) – VND1 trillion ($55.9 million).
The HD Bank has also reported profits of more than VND172 billion ($9.6 million) through September, meeting its target for all of 2009.
Viet Nam Banking Association general secretary Duong Thu Huong said it was not surprising that banks were reaching their targets early, having set targets conservatively at the end of last year during the height of the global financial crisis.
vietnamnews
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