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Some big banks lower their profit targets
A lot of banks have reported satisfactory profit for the third quarter and the first three quarters of the year. Meanwhile, many other banks have decided to lower their profit targets, anticipating that the highly expected targets set earlier this year may be unattainable.
HD Bank, for example, had obtained the pre-tax profit of 221 billion dong by September 20, 2010, fulfilling 73.67 percent of the yearly plan, an increase of 15.01 percent over the same period of the last year.
With the total assets worth 27,620 billion dong by that time, the bank had fulfilled 110.48 percent of the yearly plan set for 2010, an increase of 81.63 percent over the same period of the last year.
By the end of September, the bank had successfully mobilized 24,856 billion dong, while the bank’s outstanding loans had reached 9,997 billion dong. Especially, the ratio of non-performing loans is low at 0.9 percent.
SCB has said it has obtained 554 billion dong worth of pre-tax profit, while it needs to have 700 billion dong worth of pre-tax profit in 2010. This means that it will still need to get 156 billion dong in the last three months of the year (52 billion dong a month) more in order to fulfill the yearly business plan.
Pham Quoc Thanh, Deputy General Director of ABBank, said in the first nine months of the year, the bank obtained 540 billion dong in pre-tax profit, while the targeted figure for the whole year is 580 billion dong. Therefore, the bank has just raised the targeted profit for 2010 to 630 billion dong. According to Thanh, the goal of the credit growth rate for the whole year has been obtained.
Chair of TrustBank Hoang Van Toan said after the first three quarters of the year, the pre-tax profit the bank has got is double the profit gained in the whole year 2009. In 2009, TrustBank got 74 billion dong worth of profit, while the figure was 148 billion dong in the first nine months of 2010, which was very close to the target of 190 billion dong.
However, it seems to be easier for small banks, which set modest profit targets, to fulfill their business plans. Meanwhile, it is more difficult for big banks to implement their business plans.
The State Bank of Vietnam has released Circular No 13 on capital adequacy ratio which clearly stipulates the proportion of capital commercial banks can use for lending. Many banks, in an effort to obey the new legal document, have strictly controlled their credit activities resulting in some difficulties in implementing their business plans.
Some commercial banks have revealed they are considering adjusting the profit target.
Techcombank is an example. The bank has lowered the profit target of Techcombank alone (not including subsidiaries) from 3,207 billion dong to 2,800 billion dong.
As for Sacombank, the pre-tax profit of the bank (not including subsidiaries) had reached 1,533 billion dong by August 31, 2010, fulfilling 63.9 percent of the 2010 plan. The banking group (including subsidiaries) initially planned to get 2,600 billion dong in profit this year.
Commercial banks hope that the pre-tax profit will considerably increase in the fourth quarter, when the demand for capital, especially from businesses, will increase.
DAU TU CHUNG KHOAN, VIETNAMNET
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