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BCEL to get hundreds of billions of kip in profit
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| Mr. Sonexay Sitphaxay - Vice Chairman of BOD cum General Director of BCEL |
The Banque pour le Commerce Exterieur Lao (BCEL) sets a target of profit for 2011 of more than 200 billion kip thanks to last year's achievements and the transformation from a state-run bank into a public bank.
The target was disclosed at an annual meeting of the BCEL held at the Lao Securities Exchange Market, on 28 January.
The meeting has evaluated the implementation of its business plan over the past one year, which saw new products of the BCEL to serve society such as VISA cards among other services.
Over the past one year, the BCEL, the first bank registered in the Lao Securities Exchange Market, has expanded four more branches and 10 automated teller machines, which now the BCEL has 18 branches and 25 service units with 138 ATMs countrywide.
The BCEL will provide further convenience to customers, domestic and foreign investors in the country, and undertake the payment of salary for civil servants through its ATMs.
Thanks to the above factors, the BCEL has 9,522 billion kip of assets and debts, exceeding its targets by 11 per cent, and its target of mobilising savings by 12 per cent.
The bank released loans to business units, which exceeded its annual target by 23 per cent. Meanwhile the bank also paid its obligations of over 70 billion kip to the government.
The meeting was presided over by the Director of BCEL Mr. Sonesay Sitphasay, with the participation of the executive boards of the bank and its branches nationwide.
KPL Lao News Agency
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