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Domestic banks publish positive business results
Many domestic banks have reported positive business results in the first quarter and said they were confident of hitting their annual targets.
The HCM City bourse-listed Eximbank (EIB) posted a pre-tax profit of more than VND1 trillion (US$50.7 million), up 26 per over the same period last year and over 35 per cent of its annual target of VND3 trillion ($144 million).
Asia Commercial Bank, listed on the Ha Noi exchange under the code ACB, estimated its first quarter profit would reach VND900 billion ($43.2 million). With the first three months of the year known for being a notoriously quiet time for business, ACB said it was confident of hitting its profit target of VND4.1 trillion ($196.8 million) this year.
Due to the Government's tightening of monetary policy in order to rein in debt, the Military Bank set an annual profit target of just VND2.9 trillion ($138.8 million), up 27 per cent from last year. It estimated Q1 profits to be nearly 25 per cent of that target.
DaiA Bank, a small bank with a charter capital of VND3.1 trillion, on Monday announced Q1 pre-tax profits of VND80.8 billion ($3.9 million), equivalent to 63 per cent of this year's target.
Shareholders of Techcombank have just approved the bank's ambitious profit plan of VND4 trillion ($192 million) this year, up 46 per cent over last year.
Although the bank has yet to post results for the first quarter, General Director Nguyen Duc Vinh was confident that the bank could accomplish its business plan.
Vinh said that shareholders would invest VND5 trillion ($240 million) in the bank this year, including VND1.9 trillion ($90.5 million) in retained earnings from last year and VND3.1 trillion ($147 million) from convertible bonds.
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