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Vietcombank projects 2011 profit up 3 pct y/y
Vietcombank (HoSE: VCB), Vietnam's second-largest partly private lender, said it has projected gross profit this year to edge up 3.1 percent from 2010 to VND5.65 trillion ($271 million) while keeping its credit growth below 20 percent.
The Hanoi-based lender planned to lend VND212.18 trillion, up 19.9 percent from nearly VND177 trillion last year, and cut bad debt to less than 2.8 percent of loans, from 2.83 percent in 2010, it said in a report to shareholders this month.
The lender, also known as the Commercial Joint Stock Bank for Foreign Trade of Vietnam, planned to raise its total assets this year by 15 percent to VND353.62 trillion. Its ranking in terms of assets follows VietinBank.
Shareholders approved the bank's business targets at an annual meeting on Friday, the online news website VNExpress (Vnexress.net) said.
Shares in Vietcombank closed down 1.4 percent on Friday at VND28,200 ($1.35) before the outcome of the shareholders' meeting was clear.
The government has cut Vietnam's annual credit growth target to below 20 percent this year to curb inflation, from an initial target of 23 percent, following a rise of 27.65 percent in 2010.
tuoitrenews, Reuters
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