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Vietnam's Techcombank sees '11 profit up, stock listing
Vietnam's Techcombank, 20 percent owned by HSBC Holdings Plc, has projected gross profit this year will rise 46 percent to VND4 trillion ($191.8 million) and said it plans to list shares, the lender said in a statement.
The Hanoi-based bank also projected loans to rise 19.99 percent in 2011 to VND63.51 trillion, in line with a government target to keep credit growth in Vietnam's banking sector below 20 percent this year to help control inflation.
Techcombank plans to cut bad debts this year to 2.04 percent of loans, down from 2.3 percent in 2010, the statement said.
The bank, also known as the Technological and Commercial Bank, expects to raise its registered capital this year by 26.8 percent to VND8.79 trillion to boost its financial strength and upgrade its operations network.
Techcombank's 2011 business targets were subject to shareholders' approval at an annual meeting on April 23.
Techcombank also plans to list shares on domestic or foreign markets, Chairman Ho Hung Anh said in a separate report prepared for the meeting, asking shareholders to set the time and specific market for the listing.
So far, eight Vietnamese banks, including majors VietinBank and Vietcombank, have listed shares either on the main stock exchange in Ho Chi Minh City or the Hanoi market.
Techcombank is the fifth-largest bank by assets among Vietnam's 39 partly private lenders. Its total assets last year soared 62.3 percent from 2009 to VND150.29 trillion, while its net profit rose 21.8 percent to VND2.07 trillion.
tuoitrenews, Reuters
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