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Foreign-invested banks see increased profitability
Foreign-invested banks in Vietnam reported a considerable rise in their profits in 2011 despite the economy recession.
On March 29, HSBC Bank in Vietnam announced that its pre-tax profits in 2011 had risen 40 per cent compared to 2010.
Standard and Chartered Bank also announced its revenue had increased for a ninth consecutive year with revenue of $17.64 billion and an operating profit margin of $6.78 billion.
The total profit of retail banking sector increased 26per cent, with profits from the institutional banking sector reached five billion.
A Standard Chartered Bank representative said, "This achievement was due to strong capital, healthy liquidity and diversified revenue from emerging markets in Asia, Africa and Middle East."
According to the State Bank of Vietnam in Ho Chi Minh City the business results for foreign-invested banks, foreign bank branches and joint venture banks had registered a four-fold jump from the same period in 2010.
The total of outstanding credit of the whole banking sector rose 6.3 per cent, with joint venture banks rising 3.75 per cent and foreign banks gaining 9.04 per cent.
The foreign credit institutions occupy 11.5 per cent of capital mobilization market share in 2010 but it has increased to 20.6 per cent while state-owned bank shares decreased 0.67 per cent and the joint stock banks' share only increased 14.3 per cent.
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