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Asia Commercial Bank says income rose 20 percent   2009-01-18 - Bloomberg

 
   
Asia Commercial Bank (ACB), Vietnam’s biggest listed company by market value, said pretax profit rose 20 percent to VND2.56 trillion (US$146.5 million) last year.

 

 

“It was earnings from our currencies and bond trading that buoyed total income,” Ly Xuan Hai, ACB’s chief executive officer, said by phone, without elaborating further. Net profit was estimated at VND2.25 trillion, a 28 percent increase from VND1.76 trillion in 2007, Hai said.

 

Investors bought more bonds in Vietnam last year as an economic slowdown spurred concerns about the worsening global financial crisis. Vietnam’s benchmark bonds gained in 2008’s second half, with the yield on five-year notes falling to 10 percent from 19.7 percent. The Vietnamese currency slumped 8.5 percent, the biggest annual slide since 1998.

The country’s economy grew 6.2 percent last year, the slowest pace since 1999, according to the General Statistics Office. The expansion fell short of a government target of 6.7 percent.

Ho Chi Minh City-based ACB’s total assets rose to more than VND115 trillion, from about VND87 trillion in 2007, propped up by an increase in deposits which reached VND88.2 trillion, according to an emailed statement sent by email. Outstanding loans totaled VND34.35 trillion, it said, without providing a comparable figure.

The bank, which is partly owned by Standard Chartered Plc, rose for the first time in seven days, climbing VND100, or 0.4 percent, to 28,100 on Friday on the Hanoi Securities Trading Center, which fell for the fifth straight day, losing 0.3 percent to close at 102.84.


Other Banking News

Banks trim rates on existing loans   2009-01-18

Central bank brace for rocky road in 2009   2009-01-16

HSBC: Vietnamese businesses stay optimistic amid economic recession   2009-01-16

Index slumps as investors dabble in penny stocks   2009-01-14

Banks flush with dong, expect another key rate cut   2009-01-14

Revised regulations for BOT, BTO, BT projects   2009-01-14

Commercial banks ‘playing fair’   2009-01-13

HSBC predicts a more difficult year 2009 for Vietnam’s stock market   2009-01-13

Banks flush with dong, expect another key rate cut   2009-01-13

Domestic banks getting ready for new competition   2009-01-08

Banks still lacking foreign currencies   2009-01-07

‘Room’ for foreign ownership ratio in banks should be raised to 35%   2009-01-06

HSBC plans more outlets in Vietnam   2009-01-06

BIDV to offer $1.77 billion in funds to spur growth   2009-01-06