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Sacombank says January profit soared 157 percent   2008-02-16 - Reuters

Sacombank, the country’s sixth-largest bank, said its gross profit soared 157 percent to VND157 billion (US$9.8 million) last month from a year earlier.

 
   
Sacombank, the country’s sixth-largest bank, said its gross profit soared 157 percent to VND157 billion (US$9.8 million) last month from a year earlier.

The Ho Chi Minh City-based bank said in a statement Friday that its loans also jumped more than 150 percent to VND40.3 trillion.

It did not give a value for loans in January 2007.

Deposits rose 159 percent to VND60.3 trillion.

Assets of Sacombank, or Saigon Thuong Tin Commercial Bank as it is formally named, reached VND69.92 trillion at the end of January or 10 percent above the end of 2007.

Last month, the World Bank’s International Finance Corp. sold 5.95 million shares in Sacombank, cutting its ownership to 6.29 per-cent from 7.63 percent previously, the exchange said on Wednesday but gave no further details.

Before the sale, IFC, Dragon Capital and ANZ Bank owned a combined 30 percent of Sacombank, the ceiling for foreign ownership of listed banks in Vietnam.



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