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Banks see strong results despite tough policies, interest rate wars   2008-04-16 - VNS

Leading commercial banks have posted good business results in the first quarter despite tightened Government monetary policies and costly deposit interest wars.


Cashiers conduct transactions at Sacombank’s Ha Noi branch. —VNA/VNS Photo Tran Viet

HA NOI — Leading commercial banks have posted good business results in the first quarter despite tightened Government monetary policies and costly deposit interest wars.

Asia Commercial Bank, shares, which are traded at the Ha Noi Securities Trading Centre under the code ACB, saw profits rise to VND501 billion (US$31.31 million) in the first quarter, up 120 per cent over the same period in 2007.

Total assets doubled to reach VND100 trillion ($6.25 billion) and total deposits rose 180 per cent to hit VND81 trillion ($5.06 billion), while the bank projected total profits of VND2.5 trillion ($156.25 million) for all of 2008.

Despite the solid performance, ACB shares closed down 2.9 per cent on Friday, at VND93,700.

Sacombank, which trades on the HCM City Stock Exchange under the code STB, posted profits in the first quarter of VND435 billion ($27.18 million), up 44 per cent, a figure expected to total VND2 trillion ($125 million) by year’s end.

Sacombank’s assets grew 135 per cent during the same period to VND75.2 trillion ($4.7 billion), while total deposits jumped 133 per cent year-on-year to VND65.44 trillion ($4 billion).

Yet, despite the promising figures, STB shares closed off 1.77 per cent in last Friday’s trading, ending the day at VND38,900.

Two unlisted banks, Military Bank and Southeast Asia Bank (SeABank) announced profits of VND240 billion ($40 million) and VND127 billion ($7.93 million), respectively.

Techcombank posted VND220 billion ($13.75 million) in profits, expecting to generating VND1.5 trillion ($93.75 million) in profit by the end of this year.


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Vietnam central bank calls for savings rate cap   2008-02-27

Banks dangle higher deposit interest rates, but at a cost   2008-02-21

Banks mired in deposit interest rate war   2008-02-16

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

Banks to Buy US$1.27 Bln Compulsory Treasury Bills   2008-02-16

ANZ Bank Forecasts 8.9% Inflation in Vietnam   2008-02-16

Ha Noi banks predict 40% growth   2008-02-12