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Commercial banks do well despite criris   2009-04-14 - VietNamNet/Viet Nam News

Commercial banks have shrugged off the recession to achieve high profits in the first quarter, thanks to a recovery in lending activities.

Many banks reported an increase in deposit mobilisation.

Sai Gon Thuong Tin Commercial Joint Stock Bank, or Sacombank, said its pre-tax profit was VND350 billion (US$19.8 million). Its profit for the same period last year was VND435 billion.

Earnings from credit activities accounted for 65 per cent of the total figure and gold and foreign currency trading, 13 percent, general director Tran Xuan Huy said.

Dong A Bank said its pre-tax profit was VND194 billion, or 25.8 per cent of the target for the whole year. In the first quarter of last year, it achieved a profit of VND127 billion.

Credit operations accounted for 60 per cent and the rest was from gold and currency trading and other services.

Asia Commercial Joint Stock Bank reported a pre-tax profit of VND450 billion in the first quarter, down 10.2 per cent from last year's period.

Many banks also reported an increase in deposit mobilisation.

Sacombank mobilised VND62.17 trillion ($3.5 billion) in the first three months, an increase of 17 per cent over the same period last year.

Its outstanding loans were down 17 per cent from the end of last year to VND39.38 trillion.

In the two months of implementing the Government's subsidised loan programme, the bank has lent some VND8.07 trillion, mainly to the forestry, agriculture and fishery sectors.

Ly Xuan Hai, general director of the ACB, said the Government's stimulus package had created a great opportunity not only for companies but also for banks to develop.

The bank has planned a credit growth rate of 90 per cent this year, double last year's figure. It has plans to disburse trillions of dong under the stimulus programme.

Many commercial banks target high credit growths this year by lowering interest rates, simplifying loan procedures and launching consumer mortgage loans.

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