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Sacombank profit in first six months rises 23 percent   2008-07-11 - Reuters

Vietnam’s Sacombank has said first-half gross profit rose 23 percent to VND754 billion (US$45.6 million) as loan demand continued to climb.




Total assets of the Ho Chi Minh City-based Saigon Thuong Tin Commercial Bank, the country’s sixth-largest lender, reached VND74.88 trillion ($4.44 billion) at the end of last month, 95 percent higher than in June 2007, the bank said in a statement.

The first-half gross profit accounted for 38 percent of Sacombank’s profit target for the whole year.

“Sacombank’s performance in the first six months in 2008 continues to maintain safe and stable growth,” Sacombank’s statement said, even though the country’s economy was struggling with double-digit inflation and a widening trade deficit.

Sacombank said it raised VND64.23 trillion ($3.81 billion) in deposits during the first six months, up from VND54 trillion ($3.2 billion) at the end of 2007, while outstanding loans reached VND38.33 trillion ($2.27 billion) , or nearly 12 percent up from last December.

In March, Sacombank projected loans would grow 34 percent to VND46 trillion ($2.73 billion) this year when its assets should expand 46.5 percent to VND93 trillion ($5.52 billion) and deposits jump 48 percent to VND80 trillion ($4.74 billion).

Sacombank’s profit growth projection slowed from a jump of 167 percent last year, when its loans soared 136 percent.

The State Bank of Vietnam aims to cap Vietnam’s credit growth this year at 30 percent after a surge of 54 percent in 2007 to control double-digit inflation in place since last November.

The World Bank’s International Finance Corp., Dragon Capital and ANZ Bank together own 30 percent of Sacombank, the ceiling for foreign ownership of listed banks in Vietnam.

Jack-ups rigs are the most common type for drilling in water of less than 400 feet (120 meters).

The provider of oil and gas services posted revenue of about VND1.7 trillion ($100 million), an increase from VND918 billion ($54.4 million) last year, according to Phuong.

The Ho Chi Minh City-based company expects full-year revenue to climb to VND3 trillion ($178 million), she said.

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