The assets of Asia Commercial Bank (ACB) Vietnam's fifth largest bank, were up 85.1% at the end of 2006 from a year earlier at 44.9 trillion VND (2.78 bio US$), the bank said in a statement.
Its gross profit in 2006 soared 77.2% from 2005 to 682.4 billion VNVND (42.3mio US$), the Ho Chi Minh City-based bank, which listed shares on the Hanoi over-the-counter stock market, the statement issued on Monday said.
The results had not been audited, the bank said.
Earlier, ACB had forecast profits in 2006 would be around 661 billion VND.
Its outstanding loans last year jumped 78.9% from 2005 to 17.12 trillion VND while deposits grew 77.1% to 39.55 trillion VND, the statement said.
ACB shares fell 0.9% to close at 156,000 VND on Tuesday, with 48,900 shares traded.
ACB made its share debut on the Hanoi market in late November 2006
Its listing, the second by a bank in Vietnam, is not an IPO but a progression to formal OTC trading from the unregulated sector. In July, Sacombank (STB) listed on the main board, the Ho Chi Minh City Securities Trading Center.
In a country of 84mio US$ people but only 5mio US$ bank accounts, bankers say deposits are expected to grow about 22% a year to 100 billion US$ by 2010 from 36 billion US$ in 2006.
ACB planned to grow twice that rate, at 45 to 50% over the next five years, Chief Executive Ly Xuan Hai told Reuters in an interview before the bank's share debut.
Foreign investors hold a combined 30% in ACB.
Standard Chartered Plc. owns 8.6% of ACB, the biggest stake of ACB's four foreign shareholders.
The World Bank's IFC and Connaught Investors Ltd. of the Jardine Matheson Group each has 7.3%, while Dragon Financial Holdings Ltd. Co. owns 6.8%.
ACB executives have said the bank's listing in Hanoi was part of its northern expansion as it planned to control more than a tenth of Vietnam's 10 billion deposit market by 2010.
Source: Reuters
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