The total assets of Saigon Thuong Tin Commercial Bank (SACOMBANK) rose 72% from a year earlier to 24.86 trillion VNDong (1.54 billion US$) at the end of last year, the bank said in a statement.
Gross profit soared 78% from 2005 to 544 billion VNDong in 2006, the year the Ho Chi Minh City-based bank became Vietnam's first bank in Vietnam to list shares on the country's stock market.
Sacombank said loans at the end of last year were 73% higher than end-2005 at 14.54 trillion VNDong, while deposits increased 75% at 21.52 trillion VNDong.
Earlier this month, Fitch Ratings affirmed Sacombank's Individual rating at 'D' and its Support rating at '5', saying the ratings reflected the bank's "adequate balance sheet strength and good profitability".
The bank has achieved a 237-% growth in its balance sheet over the three years to end-2005, Fitch Ratings said.
Around 40% of Sacombank's loans went to consumers and the remaining 60% were extended to private businesses, reflecting its niche focus in the retail business segments neglected by state-run banks, the rating agency has said.
Sacombank's assets are the sixth-biggest in Vietnam, following four state-run banks and Asia Commercial Bank.
"Despite its rapid growth, Sacombank has maintained good asset quality," Fitch Ratings said.
Sacombank shares started trading on July 12, 2006 in the Ho Chi Minh City Securities Trading Center, making the lender the country's largest listed company at the time and boosting Vietnam's stock market value then by 53%.
The bank has three foreign strategic shareholders, the World Bank's International Finance Corp., Dragon Capital and ANZ Bank, which altogether held 26.3% of stake.
On Monday, Sacombank shares gained 0.69% to close at 72,500 VNDong (4.5US$). Sacombank bank is the market's fourth-largest firm after information technology firm FPT, dairy product maker Vinamilk and Petrovietnam Drilling and Well Services Co.
Source: Reuters
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