Following announcements of double and even triple annual earnings growth over the last few weeks, bank stocks are again in vogue as investors prepare to reap high dividends payments.
Asia Commercial Bank (ACB) topped the money list, reporting 568 billion VNDong (35.5mio US$ ) in 2006 pre-tax profits. ACB mobilised nearly 39.5 trillion VNDong (2.5 billion US$) through selling shares and deposit services, and provided 17.1 trillion VNDong (1.1 billion US$) in loans, a 77 and 79% year-on-year increase respectively.
The bank is expected to issue a 38% dividend payment, 8% of which will be issued in cash while the remaining 30% will be through share options..With pre-tax profits at 447 billion VNDong ( 27.93mio US$), Sai Gon Thuong Tin Commercial Bank (Sacombank) plans a 20-22% dividend issuance. Sacombank intends to use much of last year's earnings as legal and working capital.
Meanwhile, shareholders of the Export and Import Commercial Bank (Eximbank) expect to receive a 55% dividend payment on the back of 340 billion VNDong (21.3mio US$) in pre-tax profits.
In addition to strong profits, banks also reported strong asset accumulation. ACB reported VNDong 42.5 trillion VNDong ( 2.65mio US$) in assets, more than double from where it was at the start of 2006. Sacombank and Eximbank saw similar results with 24 trillion VNDong (1.5mio US$) and 17 trillion VNDong (1.06mio US$) in assets, up 58% and 49% respectively over the previous year.
Industry insiders attributed the impressive results to the country's economic growth, and the development of financial products and services, like term deposit accounts and preferential credit policies.
Source: VNA
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