Vietnam's sixth-largest lender, Saigon Thuong Tin Commercial Bank (STB), said on Friday its quarterly gross profit nearly tripled to 302 billion dong ($18.8 million), boosted by new deposit products and Internet banking.
Sacombank launched a flexible term deposit product that allows early withdrawal without penalty and e-banking services in the first quarter, spokesman Tran Thi Bao Ngoc said.
"These products have contributed to raising the number of accounts in our bank and added up to the overall results," Ngoc said by telephone from Ho Chi Minh City.
Total assets at the Ho Chi Minh City-based bank grew 21% from the end of 2006 to 30 trillion dong ($1.9 billion) as at March 31, he said.
The bank said it did not have a net profit figure available for the unaudited quarterly result.
Sacombank has set a target of more than doubling its gross profit this year to $74.6 million and increasing its annual dividend to 1,400 dong (9 U.S. cents) per share, paid in shares, from 1,200 dong last year.
Last July the bank became the first bank in Vietnam to list on the country's stock market the Ho Chi Minh City Securities Trading Center. The World Bank's International Finance Corp., Dragon Capital and ANZ Bank together own 26.3% of Sacombank.
Source: Reuters
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