Asia Commercial Bank (ACB), Vietnam's fifth-largest lender by assets, said on Wednesday its gross profit in the first half alone jumped nearly 30 percent from the whole of last year to 880 billion dong ($54.5 million).
The bank, which posted a gross profit of 682.4 billion dong in 2006, did not provide comparative figures for its net earnings and revenues in the same period last year.
The bank told the Hanoi stock exchange that its assets at the end of June also rose about 30 percent from the end of last year to 58.4 trillion dong ($3.6 billion).
ACB said in a statement posted on its Web site (www.acb.com.vn) that good results in the January-June period came partly from new lines of business including gold trading and new mortgage products that attracted more home buyers.
The Ho Chi Minh City-based bank, whose shares are listed on the Hanoi over-the-counter stock market, said January to June revenues totalled 2.62 trillion dong ($162 million).
ACB has said it aimed to grow at about 45 to 50 percent in the 2006-2010 period to have total assets of about $12 billion by 2010.
Demand for loans and other banking services is booming as Vietnam's economy rapidly expands. Gross domestic product (GDP) in the first half grew by an estimated 7.87 percent from a year earlier, led by the industrial and construction sectors.
Foreign investors hold a combined 30 percent in ACB. Standard Chartered Plc. owns 8.56 percent of ACB, the biggest stake of ACB's four foreign shareholders.
Shares in ACB fell 1.08 percent on Wednesday to close at 119,200 dong ($7.4) each.
Source: Reuters
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