Vietnam's second largest bank by assets, state-run Bank for Investment and Development or Vietindebank, said on Wednesday its net profit reached 326.89 billion dong ($20.3 million) in the first half of this year.
Vietindebank and four other state-run banks have been ordered to partially privatise this year and in 2008, a move seen as a test of market-opening commitments Vietnam made before joining the World Trade Organisation in January.
The unlisted Hanoi-based bank gave no comparison for the corresponding period last year but it said its after-tax earnings in 2006 totalled 1.08 trillion dong.
In a statement via the Ho Chi Minh Stock Exchange Vietindebank said its assets at the end of June rose 25 percent from the end of 2006 to 201.59 trillion dong, nearing the target for the whole of this year.
Vietindebank has projected its assets at the end of 2007 to jump 26 percent from 2006 to 211.3 trillion dong, with loans expected to rise 20 percent to 122.7 trillion dong.
Using Vietnamese accounting standards, Vietindebank's return on earnings is forecast to rise to 10.42 percent by the end of the year, from 6.38 percent in April, the bank has said.
Earlier this month Vietindebank said it planned to list its shares in Vietnam in the first quarter of next year while an overseas flotation at undisclosed time would follow.
Vietindebank has hired U.S. investment bank Morgan Stanley as an adviser on a domestic IPO scheduled in the last quarter of 2007.
Source: Reuters
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