Vietnam's Sacombank said Monday strong demand for mortgages helped more than double its pre-tax first half profit from a year earlier to VND610 billion (US$37.8 million). "The growth in profit came from our lending business, especially the robust demand for loans to buy real estate," a spokeswoman for the Ho Chi Minh City-based bank said.
The first half profit accounted for 51 percent of Sacombank's profit target for 2007, she said, without giving a net profit figure.
Sacombank's assets had risen 55 percent this year to VND38.4 trillion ($2.38 billion) at the end of June, the spokeswoman said.
The World Bank's International Finance Corp., Dragon Capital and ANZ Bank together own 26.3 percent of Sacombank.
Shares in Sacombank, the first bank in Vietnam to list on the Ho Chi Minh Stock Exchange, were traded VND62,500 ($3.87) each at 0305 GMT Monday, up 0.81 percent from Friday.
The spokeswoman also said the bank had promoted Deputy General Director Tran Xuan Huy to chief executive, replacing Phan Bich Van who had left the bank to pursue other business.
Source: Thanh Nien
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