Asia Commercial Bank (ACB), Vietnam's fifth largest, said on Thursday it made a gross profit of 1 trillion dong ($61.8 million) in the first seven months of this year compared with $42 million for all of 2006.
The Ho Chi Minh City-based bank also said in a statement its assets had jumped 40 percent to 62.52 trillion dong ($3.86 billion) between the end of 2006 and July 31.
ACB, which expects a 2007 gross profit of 1.5 trillion dong, did not give net profit or comparative year-ago figures for the January-July period.
It said deposits reached 56.35 trillion dong ($3.48 billion) in the first seven months, more than twice its loans in the same period, which amounted to 23.54 trillion dong.
The Hanoi-listed bank said last month that new lines of business, including gold trading and new mortgage products, had contributed to better results since the start of the year.
Shares in ACB rose 700 dong, or 0.6 percent, to close at 118,000 dong ($7.29) on the over-the-counter Hanoi stock market on Wednesday.
ACB is aiming for growth of 45 percent to 50 percent in the 2006-2010 period and to have assets of about $12 billion by the end of it.
Last month, the central bank allowed ACB to sell long-term bonds worth 6.5 trillion dong ($402 million) by the end of the year.
Demand for loans and other banking services is booming as Vietnam's economy expands rapidly. Gross domestic product grew an estimated 7.87 percent in the first half of 2007 from a year earlier, led by the industrial and construction sectors.
Four foreign shareholders have a combined 30 percent in ACB, of which Standard Chartered Plc. has the largest stake of 8.56 percent.
Source: Reuters
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1 comment:
This is my favorite bank. I believe and use its service. hope one day I can become an ACB stock holder
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