Bank for Foreign Trade of Vietnam, the country's third largest, said on Thursday its first-half profit fell 22.7 percent but its assets were up 9.8 percent at 183.4 trillion dong ($11.3 billion) at the end of June.
The six-month net profit was 1.02 trillion dong ($63 million), down from 1.32 trillion dong in the same period last year, the unlisted bank, also known as Vietcombank, told the Ho Chi Minh City exchange in a statement.
Hanoi-based Vietcombank, one of four state-run banks ordered to undergo partial privatisation this year, has said it handles about a quarter of Vietnam's trade payments.
The bank's statement did not give a reason for the lower profit, even though its second-quarter net profit jumped 41.6 percent from a year earlier to 726.3 billion dong. It showed operating costs surged 33 percent during the first six months from a year earlier to 586.64 billion dong.
Vietcombank aims for credit growth of 18 to 20 percent per year over the 2006-2010 period while keeping bad debts at 5-7 percent of loans by 2010.
The bank's seven-year convertible bonds are listed on the Ho Chi Minh Stock Exchange.
Source: Reuters
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