Large banks post robust profit

Regardless of difficulties from the economy, large-scale joint stock banks have posted robust business results in the first quarter of this year.

In the recently released fiscal statement, Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) attracted the attention of investors by doubling Q1 pre tax profit against the figure in last Q1 with 850 billion dong compared to 415.3 billion dong (its chartered capital in last Q1 was 8.8 trillion dong and it was 10.56 trillion dong in Q1 2011)

Taking the leading position in the group is still Asia Commercial Joint Stock Bank (ACB) with absolute total pre tax profit of 863.3 billion dong, rising 49 percent against last Q1. ACB’s current chartered capital is 7.814 trillion dong.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has not released the detailed figures yet, but as estimated, Techcombank’s pre tax profit may reach around the threshold of one trillion dong in Q1 in its target of four trillion dong profit this year. Techcombank’s current chartered capital is 6.932 trillion dong.

Military Commercial Joint Stock Bank (MB) also continued to prove its stability and efficiency in operations with pre tax profit at 714 billion dong in Q1 and current chartered capital at 7.3 trillion dong.

Regarding the scale of registered capital, Techcombank, ACB, and MB continued to be highly effective members in the group while Eximbank is under the obvious changes.

Additionally, some other large members also showed satisfactory initial steps in the year’s business progress. At Eastern Asia Commercial Joint Stock Bank (EAB), in Q1, its pre tax profit was 340.4 billion dong, fulfilling 26.19 percent of the year’s target.

But for Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB), the total pre tax profit in Q1 was only 586 billion dong, increasing 75 billion dong against last Q1 and achieving 22 percent of the year’s plan while its chartered capital is up to 9.179 trillion dong.

Thus, currently, most of large banks in turn published their business results in Q1 with quite surprising figures amidst many hardships of the economy, highly surging inflation, tension on interest rate and forex rate, narrowed credit growth and tightened gold trading. – Vneconomy

Posted by VBN on May 6 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry