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RETAIL BANKING | Cesar Tordesillas, Vietnam

VIB expects gross profit increase of 76%

Vietnam International Bank expects its gross profit to jump 76 percent this year to nearly 1.85 trillion dong or $90 million.


VIB also plans to raise its total assets this year by 38 percent to 129.5 trillion dong, it said in a statement after a shareholder meeting that approved the bank's targets for 2011.

Last year, its total assets rose 65.7 percent from 2009 to 93.83 trillion dong, and loans increased 52.6 percent, well above the 27.65 percent expansion in the whole banking system, VIB said in an undated report released to shareholders before Tuesday's meeting.

VIB has projected lending growth to slow to 20 percent this year, on par with the government's target for the whole banking sector as it aimed to curb inflation.

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