Vietcombank reports 45% earnings growth in 2009

Surge in profits was propelled by government's stimulus package that fostered bank's lending.

Pretax profit of Hanoi-based Joint-Stock Bank for Foreign Trade of Vietnam, known as Vietcombank, rose 46 percent to VND5.15 trillion (US$279 million) last year, Vice General Director Nguyen Thu Ha said.

The government in January 2009 offered about VND17 trillion ($920.41 million) in subsidies to encourage banks to lend to businesses. The government last month ended preferential short-term loans, and plans to phase out all other subsidies, according to a report in Thanh Nien News.

"Banks last year benefited from the government's interest-rate subsidy program and easy credit growth," said Nguyen Minh Tuan, head of research at Ho Chi Minh City-based SaigonBank Berjaya Securities Joint-Stock Co.

Total outstanding loans at Vietcombank last year rose 26 percent to VND140.5 trillion ($7.61 billion), Ha said.

Also Read

Bank Tabungan Negara’s asset quality ‘stable’ amidst loan clean-up efforts

Maybank's net profit up 8.5% in 9M FY2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit