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Vietnam's Eximbank 2009 profit up 61 pct, loans surge   2010-01-25 - Reuters

Vietnam's Eximbank, 15 percent owned by Japan's Sumitomo Mitsui Financial Group, said its net profit soared 60.6 percent last year to VND1.14 trillion after a surge in lending.



The Ho Chi Minh City-based lender said in a statement it made VND1.53 trillion in gross profit last year, beating its own projection of VND1.5 trillion as loans surged 80.8 percent to VND38.38 trillion.

Eximbank's lending growth was much higher than the 37.7 percent in the banking system as a whole. The central bank plans to hold loan growth down at 25 percent this year to prevent the return of hyperinflation.

Total assets at Eximbank, Vietnam's eighth-largest lender, jumped nearly 37 percent last year to 66.03 trillion dong, the statement said. The results were unaudited.

Shares in Eximbank, or the Export Import Bank, closed flat at VND23,000 on Monday. The stock made its debut on the Ho Chi Minh Stock Exchange last October.

Apart from SMFG, British Virgin Islands-registered VOF Investment Ltd owns 5 percent of Eximbank and MAE, part of South Korean fund group Mirae Asset, has 4.5 percent.

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