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Vietnam’s biggest banks post surge in earnings on stimulus plan   2010-01-26 - Bloomberg

Vietnam’s biggest listed banks, including Joint Stock Bank for Foreign Trade of Vietnam, reported an increase in 2009 earnings as the government’s stimulus package boosted 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 Monday. Vietnam Export-Import Commercial Joint-Stock Bank, or Eximbank, said Monday that net income increased 60 percent to VND1.14 trillion.

The government in January 2009 offered about VND17 trillion 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.

“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, Ha said. Eximbank, the country’s fourth-largest listed bank, said outstanding loans surged 81 percent to 38.4 trillion dong, according to a statement on its website Monday.

Vietnam Bank for Industry & Trade, the country’s second-biggest listed company by market value, known as VietinBank, said on Jan. 9 that pretax profit increased 10 percent to more than VND3 trillion last year, according to Nguyen Van Du, vice general director of the company.

Asia Commercial Bank, Vietnam’s No. 3 traded bank, said on Jan. 14 that 2009 pretax profit was VND2.8 trillion, exceeding its target.

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