Several commercial banks in Vietnamannounced they have surpassed their yearly profit goals as of the endof September, despite forecasts made in late 2008 that this would be adifficult year for banks.
ಞ VIB bank has announced it reaped 496billion VND in pre-tax profits as of the end of September, whichrepresents 24 percent more than the 400 billion VND target for yearadopted by bank shareholders in March 2009.
Also fulfilling its set profit target ahead of time was the MaritimeBank which said it raked in 700 billion VND in pre-tax profits in thepast nine months, already surpassing its goal or 600 billion VND forthe whole year by 15 percent.
Some credit organisations have also said they are confident they willbe able to exceed their yearly profit targets by the end of this year.
The Vietnam Export Import Commercial Joint Stock Bank (Eximbank) saidit is set to reap 1.5 trillion VND in profit for the whole year and hasalready earned 1.163 trillion VND in the past nine months.
In the past eight months, the Saigon-Thuong Tin Commercial joint stockbank (Sacombank) netted a pre-tax profit of 1.2 trillion VND, while itsyearly plan was set at just 1.6 trillion VND.
Cao Thi Thuy Nga, Vice Director General of the Military Bank (MB),attributed the outstanding performance of banks and the confidence ofcredit organisations to the Government’s economic stimulus packages.
She said the Government’s subsidised loan interest rate package hashelped enterprises weather difficulties and restore production, whichin turn has enabled them to pay back debts and even step up their useof banking services.
A rebound in the stock and real estate markets has also contributed to pushing up commercial bank profits, Nga said.
However, for Duong Thu Huong, who is General Secretary of the VietnamBankers’ Association, banks were cautious in laying out their profittargets for this year amid predictions of difficulties in the monetarymarket made early this year. Accordingly, they low-balled their profitgoals relative to the value of their assets, credit balance andmobilised capital.
In the two remaining months of the year, banks that have not yet mettheir targets need to make greater efforts to fulfil their set goals asthe State Bank of Vietnam continues to apply its caps on credit growthlevels and prime interest rates./.
ಞ VIB bank has announced it reaped 496billion VND in pre-tax profits as of the end of September, whichrepresents 24 percent more than the 400 billion VND target for yearadopted by bank shareholders in March 2009.
Also fulfilling its set profit target ahead of time was the MaritimeBank which said it raked in 700 billion VND in pre-tax profits in thepast nine months, already surpassing its goal or 600 billion VND forthe whole year by 15 percent.
Some credit organisations have also said they are confident they willbe able to exceed their yearly profit targets by the end of this year.
The Vietnam Export Import Commercial Joint Stock Bank (Eximbank) saidit is set to reap 1.5 trillion VND in profit for the whole year and hasalready earned 1.163 trillion VND in the past nine months.
In the past eight months, the Saigon-Thuong Tin Commercial joint stockbank (Sacombank) netted a pre-tax profit of 1.2 trillion VND, while itsyearly plan was set at just 1.6 trillion VND.
Cao Thi Thuy Nga, Vice Director General of the Military Bank (MB),attributed the outstanding performance of banks and the confidence ofcredit organisations to the Government’s economic stimulus packages.
She said the Government’s subsidised loan interest rate package hashelped enterprises weather difficulties and restore production, whichin turn has enabled them to pay back debts and even step up their useof banking services.
A rebound in the stock and real estate markets has also contributed to pushing up commercial bank profits, Nga said.
However, for Duong Thu Huong, who is General Secretary of the VietnamBankers’ Association, banks were cautious in laying out their profittargets for this year amid predictions of difficulties in the monetarymarket made early this year. Accordingly, they low-balled their profitgoals relative to the value of their assets, credit balance andmobilised capital.
In the two remaining months of the year, banks that have not yet mettheir targets need to make greater efforts to fulfil their set goals asthe State Bank of Vietnam continues to apply its caps on credit growthlevels and prime interest rates./.
