Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."




Join Us for Dinar Discussions and More -- We Keep it REAL
 
HomeSearchFAQLog inRegister
YOU MUST Sign in with your USERNAME to POST
Follow us on TWITTER
DINAR INFORMATION LINKS

PARTNER SITES
Key Words
Adam Montana, AdminBill, Benjamin Fulford, Currency Exchange, David Schmidt, Dinar, Dinar Guru, Dinar Recaps, Dinar Rv, Dinar Scam, Dr Clarke, Frank26, Gary Larrabee, Gurus, Guru Hunters, JerzyBabkowski, Kaperoni, Kenny, Monetary Reform, Mnt Goat, My Ladies, Okie, Poppy, RamblerNash, Ray Renfrow, Redenomination, Revaluation, Ssmith, TNTBS, Tnt Tony, WING IT, We Are The People, Willis Clark, WSOMN, Yosef, Zap
Share | 
 

 VIETNAM - Banks profit despite economic woes

View previous topic View next topic Go down 
AuthorMessage
lexie
Elite Member
Elite Member
avatar

Posts : 1812
Join date : 2011-06-24

PostSubject: VIETNAM - Banks profit despite economic woes    Tue Jan 17, 2012 4:15 pm

January 17, 2012

Banks profit despite economic woes

Benefiting from high interest rates, most of the nation's major commercial banks managed to post healthy earnings and remain profitable during 2011 despite restrictions on credit growth and ongoing economic difficulties.

Vietinbank was the nation's most profitable commercial bank last year, according to its chairman, Pham Huy Hung.

Vietinbank reported earnings of over VND8,000 trillion (US$381 million), an increase of 76 per cent over 2010 totals. Profits, however, fell below the target set for the year, reaching just VND8.5 trillion ($404.8 million). Hung, however, said the bank had targeted 20-per-cent higher profits in 2012.


Nguyen Ngoc Bao, chairman of Agribank, the largest State-owned bank, told the online newspaper vnexpress that Agribank's pre-tax profits in 2011 were at a level equivalent to those of the previous year. Agribank was able to maintain good liquidity despite economic obstacles and was able to lower its bad debt ratio to from 6.67 per cent in 2010 to below 6 per cent last year.


Vietcombank has announced a 2011 profit of VND5.7 trillion ($271 million), an increase of 4 per cent over the previous year, while several other commercial banks – including Eximbank, Sacombank, Asia Commercial Bank, Millitary Bank and Techcombank – were expected to post profits of over VND3 trillion ($143 million). VP Bank's earnings topped VND1 trillion ($47.6 million), a year-on-year surge of 70 per cent.


Many banks continued to worry, however, that their earnings on equity remained low. An official of a Ha Noi-based bank who asked to remain anonymous said that, compared to other businesses which were heavily dependent on borrowing, bank profits seemed meagre.


Former State Bank of Viet Nam Governor Cao Sy Kiem said that the evaluation of a bank's success should be based on assets and capital. By that measure, only a third of commercial banks were able to post solid profits, while another third demonstrated low liquidity and higher levels of bad debt.


Current State Bank of Viet Nam Governor Nguyen Van Binh told the National Assembly in December that annual profits of VND1-2 trillion ($47.6-95.2 million) should be considered low for a bank with charter capital of VND3-5 trillion ($143-238 million) and assets of VND50-60 trillion ($2.38-2.86 billion).


The profits of Vietnamese commercial banks were only adequate compared to those of other business groups, he said, adding that the real profit of a bank was the final residue after deducting all expenses – including provisionary funds for bad debts, allocation for mandatory reserves, and tax payments.



http://www.vietfinancenews.com/2012/01/banks-profit-despite-economic-woes.html#more

*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
Back to top Go down
View user profile
 
VIETNAM - Banks profit despite economic woes
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Dinar Daily :: OTHER INVESTMENTS :: OTHER CURRENCIES - DONG - ZIM - YUAN - etc-
Jump to: