Eximbank targets 1.5tr dong pre tax profit
Source: 27-MAR-2008 Intellasia | Dau Tu Chung Khoan page 18
Mar 27, 2008 - 7:00:00 AM Up to the end of 2007, Vietnam Export and Import Commercial Joint Stock Co (Eximbank)'s chartered capital reached 2.8 trillion dong and that could be 7.38 trillion dong within this year via offering more 458 million shares under the resolution of the shareholders' meeting held on March 21. The bank also plans to list on the Ho Chi Minh Stock Exchange (STC) this year.

Eximbank is one of four largest commercial joint stock banks now including ACB, Sacombank, Techcombank and Eximbank.

Last year, Eximbank with the strengths in fields of retail, foreign currency trade, international payment and export import sponsor became International Finance Co (IFC)'s member.

Along with the headquarters in HCM City and 64 branches and transaction offices nationwide, Eximbank set up relations with over 720 banks worldwide.

In 2007, Eximbank's total asset reached 33.722 trillion dong, up 84% against the beginning of the year, 463.41 billion dong from after tax profit, a year-on-year increase of 79.3%, paid dividend of 14%, bad debt ratio was kept at 0.86%, surplus capital gained 2.974 trillion dong, ownership capital was up to 5.789 trillion dong and total deposits obtained 22.915 trillion dong.

Eximbank's shareholders' meeting passed the business plan this year with 1.5 trillion dong from pre tax profit, between 56 trillion dong and 60 trillion dong in total asset, deposits and outstanding debt increase some 57% and revenue from export could raise over 40%.

In November 2007, Eximbank issued shares worth US$225 million to the strategic partners namely Japan-based Sumitomo Mitsui Bank, accounting for 15% of chartered capital. In addition, last year Eximbank also offered shares worth US$170 million to two foreign investment funds accounting for 10% of chartered capital and signed agreements with 17 domestic strategic partners.