Sacombank assets dip 2.6% in April
12-MAY-2008 Intellasia | Reuters
May 12, 2008 - 7:00:00 AM
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Saigon Thuong Tin (Sacombank), Vietnam's second-biggest bank by market value, has said it had total assets of 73.25 trillion dong (US$4.58 billion) at end-April, down 2.6% from a month earlier.
The HCM City-based bank said January-April gross profit jumped 40% to 536 billion dong (US$33.5 million).
In a statement, the bank said "the unpredictable trend of the global economy" in the January-April period had been difficult, but "Sacombank maintained the positive result thanks to its accurate economic forecast and appropriate business plan."
Sacombank shares closed down 0.6% at 31,200 dong (US$1.93) Thursday.
The lender expects a 38% rise in gross profit this year to 2 trillion dong (US$124 million) and lending growth of 34%, slower than last year's expansion as the central bank has taken steps to tighten money supply to fight double-digit inflation.
Last year Sacombank's gross profit jumped 167%, its assets also soared 156% and loans jumped 136%.
The World Bank's International Finance Corp., Dragon Capital and ANZ Bank together own 30% of Sacombank, the ceiling for foreign ownership of listed banks in Vietnam.
Sacombank is set to start operating a 300 billion dong (US$19 million) gold and gem company in July.
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