Banks have started to update the business statistics of the first six months and are expecting to satisfactory earnings.
Yesterday, Maritime Bank was the first bank that officially reported the H1 performance with total pre-tax profit of 585 billion dong (before deducting 112 billion dong for the risk prevention fund), reaching over 26 percent of its average chartered capital. With likelihood of the economy recovering, the bank hopes to exceed the business targets of 2009.
Total assets of the bank attained 46 trillion dong, growing by 143 percent from the year early while total deposits reached 43 trillion dong.
Leading among joint stock banks in terms of absolute value was Vietcombank. Before going on the Ho Chi Minh Stock Exchange (STC) on June 30, the bank's leader estimated that H1 pre-tax profit would be about 2.4 trillion dong (including money deduction for the risk prevention fund).
Meanwhile, Vietnam Eximbank is poised to surpass the profit plan in June and the final pre-profit figure of H1 was reported at 900 billion dong (including 674 billion dong in Jan-May).
Being as a new member just being operational, Lien Viet Commercial JS Bank (LienVietBank) is also expected to release optimistic statistics. Yesterday afternoon, Nguyen Duc Huong, general director of LienVietBank said that its pre-tax profit in first six months was estimated at 340 billion dong. Of which, the earnings from service and derivative products accounted for 80 percent.
Last week, Vietnam Bank for Private Enterprises (VPBank) also estimated to earn 160 billion dong in H1 profit, fulfilling 57.5 percent of the year's plan after reaching over 125 billion dong in Jan-May.
By the end of this week, some commercial joint stock banks like Sacombank, Saigon Commercial Joint Stock Bank (SCB), ABBank, Techcombank and Eastern Asia Commercial JS Bank (EAB) in turn will publicise particular business results as well. On the listing market, investors are waiting for official performance report of two giants Sacombank and ACB.
The advantage of H1 profit plan was that banks gradually escaped from high cost capital (deposits had been raised at a high rate of 18-19 percent pa in 2008). At Sacombank, such high cost deposits ended soon from February 2009.
Between May and June, some member banks raised the dong deposit rate to over 9 percent pa, even 10 percent whereby the marginal profit was reduced and it could affect to the profitability of banks.
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