HCM City banks report Q1 profit

Some banks in Ho Chi Minh City have said they earned profit in the first quarter despite of the current economic slowdown.

Clients at an Asia Commercial Bank office in Ho Chi Minh City (Photo: SGGP)

Asia Commercial Bank, the country’s fifth-largest lender, said its first-quarter gross profit was more than VN450 billion (over $26 million, with today’s forex: $1 for almost VND17,000).

ACB said its assets totaled about VND136.15 trillion at the end of March, and total outstanding loans were higher than VND36.9 trillion. These are the bank’s first-quarter unaudited results, and the report gave no comparisons with the same period last year.

Sacombank, another major lender in HCM City, said it posted the January-March pre-tax profit at more than VND350 billion. Total outstanding loans were VND39.380 billion, increasing by 17% on the beginning of the year. These are also unaudited results.

Ho Chi Minh City Housing Development Bank (HDBank) reported its first-quarter profit at over VND46 billion, 52% higher than the bank’s figure in the same period last year. The bank said this profit made up 27% of the year target.

Saigon Commercial Bank (SCB) posted its pre-tax profit of VND165 billion in the January-March period, 21% higher than last year’s same period. The bank’s total outstanding loans were VND24.814 billion, rising by 15.5% on last year’s same period.

By Tuong Thuy

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