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.