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Banks report solid earnings after Q3
06/08/2010 - 72 Lượt xem
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Asia Commercial Bank (ACB) saw revenue in the first nine months of the year reach over VND1.2 trillion (US$75 million). "ACB could fetch total revenue of VND1.4 trillion ($87.5 million) for the whole year, higher than target of VND1.2 trillion ($75 million)," ACB deputy general director Nguyen Thanh Toai predicted. Sacombank, meanwhile, generated over VND1.06 trillion ($66.25 million) in revenues in the first nine months, while Military Bank tripled its performance in the same period a year earlier, earning VND500 billion ($31.25 million). The figures were a vindication for banks which, during the stock market boom earlier in the year, found themselves competing for capital, only to see their own shares decline along with the rest of the stock market during the latter’s summer doldrums. In June, the State Bank of Viet Nam also ordered commercial banks to double their compulsory reserves as a hedge against risk. State Bank Directive No 3, tightening up the ability of commercial banks to make loans against stock collateral, was also seen as drying up a major source of revenue for commercial banks this year. From March to late September, Habubank shares on over-the-counter market fluctuated at around VND40,000-50,000, even lower than the price of around VND60,000 per share offered to Deutsche Bank, Habubank’s foreign strategic investor. In recent days, however, Habubank shares traded on the OTC market at about VND70,000. Techcombank, Eximbank, and Military Bank shares all saw similar rebounds. "The positive trend of bank shares is in common with all shares on the market, which is warming up. Anyway, I must confess that the banking sector has performed very well," said the CEO of Saigon Securities Inc, Nguyen Duy Hung. "I can’t say for sure whether bank shares will keep increasing through the latter part of this year because shares on the OTC market and on the bourse will be affected by the coming IPO of Vietcombank," said a representative of Kim Long Securities Co. — VNS
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Source: VietnamNews.
