A motorbike-driver passes by a VP Bank branch in HCMC
Vietnam’s VP Bank, 10 percent owned by Singapore’s OCBC Bank, has said that it doubled its net profit in 2007 to VND226.7 billion (US$14.2 million) from the previous year.
Total assets jumped 79.4 percent to VND18.14 trillion ($1.12 billion) last year, the Hanoi-based VP Bank, the 12th largest partly private bank in Vietnam, said in its annual report for 2007.
VP Bank has said it would sell a further 5 percent stake to OCBC, Singapore’s third-largest lender, but no date has been announced.
OCBC said in January it planned to open a fully-owned banking unit in Vietnam, where booming growth and a freeing up of the economy is fuelling demand for financial services.
In January, the unlisted VP Bank, or Vietnam Bank for Private Enterprises, said it raised nearly VND15.5 trillion ($962 million) of deposits at the end of 2007, up 125 percent from 2006, and loans also reached more than VND13 trillion ($807 million).
The Southeast Asian country’s credit growth was 54 percent last year, prompting the central bank to tighten money supply in the first quarter of 2008 as inflation in March hit 19.3 percent from a year earlier, the highest in more than 12 years.
Source: Reuters
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