Vietnam SeABank says 2009 profit below expectations

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Vietnam’s SeABank, 20 percent owned by France’s Societe Generale, said its gross profit was nearly VND479 billion in 2009, well below its own forecast and up just 8 percent from the previous year.

In August last year the Hanoi-based lender had forecast its full-year gross profit would jump by almost half from the VND443.9 billion recorded for 2008.

The bank said in a statement on Thursday that loans last year soared 122 percent from 2008 to VND24.02 trillion, of which 1.88 percent were bad debt. Its total assets surged 136 percent from the previous year to VND30.8 trillion.

SeABank’s credit growth last year outpaced lending growth in the entire banking system of 37.73 percent, up from 23.6 percent the previous year.

The central bank has projected growth in credit and the money supply of 25 percent in 2010.

SeABank, or the Dong Nam A Bank, has yet to release its projections for 2010.

Source: Reuters

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