Vietnam's VIB gross profit soars 72 pct y/y in 2010

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VIB Bank, 15 percent owned by Commonwealth Bank of Australia, said on Friday its gross profit last year surged 72 percent to VND1.06 trillion.

VIB, the country's eighth-largest partly private bank by assets, also said in a statement that loans jumped 57.6 percent to VND41.7 trillion.

The bank's total assets at the end of 2010 jumped 65.9 percent from the previous year to nearly 94 trillion dong.

VIB's loan growth last year is well above the 27.65 percent expansion in the whole banking system.

The VIB statement reiterated that, pending government approval, Commonwealth Bank of Australia will raise its stake in VIB to 20 percent early this year, the ceiling for a foreign strategic investor in a domestic bank.

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