The major listed bank Asia Commercial Bank (ACB) has announced it posted the 2008 pre-tax profit at VND2.556 trillion (US$150.35 million), VND56 billion higher than the target.

A deal with an ACB teller (Photo: Tuong Thuy)

The Ho Chi Minh City-based bank’s outstanding loans totaled VND34.346 trillion and deposits totaled VND88.212 trillion.

The bank said its profit from credit lines made up just 22.5% of the total profit, much lower than the ratios of the earlier years, which were never lower than 50%. ACB reported its 2008 bad debt ratio at merely 0.9%.

The non-state leading bank said its diversified services have helped result in higher-than-target profit.
 
ACB announced its earnings per share (EPS) for 2008 is VND3,673, and return on equity (ROE) rate is 32.3% on average.

The bank is operating 186 branches and transaction offices nationwide, increasing by 67% on the 2007 figure.

The current chairman of the ACB board of directors is Mr. Tran Xuan Gia, former Minister for Planning and Investment. Another independent member of the board is Mr. Luong Van Tu, former Deputy Trade Minister and chief of the Vietnam delegation for World Trade Organization accession.