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An Binh Bank reports $1.5 million net profit in April   2009-05-12 - Thanh Nien

The unlisted An Binh Bank (ABBank), 15 percent owned by Malaysia’s top lender Maybank, announced Monday a net profit of VND26 billion (US$1.5 million) for April.


The partly-private bank had made a net profit of VND35 billion ($1.9 million) in March, a spokeswoman for the Ho Chi Minh City-based lender said, adding its after-tax profit of VND87.7 billion for the first quarter was a positive result amid the economic slump.

ABBank has forecast pre-tax profit to rise to around VND400 billion this year.

The bank had reported a slump in gross profit last year to just VND70.2 billion, well below a forecast VND465 billion ($26 million) due to high operating costs and losses from trading foreign currencies and securities.

It plans to expand its network to nearly 100 branches in 28 of Vietnam's 63 provinces, the lender said in a statement, adding that its Hai Phong branch would open today.

Last November, ABBank had said it plans to seek approval from the government and the central bank to allow foreign partner Maybank to increase its stake to the maximum 20 percent limit this month.

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