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Eximbank says profit more than doubles   2008-07-20 - Bloomberg

Vietnam Export-Import Commercial Joint-Stock Bank, which is partly owned by Sumitomo Mitsui Financial Group Inc., said pretax profit more than doubled to VND723 billion (US$43 million) in the first half of 2008.



The lender, known as Eximbank, said profit grew as it diversified business and expanded operations, according to a statement this week.

The bank didn’t release earnings for the same period last year.

Ho Chi Minh City-based Eximbank forecasts profit to grow to VND1.2 trillion this year, the bank said. Earnings totaled VND629 billion in 2007, according to its website.

Eximbank said that it plans to increase total assets to VND60 trillion by the end of this year.

It had VND34 trillion of assets as of December 30, according the website.

The lender aims to increase deposits to VND40 trillion and outstanding loans to at least VND35 trillion this year, said the statement.

It didn’t provide comparable figures.

Sumitomo Mitsui, Japan’s second-biggest bank by market value, owns 15 percent of Eximbank.

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