The Ho Chi Minh City-based Eximbank, whose shareholders are Japan’s Sumitomo Mitsui Financial Group (SMFG) (15 per cent), British Virgin Islands-registered VOF Investment Ltd (5 per cent), and MAE, part of South Korea’s mutual fund Mirae Asset Group (4.5 per cent), announced its financial results for the year 2008.
The bank said that its net profit raised dramatically 53 per cent during the year, and made VND711 billion (US$40 million). Total assets rose 43 per cent, to VND48.25 trillion, after 15 per cent rise of loans to VND21.23 trillion (according to the audited financial statement of the lender.)
Gross profit of Eximbank in 2008 was VND969.23 billion, which is much lower than its annual target of VND1.3-1.5 trillion. The bank reported losses of VND172 billion from trading and investing in securities, while in previous year there was a combined profit of VND57.3 billion.
Partially private Eximbank is the eighth largest bank in Vietnam.