ACB Q3 net up 66 pct, on track for annual target

VNStockNews.com - Asia Commercial Joint Stock Bank (ACB), Vietnam's No.5 lender and 15 percent-owned by Standard Chartered Plc, said third-quarter net profit rose by two-thirds, putting it on track to hit its annual earnings target.

Ho Chi Minh City-based ACB said January-September net profit jumped to 496.47 billion dong ($27.8 million) from 298.43 billion dong a year earlier.

ACB has targeted 2.7 trillion dong ($151 million) in net profit for 2009, the CafeF financial news site quoted ACB as saying. That would be 5.5% higher than last year.

Total assets at end-September were 169.51 trillion dong ($9.5 billion), up 61% from the end of 2008, the bank said.

ACB shares fell 1.1% on Tuesday after earlier hitting a 2-week low. The Hanoi Stock Exchange index .HNXI closed down 2.5%.