Vietcombank sees 22 pct drop in 2010 gross profit

VNStockNews.com - Vietcombank, Vietnam's top partly private lender by assets, said on Tuesday its gross profit this year would drop by 22 percent to 4 trillion dong ($216.6 million) because of a slowdown in credit growth.

The Hanoi-based bank said in a statement it projected credit growth of 23-25 percent this year, after loans jumped 25.9% in 2009.

The statement, posted on the central bank's website, did not give a net profit projection for 2010. Vietcombank has said its net profit reached 4.46 trillion dong last year, beating its projection by 31 percent.

Shares in Vietcombank lost 1,100 dong to close at 42,600 dong ($2.3) on Tuesday before the bank published its business targets.

Vietcombank forecast its assets would rise 15 percent this year to 294.33 trillion dong and deposits would grow 28 percent, while it would have bad debts of between 2.4 percent and 2.9 percent of loans, against 2.54 percent last year.

Vietcombank's credit growth target was in line with the national target of 25 percent this year after credit ballooned by almost 40 percent in 2009.

($1=18,469 dong)