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Wednesday, January 17, 2007
Bank revenues drive up dividends
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Following announcements of double and even triple annual earnings growth over the last few weeks, bank stocks are again in vogue as investors prepare to reap high dividends payments. Asia Commercial Bank (ACB) topped the money list, reporting VND568 billion (US$35.5 million) in 2006 pre-tax profits. ACB mobilised nearly VND39.5 trillion (US$2.5 billion) through selling shares and deposit services, and provided VND17.1 trillion (US$1.1 billion) in loans, a 77 and 79 percent year-on-year increase respectively. The bank is expected to issue a 38 percent dividend payment, 8 percent of which will be issued in cash while the remaining 30 percent will be through share options. With pre-tax profits at VND447 billion (US$27.93 million), Sai Gon Thuong Tin Commercial Bank (Sacombank) plans a 20-22 percent dividend issuance. Sacombank intends to use much of last year's earnings as legal and working capital. Meanwhile, shareholders of the Export and Import Commercial Bank (Eximbank) expect to receive a 55 percent dividend payment on the back of VND340 billion (US$21.3 million) in pre-tax profits. In addition to strong profits, banks also reported strong asset accumulation. ACB reported VND42.5 trillion (US$2.65 million) in assets, more than double from where it was at the start of 2006. Sacombank and Eximbank saw similar results with VND24 trillion (US$1.5 million) and VND17 trillion (US$1.06 million) in assets, up 58 percent and 49 percent respectively over the previous year. Industry insiders attributed the impressive results to the country's economic growth, and the development of financial products and services, like term deposit accounts and preferential credit policies. | ||
Source: Vietnam Agency |
Ha Noi to host conference on financial markets
An international conference exploring ways to develop Viet Nam's financial markets will take place in Ha Noi on January 22-23, announced the Ministry of Finance.
The two-day event, entitled the Viet Nam Finance and Capital Markets Conference 2007, is being co-organised by the International Cooperation Department of the Ministry of Finance and the EuroEvents organisation.
Participants will look into opportunities for domestic and foreign investors to participate in the development of the nation's capital markets and to reform the domestic financial system pursuant to Viet Nam's commitments to the WTO.
Topics to be discussed at the conference include government initiatives and regulatory issues, the debt market, equities and securities markets, corporate governance and investment funds.
According to organisers, the conference will bring about opportunities for investors to meet leaders of the leading financial service companies and to get the latest information on the development trends of the domestic capital markets and the financial reform process.
The event is free-of-charge for qualified delegates but pre-registration is required, according to EuroEvents.
EuroEvents is the leading event organiser and event management company in Asia specialising in the fields of finance, banking, information technology, risk management, marketing and human resources management.
Source: Vietnam Agency
Wednesday, January 10, 2007
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