Asia Commercial Bank (ACB) plans to make about VND1.2 trillion, or US$57.15 million, in pre-tax profits this year, up 15 per cent over last year. The bank's General Director Nguyen Minh Toan announced at a shareholder meeting on Monday, "The pre-tax profit attained in the first quarter is VND303 billion, or $14.43 million. This consolidates our confidence in the goal for the whole year."
ACB is aiming for a total asset value of VN190 trillion, or $9.05 billion, for 2014, which is a year-on-year increase of 14 per cent. It projects a growth rate of 13 per cent for both deposits and loans, which reached VND138 trillion, or $6.57 billion, and VND107.2 trillion, or $5.1 billion, respectively, last year.
The bank will control the bad debt ratio at below 3 per cent after selling over VND500 billion, or $23.8 million, of bad loans to the Viet Nam Asset Management Company in 2013 and during the first quarter this year.
It expects to pay dividend in cash at a rate of 7 per cent this year, with a total amount of about VND645 billion, or $30.7 million.
According to Toan, the Standard Chartered Bank is committed to long-term investment in ACB and plans to increase its stakes there in the future.