Top of the list is the Asia Commercial Bank that recorded a pre-tax profit of VND900 billion (US$50.6 million) by the end of May after it deducted for hedge funds but excluded profits from subsidiaries.

"We hope to achieve the target of VND2.7 trillion (US$151.7 million) of profit this year," bank deputy director Nguyen Thanh Toai told the Viet Nam News yesterday.

Deposits reached VND98.5 trillion ($5.5 billion), outstanding loans nearly VND50 trillion ($2.8 billion) and assets VND149 trillion ($8.4 billion).

"We have lowered the target due to the crisis," Toai said.

"However, the good profit is attributed to our endeavours over the past years. We focus our efforts on customers, not on accounting as in the past, and on human resources," Toai said.

"The ACB is different from others. No member of its executive management council has shares in the ACB. And it’s good for leading a bank."

The ACB is followed by the Sai Gon Thuong Tin Joint-stock Commercial Bank whose pre-tax profit reaches VND660 billion ($37.1 million), excluding its deduction for hedge fund and profits from subsidiaries.

Of the figure, loan interest earnings accounted for 69.6 per cent, service income 18.4 per cent and non-profit income the rest. Deposits were VND69.1 billion ($3.9 million), outstanding loans VND44.8 billion and total assets VND78.6 billion.

Pre-tax profit of the unlisted Viet Nam Export and Import Commercial Joint Stock Bank was VND674 billion ($37.9 million), representing nearly 50 per cent of the yearly plan. Outstanding loans in interest rate subsidies by the stimulus package of the Government reached VND5.7 trillion, accounting for 19 per cent of the total outstanding credit loans, said the bank in its report.

Deposits mobilised from economic organisations and people by Eximbank which was named "The Best Bank in Viet Nam" by The Banker Magazine last July, increased by 21.4 per cent in the first five months of this year.

The Dong A Bank fulfilled nearly 44 per cent of its yearly plan with pre-tax profit reaching VND329 billion ($18.4 million) in the five-month period ending May. The bank has issued 2.8 million ATM cards and remittance transactions reached $417 million.

Among the successful new-comers to the banking system, the one-year-old Tien Phong Commercial Joint Stock Bank’s total property up to May 31 reached VND3.615 trillion, and pre-tax profit of VND133 billion.

The bank General Director Dao Trong Khanh said the main factor to the initial success was technology.

The bank had successfully installed and used the core banking software system that was provided by Iflex. Based on this system, the bank couldl directly manage and control all transaction types and apply modern technologies to providing its services, such as loans, payment, capital transaction and providing and managing information for customers.

Together with developing the electronic transaction channel via internet and mobile, the bank also expands its transaction network in Ha Noi and HCM City with eight transaction offices.

In the third quarter of last year, Tien Phong Bank planned to open branches and transaction offices in Hai Phong, Da Nang and Can Tho, increasing its total transaction centres to 18 all over the country.

Khanh attributed the profits of several banks in the first five months of the year to the recovery of the economy and the fact the worst period of the crisis had passed.

Khanh also said that the business environment this year was easier compared to the liquidity crisis and monetary tightening policy last year.

Also, deposit and lending interest rates were stable, therefore transactions were good. — VNS