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Updated Thursday, July 9, 2009 11:15 am TWN, dpa

Vietnamese commercial banks report big Q1 profits

HANOI -- Figures from Vietnamese commercial banks showed they have made big pre-tax profits in the first half of the year, a banker said Wednesday. “This is an encouraging signal for the economy as it shows Vietnam's economy is recovering,” said Dao Trong Khanh, chief executive of the one-year-old Tien Phong Commercial Joint Stock Bank. “The banking sector often recovers before others in the economy.”

The state-run Thanh Nien newspaper said first-half gross profit at Vietcombank, Vietnam's largest partly private lender by assets, made 2.45 trillion dong (US$138 million) in the first half, 75 percent of its annual target.

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