Laos' BCEL reports higher profits in 2011

BCEL's initial unaudited profit for 2011 is a 70 percent increase over the 2010 audited figure.

Thed bank expects an even greater profit this year.

BCEL General Managing Director Mr Vanhkham Voravong said in accordance with the accounting system approved by the Bank of the Lao PDR, BCEL has made an initial profit of 239 billion kip.

“Compared with the audited profit in 2010, profits are up 70 percent.”

He reported that the bank is currently undergoing the external auditing process.

“After the audit report is ready, we expect to hold a shareholders’ meeting to consider the distribution of the 2011 dividends to eligible shareholders,” he said.

“The dividends are expected to be distributed in April,” he added.

As we have continually improved and expanded our services, this year’s profits should be more than last year’s. However, the size of dividends will also depend on the shareholders’ meeting and the bank’s investment plan.”