Southern Bank eyes pretax profit of $28.7M

Southern Bank is targetting a pretax profit of $28.7 million this year, up 12.68% from a year earlier.

The lender expects to raise total deposits of VND47 trillion by end-2011, up 23.2% on year, total outstanding loans at VND37.2 trillion , up 19%, Southern Bank said in a statement posted on its website Monday.

Its bad debt ratio will be curbed at below 2% this year, the Ho Chi Minh City-based bank said, giving no target on total assets.

In 2011, Southern Bank also plans to sell 95.1 million new shares to raise registered capital to VND4 trillion from current VND3.049 trillion. Currently, the lender has 105 branches and transaction of- fices across the country.

It had total assets of VND60.24 trillion at end-2010, up 69.8% on year. Its net profit increased 68.85% to VND418.98 billion.