Vietnam's Asia Commercial Bank 2012 net profit slumps 71%
Reuters: Hanoi, Feb 20 2013, 11:31 IST
Asia Commercial Bank (ACB), Vietnam's fifth-biggest partly private lender by assets, said its net profit last year fell 71 percent from 2011 to 928.4 billion dong ($44.5 million).
As of Dec. 31, the total assets of the Ho Chi Minh City-based lender, which was hit late last year by the arrests of several executives, fell 37 percent from 2011 to 177 trillion dong, the bank said in a statement via the stock exchange.
The bank, 15 percent owned by Standard Chartered PLC , was rocked by the arrest in August 2012 of co-founder Nguyen Duc Kien and chief executive Ly Xuan Hai, after which its chairman resigned.
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