Kien Long Commercial Joint-Stock Bank (Kienlongbank) has issued a report stating the invested VND521 billion (roughly US$23 million) in Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from mid-2013 through the end of September 2017.
Kienlongbank also contributed capital to two other enterprises namely Hong Phat Construction Investment Corporation JSC and Saigon-Rach Gia JSC with small-scale investments.
Kienlongbank's investments contributed only VND11 billion (roughly US$484,902) of profit to the bank in first nine months of 2017. As a result, the bank still relied heavily on lending, which brought about a total of VND767 billion (roughly US$33.81 million) in net interest income in the first nine months of 2017.
The bank’s after-tax profit reached VND153 billion (roughly US$6.74 million) in the first three quarters of 2017, which was much higher than the same period of last year. In 2017, the bank set a pre-tax profit target of VND250 billion (roughly US$11.02 million).
The total assets of the bank were VND34,407 billion (roughly US$1.516 billion), a 13 per cent year-on-year increase.
Vo Van Chau, member of Kienlongbank’s Board of Directors said that the launching of two big promotional programs helped the bank get access to more capital and more customers.
Kienlongbank’s shares (KLB) was listed on the Unlisted Public Company Market (UPCoM) at the end of June 2017. Currently, KLB is traded at the price of VND9,400 (roughly US$0.414) per share.
The charter capital of the bank is VND3,000 billion (roughly US$132.245 million), 85 per cent of which is held by individual investors.
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