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December 23, 2008

Vietnam’s Habubank reported falls in assets

Vietnam's Habubank, 10 percent owned by Deutsche Bank has reported that its assets fell 18.4 percent last month from end-2007 to 20.82 trillion dong ($1.3 billion), Reuters reported, quoting a state-run newspaper Tuesday.

The unlisted bank, also known as Hanoi Building Bank, said deposits were 16 trillion dong in November, versus 20 trillion dong a year earlier, when its assets were 23.52 trillion dong, the central bank-run Vietnam Banking Times newspaper said.

It said Habubank posted gross profit of more than 490 trillion dong as of November, well below a full-year target for 650 billion dong that would have been a third higher than in 2007. Banks in Vietnam have been urged by the State Bank of Vietnam to lend with caution and set aside funds to prevent risks and to deal with bad debts.

Habubank had said in March it hoped to raise assets to 30 trillion dong by end-2008, expand loans to 12.2 trillion dong and keep bad debts below 2 percent.

The country's 16th-largest partly-private lender by assets had also said it would slow its lending growth to 29.5 percent this year from 57 percent in 2007 to cope with government steps to control double-digit inflation.

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