Eximbank increases deposit rates

Thursday, May 22, 2008
From May 20, Viet Nam Export Import Commercial Joint Stock Bank (Eximbank) officially applied the new interest rates of dong, US dollar and gold. In comparison with the previous benchmark the new interest rates were raised by 0.225% per month in dong, 1.3% per year in US dollar and 1.5% per annum in gold.

Particularly, the interest rates of dong are ranged between 1.167% and 1.183% per month. Accordingly, 1, 2, 3 and 6 month terms will get the interest rate of 1.167% per month, nine and 12 months 1.183% per month.

As for US dollar deposits, the interest rates are ranged between 6.5% and 7% per year. In particular, the interest rate for one-month term is 6.5% per year, two months 6.6%, three months 6.8% and 6, 9 and 12 months 7% per year.

Also, the interest rate of gold was increased to 3.5%-5.5%. The interest rate difference between terms is by 0.5% per year.

In addition, the bank still applies the progressive interest rates for savings worth at least 100 million dong, US$5,000 and 10 ounces of gold and higher, marking the highest level of the bank so far.

Ending four first months of this year, the bank gained 347 billion dong from pre tax profit, 38.791 trillion dong in total asset, 26.150 trillion dong in total deposits and 21.953 trillion dong in total outstanding loans.

As the plan, Eximbank could reach between 1.3 and 1.5 trillion dong in profit within this year, nearly twofold increase against 2007.

Eximbank's shareholders' meeting recently also passed the plan to hike its chartered capital to 7.38 trillion dong from the current of 2.8 trillion dong within this year.