Bao Viet Holdings 9-Month Pretax Profit Rises 7.4%

Dec. 2 (Bloomberg) -- Bao Viet Holdings, Vietnam’s biggest insurer, said consolidated pretax profit increased 7.4 percent to 980 billion dong ($50.3 million) in the first nine months.

Profit gained because “core businesses including life insurance, non-life insurance and the bank have positive growth,” the company said in an e-mailed statement today.

Pretax profit at BaoViet Bank was 107 billion dong in the period, an increase of 192 percent from the same period last year, according to the statement. The Hanoi-based insurer targets pretax profit of 1.39 trillion dong this year.

Shares of the company rose 0.8 percent to 64,000 dong at the close today on the Ho Chi Minh City Stock Exchange, the country’s main bourse. The stock has more than doubled so far this year, compared with a 7.6 percent decline in the VN Index.

To contact Bloomberg News Staff on this story: Nguyen Kieu Giang in Hanoi at giang1@bloomberg.net

To contact the editor responsible for this story: K. Oanh Ha in Hanoi oha3@bloomberg.net