VCB FY2011 results – For FY11, VCB posted net profit before tax of VND5,697bn (+2.3% YoY). Core business activities maintained healthy growth: net interest income (+52.2%); fee based income (+6.7%); forex trading (+110%); and investment from affiliates (+104%). Provision charge for FY11, however, increased by 151% due to heavy write off of VND3,800bn; on the flip side NPL improved from 2.9% in FY10 to 2.0% as a result of the aggressive charge.