Vietnam's VP Bank says 2007 gross profit doubles

HANOI, Jan 9 (Reuters) - Vietnam's VP Bank, 10 percent owned by Singapore's Oversea-Chinese Banking Corp (OCBC.SI), said on Wednesday its had a gross profit of 313 billion dong ($19.4 million) last year, double that of 2006.

VP Bank bank said in a statement it had deposits of nearly 15.5 trillion dong at the end of last year, up 125 percent from a year earlier, and loans rose to more than 13 trillion dong as the Hanoi-based bank expanded its network to cover most of Vietnam.

VP Bank, or Vietnam Bank for Private Enterprises, said its assets nearly doubled last year to 20 trillion dong from 10.2 trillion dong in 2006.

VP Bank has increased its registered capital to 2 trillion dong, from 1.5 trillion dong. The registered capital determines the size of a bank's loans and deposits.

Bank loans in Vietnam rose 37 percent last year as the economy grew nearly 8.5 percent -- its fastest in just over a decade after a boost from World Trade Organisation membership.

VP Bank said in November it would sell another 5 percent of stake to OCBC, Singapore's third largest lender, for $25.5 million. ($1=16,108 dong) (Reporting by Ho Binh Minh; Editing by Michael Battye)