UPDATE 1-Vietnam ACB 2007 net profit triples to $110 mln

(Adds details, share price)

HANOI, April 9 (Reuters) - Asia Commercial Bank ACB.HN (ACB), Vietnam's fifth largest lender, said on Wednesday its net profit more than tripled in 2007 to 1.76 trillion dong ($110 million) helped by strong loan growth.

Total assets surged 91 percent to 85.39 trillion dong ($5.3 billion) last year, the Ho Chi Minh City-based bank said in its audited financial report for 2007.

ACB's audited net profit was higher than a preliminary figure for earnings released in January of 1.68 trillion dong.

Shares in ACB were down 2.55 percent at 99,200 dong ($6.21) by 0249 GMT on the over-the-counter Hanoi stock exchange .HASTCI on Wednesday.

The bank said its loans jumped 87 percent last year to 31.81 trillion dong.

Vietnam's credit growth was 54 percent last year, prompting the central bank to tighten money supply in the first quarter of 2008 as inflation in March hit 19.3 percent from a year earlier, the highest in more than 12 years.

Standard Chartered Plc (STAN.L) owns 8.56 percent of ACB, the largest stake of four foreign shareholders which together hold a combined 30 percent.

Last month, ACB opened a gold trading floor in Hanoi, the second such facility to deal with the precious metal in Vietnam after it opened a similar floor in Ho Chi Minh City in May 2007.

Last November, Moody's Investors Service assigned a Bank Financial Strength Rating of D to ACB, citing "good credit fundamentals with strong liquidity, excellent asset quality, good efficiency and strong profitability".

ACB has projected gross profit will rise 17.4 percent to 2.5 trillion dong this year, total assets will increase 69.8 percent to 145 trillion dong and loans grow 85 percent to 59 trillion dong.

The bank will raise its registered capital by 142 percent to 6.36 trillion dong this year by using retained profits and funds raised from a convertible bond issue. ($1=15,961 dong) (Reporting by Ho Binh Minh, editing by Jacqueline Wong)