Sacombank Q1 net profit down 17 percent

Sacombank, 10 percent owned by Australia's ANZ, said Wednesday its net profit in the first quarter of 2009 dipped 17 percent from a year earlier to VND297 billion (US$16.7 million).

The Ho Chi Minh City-based bank also said in a quarterly report its unaudited gross profit in the January-March period dropped nearly 5 percent from the same period last year to VND392 billion.

The bank, the third-biggest company on the nation’s main stock exchange, did not provide reasons for the decline in earnings but local media said Sacombank incurred a loss of VND75 billion from equity investments in the first quarter.

Sacombank shares rallied for a second day, climbing 4 percent, the most in almost two weeks, to close at VND21,000 on the Ho Chi Minh Stock Exchange.

thanhnien, Reuters

>   Developer taps bond underwriter (30/04/2009)

>   Foreign ownership of securities firms, funds (30/04/2009)

>   Vietcombank set to list by September (29/04/2009)

>   NST: Results of Annual General Meeting of Shareholders 2009 (29/04/2009)

>   NBC: Results of Annual General Meeting of Shareholders 2009 (29/04/2009)

>   KKC: Result of transaction of Directors, PDMR (29/04/2009)

>   HAI: Results of Annual General Meeting of Shareholders 2009 (29/04/2009)

>   CID: Results of Annual General Meeting of Shareholders 2009 (29/04/2009)

>   C92: Results of Annual General Meeting of Shareholders 2009 (29/04/2009)

>   BVS: Result of transactions of Directors, PDMR (29/04/2009)