STB: Explanation for differences of financial statements in Q4.2009

Saigon Thuong Tin Commercial Joint Stock Bank (SACOMBANK) has explained profit before tax at over 526 billion dongs increasing 116 billion dongs (22%) in quarter 4/2009 in comparison with quarter 3/2009 as follows:

* Net incomes from interest in quarter 4/2009 decreased 75 billion dongs beside quarter 3 because of increasing the input interest. However, increase of interest income from credit activities was lower than increase of interest expenses from mobilizing capital.

* Net incomes from non-interest activities in quarter 4 were better than that in last quarter. Incomes from services, currencies trading, securities investment increased 341 billion dongs in quarter 4/2009 beside quarter 3/2009 including income from capital transference of Sacombank Securities Joint Stock Company (SBS) to outside shareholders.

* Overheads in quarter 4/2009 increased 120 billion dongs beside last quarter because SACOMBANK deducted to technology and science development fund for projects to modernize the bank systems. Beside, SACOMBANK increased deduction for credit risk provision to 30 billion dongs to ensure the provision ratio at 0.75% as the Law.

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