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STB: Explanation for business result in Q2/2010
Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has explained business result in Q2/2010 as follows:
* After-tax profit in Q2/2010 was over VND624 billion, increasing VND200 billion or 47% compared to Q2/2009 due to the following reasons:
* Net income after tax increased VND158 billion. It was showed through increase of net interest margin (NIM) in Q2/2010 against Q2/2009 (0.88% vs. 0.84%). As a result, earnings from credit activities were higher than interest expenses for mobilizing capital.
* Net income after non-interest activities in Q2/2010 increased VND154 billion. Although business activity and securities investment have been lost due to deduction for securities provision as stipulated, contributing capital to buy shares had earned VND289 billion, including successfully transferring a part of stake of the Sacombank Securities Joint Stock Company (Subsidiary of Sacombank) to outside shareholders.
* In Q2/2010, management expenses and provision of credit risk increased VND112 billion due to expansion of operation network.
* Therefore, increase of earnings was higher than that of expenses leading to increase of after-tax profit in Q2/2010.
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