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HBB: Explanation for the change of over 10% in operating result in QIV.2011 compared to QIV.2010
According to the Financial Statement Quarter IV/2011, profit after tax of Quarter IV/2011 decreased more than 10% year on year. Hanoi Building Commercial Joint Stock Bank explained the decrease in operating result in Quarter IV/2011 as follows:
- In Quarter IV/2011, “other income” is VND 49,628 million according to the Financial Statement (consolidated) QIV/2011 (is VND 49,605 million according to the Financial Statement QIV/2011 of holding company). In QIV/2010, other income was higher because Hanoi Building Commercial Joint Stock Bank had an irregular income from a transfer of assets.
- In Quarter IV/2011, “operating expense” is VND 256,316 million according to the Financial Statement (consolidated) QIV/2011 (is VND 247,413 million according to the Financial Statement QIV/2011 with an increase compared to QIV/2010 (was VND 118,337 million according to the Financial Statement consolidated and was VND 111,635 million according to the Financial Statement). The reasons are:
+ The expense of assets increased due to establishment of 20 new branches, inflation and change in foreign exchange rate.
+ Number of employees and the salary increased.
+ The expense of training, improving quality for the staffs of bank increased.
+ The expense of advertising, customers services increased.
- Provision increased in Quarter IV/2011 because the bad debts of customers rose due to the economy’s difficulties. Provision in Quarter IV/2011 was VND 135,774 million according to the consolidated Financial Statement (was VND 132,189 million according to the Financial Statement QIV/2011).
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