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STB: Explanation for differences of financial statements in Q4.2011
Saigon Thuong Tin Commercial Joint Stock Bank (SACOMBANK) has explained profit before tax at VND472 billion increasing VND103 billion (18%) in quarter 4/2011 in comparison with quarter 4/2010 as follows:
- Net incomes from interest in quarter 4/2011 increased VND201 billion beside quarter 4/2010. Debit amount in quarter 4/2011 more than VND2,552 billion compared to quarter 4/2010.
- Income from foreign exchange activities increasing VND911 billion thanks to more favorable monetary market in Quarter 4/2011.
- Income from securities decreasing VND282 billion because the bank spared more provision than that Quarter 4/2010.
- Activities expenses increasing VND533 billion because expansion of bank activities, higher consumer prices and salaries for its staff, etc.
- Net commission income increasing VND372 billion because payment service decrease.
- Provision for loan losses decreasing VND156 billion, other income increasing VND3 billion and corporate income tax decreasing VND19 billion.
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