Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has explained the fluctuation in profit after tax of Quarter 1.2012 compared to Quarter 1.2011:
-
Sacombank’s
profit after tax in Quarter 1.2012 was VND808 billion, increasing VND235
billion (or 41%) compared to Quarter 1.2011 thanks to reasons as follows:
-
Net
revenue in Quarter 1.2012 rose VND211 billion compared to the same period of
last year because deposit interest decreased VND348 billion due to the balances
deposits in other credit institutions decreased VND7,019 billion, loan interest
and debt securities increased VND420 billion due to the balances of loan and
debt securities increased VND6,946 billion.
-
Income
from services decreased VND205 billion mainly income from payment services
decreased VND145 billion
-
Income
from Forex trading increased VND159 billion because in Quarter 1.2011 losses in
forex trading of VN107 billion
-
Income
from securities increased VND111 billion because in Quarter 1.2011 bank set up
the securities provision of VND43 billion, in Quarter 1.2012 bank return the
provision of VND75 billion leading to difference of VND111 billion.
-
Operating
expense increased VND436 billion because Sacombank has expanded its operating
scale and the consumer price went up.
-
Provision
for credit decreased VND164 billion.
-
Income
from contributed capital went up VND10 billion, other income increased VND38
billion and Corporation income tax increased VND112 billion.
