Friday, 13/07/2012 14:28

STB: Explanation for business result in Quarter 1.2012

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.

HOSE

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