Bank swings to profit after adjusting earnings data

Sai Gon-Ha Noi Bank (SHB) announced revised earnings for 2012 yesterday that were shift from a loss of VND95 billion (US$4.5 million) to a net profit of VND27 billion ($1.28 million).

Most of the data issued Friday remained the same as previously published. However, the net profit from other operations in the fourth quarter was increased from VND630 billion ($30 million) to VND752 billion ($35.8 million). The previous figures were announced only on Tuesday. The sudden change in data without any accompanying explanation has raised a red flag among investors as to the transparency of the bank.

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