Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has explained the fluctuation in profit after tax of Quarter 2.2013 compared to Quarter 2.2012:
Sacombank’s
profit after tax in Quarter 2.2013 was VND473.3 billion, increasing VND107.1
billion (or 29.25%) compared to Quarter 2.2012 thanks to reasons as follows:
1. Net revenue in Quarter 2.2013 rose
VND130.7 billion compared to the same period of last year because deposit
interest and loan interest decreased VND257.5 billion due to:
-
Mobilizing
funds from clients increased VND36,981 billion, leading to interest expenses
increased VND249.1 billion.
-
Issuing
valuable papers decreased VND18,118 billion compared to in Quarter 2/2012 and
interest of issuing valuable papers decreased, leading to expense from issuing
valuable papers decreased VND383 billion compared to in Quarter 2/2012.
-
Loan
decreased VND3,580 billion compared to the same period of last year, leading to
interest expense decreased VND66.3 billion.
-
Besides, other expense decreased VND57.3 billion mainly because STB
decreased promotion.
2.
Revenue from
interest decreased VND126.7 billion, because:
-
Revenue
from deposit interest decreased VND72.9 billion because deposits from credit
institutions decreased VND6,642 billion.
-
Revenue
from lending increased VND80.2 billion because loan balance outstanding
increased VND29,198 billion compared to in Quarter 2/2012.
-
Income
from debt securities decreased VND135 billion because debt securities
investment decreased VND2,422 billion.
3.
Interest
expense decreased more than interest income, leading to net interest increased.
4.
Income
from Forex trading decreased VND506.6 billion.
5.
Provision
for credit decreased VND291.2 billion
6.
Revenue
from securities increased VND120 billion. Revenue from services increased VND20
billion, revenue from dividend decreased VND6.1 billion, expenses decreased
VND58.8 billion, income tax increased VND1 billion compared to in Quarter
2/2012.
