Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has explained the fluctuation in profit after tax of Quarter 3/2011 compared to Quarter 3/2010:
Compared to Quarter 3/2010, Sacombank’s profit after tax in Quarter 3/2011 was VND439 billion increasing VND68 billion (or 18%) thanks to reasons as follows:
- Net revenue in Quarter 3/2011 rose VND577 billion compared to the same period of last year because the balances of deposits in other credit institutions, lending and investment in debt securities in the quarter were VND10,513 billion higher than the same period of 2010
- Income from Forex trading decreased VND117 billion, mainly because of unfavorable situation of money market in 2011
- Income from securities increased VND80 billion because Sacombank and subsidiaries established provisions lower than Quarter 3/2010
- Operating expense increased VND436 billion because Sacombank has expanded its operating scale and the consumer price went up
- Income from contributed capital went down VND64 billion mainly due to losses in joint-ventures
- Besides, income from services rose VND225 billion, other income decreased VND2 billion, and corporate income tax increased VND92 billion.