Military Bank profits slump

Friday, Nov 15, 2013 18:27

Transactions at Military Bank. Increased provisional funds caused the bank's profits to decline in Q3. — Photo

HA NOI (Biz Hub) ― Military Bank earned VND530 billion ($25.24 million) in after-tax profits in the third quarter of this year, a decline of 18.3 per cent over the same period last year, according to the bank's latest financial report.

Profits in the first nine months declined 8.4 per cent year-on-year to VND1.87 trillion ($89.05 million).

Revenues increased for most business areas in Q3, but provisional fund values doubled year-on-year, whittling profits away with VND779 billion ($37.1 million).

Deposits increased 15.4 per cent in nine months, reaching VND135.91 trillion ($6.47 billion), while lending expanded 8.6 per cent to hit VND80.87 trillion ($3.85 billion).

Bad debts reached nearly VND2.1 trillion ($100 million) or 2.58 per cent of total outstanding loans on September 30, half the figure at the end of last year. ― VNS

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