SHB's lending down 3.4%

Friday, May 17, 2013 13:02

A SHB transction point. The bank's services incomes fell by half in the first quarter. ― Photo vinacorp.vn

HA NOI (Biz Hub) ― Total outstanding loans of Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB) in the first quarter declined 3.4 per cent since the end of last year, reaching about VND53.8 trillion (US$2.6 billion).

Deposits at the bank, however, rose by 1 per cent to VND78.4 trillion ($3.7 billion).

Total assets shrunk 10.4 per cent to reach VND104.4 trillion ($4.97 billion).

According to the bank's business reports, first-quarter net revenues declined 24.8 per cent over the same period last year to nearly VND428 billion ($20.4 million). Foreign-exchange trading generated larger incomes, but many other areas declined.

Services incomes fell by half to VND33.7 billion ($1.6 million) and securities investment revenues slumped 90 per cent to VND501 million ($23,800).

Operational costs doubled year-on-year in the quarter due to significant spending on a merger with Habubank.

However, pre-tax profits still reached VND217.6 billion ($10.4 million) as the bank didn't have to use a risk provisional fund worth VND141 billion ($6.7 million). ― VNS



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