HA NOI (Biz Hub) — Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank or VCB) posted an audited consolidated net profit of VND867.2 billion in Q2 this year, down 4.7 per cent from one year earlier.

The lender's net interest income, its core business, still slightly rose to VND2,552.6 billion in Q2/2013 from VND2,454.8 billion in Q2/2012, the lender said in its audited consolidated financial statements posted on the Hochiminh Stock Exchange (HoSE)'s website.

The lender gained VND387 billion profit net fee commission in the quarter, down 20.3 per cent from VND487.1 billion over the same period in 2012.

Meanwhile, in the quarter, the lender booked VND378 billion from forex trading, rising 30.6 per cent on year and posted a gain of VND127.9 billion from other activities, up 23-fold from VND5.4 billion a year before. Net gain from investment securities also increased to VND37.8 billion in the quarter from VND1.55 billion a year earlier.

The Hanoi-based lender said its operating expenses increased slightly to VND1.28 trillion in Q2/2013 from VND1.07 trillion in Q2/2012. Meanwhile, provision for possible loan losses jumped to VND1,166.8 billion in Q2/2013 versus VND1,089.3 billion in Q2/2012.

In 1H/2012, Vietcombank posted VND1,984.4 billion net profit and VND5,143.5 trillion net interest income, against VND2,257.1 billion and VND5,754.8 billion respectively a year earlier.

By the end of June 30, 2013, VCB's outstanding loans reached VND231.6 trillion, down 1.8 per cent from the beginning of the year. Its total assets also rose to VND436.47 trillion at the end of the second quarter from VND414.47 trillion at the beginning of the year. — StoxPlus