HBB: Business operational explanation

HBB: Business operational explanation

According to the Financial Statement Quarter III/2011, profit after tax of Quarter III/2011 changed over 10% year on year. Hanoi Building Commercial Joint Stock Bank (HNX: HBB) explained the decrease in operating result in Quarter III/2011 as follows:

- Other revenue in QIII.2011 was VND33,914,000, decreasing compared to QIII.2010 as in QIII.2010, the Company called in some loans that had been written off

- Operating expenses increased because:

o HBB widened the operation network, which led to higher expenses in house rent and maintenance. Besides, due to inflation, the price of house rent increased itself (about 40%)

o Increase in cost for PR

o Number of employess increased by 450 people. The salary policy has also been changed to get high-quality employees.

HNX