ACB: Swings to 496b dong Net Loss in Q3/2012
ACB: Swings to 496b dong Net Loss in Q3/2012
Asia Commercial Bank (ACB) swung to a net loss of VND496.2 billion in Q3/2012 from a net profit of VND670.5 billion a year ago due to heavy loss from gold trading, the lender said in its financial statements posted on its website.
The bank saw a slight fall in net interest income to VND1.6 trillion in the quarter from VND1.65 trillion in Q3/2011.
The lender explained its quarterly net loss that it suffered a loss of VND1.14 trillion from gold and foreign currency trading in Q3/2012, compared to a loss of VND83.7 billion a year ago. Besides, its provision for credit risks also soared 198 percent to VND273.8 billion in the quarter from VND92 billion a year before.
In 9M/2012, ACB reported VND896.4 billion net profit on VND5.34 trillion net interest income, down 57.3 percent and up 13.3 percent from VND2.1 trillion and VND4.7 trillion a year earlier, respectively.
At the end of Q3/2012, the listed bank posted outstanding loans of VND101.9 trillion and deposits of VND123 trillion, down 13.9 percent on-year. Its bad debts rose to 2.08 percent from 0.86 percent at the beginning of this year.
In its Note of financial statements, ACB has borrowing of VND5.75 trillion from the State Bank of Vietnam.
The firm had total assets of VND211.67 trillion at the end of quarter, falling VND67 trillion or $3 billion from the beginning of this year.
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