HCMC - Many banks have seen their profits shrink substantially after auditors made reviews on their consolidated half-year financial reports.
Saigon Thuong Tin Commercial Bank (Sacombank) saw its after-tax profit reduced by 35.5% to VND415.32 billion after its half-year financial report was audited.
The re-examined report showed that Sacombank suffered a loss of VND128 billion from money and gold dealings and a loss of VND529.7 billion from revaluation of its currencies and gold assets. This is also the main reason for the big difference between the two reports.
Similarly, Asia Commercial Bank (ACB) reported VND1.57 trillion in pre-tax profits in the first half this year, but the figure then plunged to VND1.33 trillion after the review by the auditor. The main reason for the 18.1% reduction was that the income from financial investment and stock investment tumbled from VND297 billion to VND47.7 billion.
In addition, according to ACB, in the first six months of the year, the mother bank accounted VND290 billion of profits in the previous year from subsidiaries into its financial statement, but the audited report left out this sum.
Similarly, Vietnam Export-Import JS Bank also saw its after-tax profit fall from VND822.8 billion in its initial report to VND712.7 billion in the audited report.
