STB - NON-RATED - Potential foreign partner in 4Q could be big catalyst - Visit Note

Company Research

25 Jul 2013

We met with Sacombank management and here are our key takeaways. Despite strong loan growth and NIM expansion in 1HFY13, STB’s profit before tax reduced 15% yoy to VND1,448bn. The main reasons were likely (i) a loss from the closure of gold deposit position and (ii) big jump in its provision expenses resulted from applying stricter NPL’s recognition and classification and aggressive written-off of troublesome investment in its associate.
Tags: STB

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