Sacombank blames gold price fluctuation for $24.6M loss

Sacombank-STBcombined after tax profit in Q4 2010 fell by 118 billion dong or 24.5 per cent against the same period from the previous year.

In Q4 2010, the bank’s net income increased US$32 million from Q4 2009, indicating through the higher total outstanding loans than that of Q4 2009 to reach US$1.114 million.

The bank’s income from forex operations decreased by US$28.4 million from earnings of US$3.78 million to a loss of US$24.6 million mainly due to the gold price fluctuation in the market.