Sai Gon-Ha Noi Joint Stock Commercial Bank (SHB) reported post-tax profit of VND402 billion (US$17.6 million) in the first quarter of this year, up 64 per cent year-on-year. However, profit margin remained modest with a return-on-equity (ROE) of 2.6 per cent. Earnings per share was approximately VND332.
The main reason for this quarter’s profit growth came from a drop in provisioning expenses and a 16.1 per cent increase in net profit, which touched over VND1 trillion.
Revenue from the service activities of the bank decreased 24.6 per cent, reaching approximately VND58.4 billion, the lowest level in the past two years.
Revenue from payment activities accounted for the largest portion of total revenue, touching nearly VND42 billion.