DATC’s profit grows by over 50pct due to deposit interests

31-Dec-2016 Intellasia | Vietnam Finance | 6:00 AM Print This Post

The Debt and Asset Trading Company (DATC) has announced the financial report in the second quarter of 2016. Accordingly, its net revenue in the first half of 2016 reached 613 billion dong, down by 12.3 percent compared to the same period of 2015. However, the after-tax profit of DATC significantly rose by 50.6 percent compared to the first half of 2015, reaching 122 billion dong. Notably, the reason leading to the surge of DATC’s profit was not from its main business but from the sharp rise of savings interests.

Specifically, in the first half of 2016, DATC only recorded a gross profit of 60 billion dong, strongly down by 36.8 percent compared to the same period of 2015. However, the company generated a revenue from financial activities of up to 216 billion dong, significantly higher than the 142 billion dong in the first half of 2015, due to the significant growth of DATCs savings interest from 33.9 billion dong in the first half of 2015 to 128 billion dong in the first half of 2016.

DATC currently has a total of 4.4 trillion dong deposits at banks, including 549 billion dong of non-term deposits and 3.851 trillion dong deposits with terms from over three months to less than one year.

A notable information is that the current liabilities of DATC reach up to 21.097 trillion dong as of the end of June 30th 2016, equivalent to nearly one billion US dollars, mainly including the “other long-term payables” with 20.650 trillion dong. The charter capital of DATC as of late June 30th 2016 was 5.558 trillion dong.

The amount of debt principal acquired by DATC is currently 9.669 trillion dong, including 7.633 trillion dong of debts acquired under agreement, 25 billion dong of debts acquired under assignment, 1.990 trillion dong of handed-over debts, and 21 billion dong of receivables which enterprises settled by themselves before handing over the debts. The total value of secured assets of the debts is 4.812 trillion dong.

 


Category: Finance, Vietnam

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