Illustrative photo (Source: courtesy of HDBank)HCM City (VNS/VNA) - The Ho Chi Minh City Development Joint Stock Commercial Bank(HDBank) has announced its audited financial report for 2018 with impressivenumbers.
The bank achieved 4.005trillion VND (172.6 million USD) in pre-tax profit, an increase of 65.7 percentover 2017 and its highest ever so far and exceeding the profit target.
The impressive growthwas thanks to a sharp increase in non-interest income, with net profit fromfees increasing 2.2 times to 438 billion VND (18.87 million USD).
Net earnings fromforeign exchange trading also more than doubled to 298 billion VND.
Net interest earningswere worth 7.64 trillion VND (328.8 million USD), a year-on-year increase of 20percent. Total operating income was 9.44 trillion VND, up 25.8 percent.
As of December 31HDBank’s outstanding loans were 129.62 trillion VND, a year-on-year increase of17.83 percent. The bank’s outstanding loans alone were worth 112.47trillion VND, an 18.3 percent increase, with HD Saison accounting for the rest.
The bank mobilised194.63 trillion VND in deposits. Its total assets topped 216.05 trillion VND whileowner’s equity reached 16.82 trillion VND and return on equity and return onassets were at 20.3 percent and 1.6 percent.
As of December 31, thebad debts ratio (according to the State Bank of Vietnam’s Circular 02) of theparent bank continued to be tightly controlled at 0.97 percent, the lowestlevel in the banking industry.
HDBank opened fivebranches and 40 transaction offices last year to increase the total numbernation-wide to 285.
The number of consumerfinancial transaction points increased by 2,323 to 13,825 as HDB retained itsleading position in the consumer finance industry in terms of network size.
The large networks helpHDBank and HD Saison efficiently serve nearly seven million customers,especially in rural areas.
There were manyoutstanding achievements last year. For instance, the lender’s stock, whichlisted last year on the HCM Stock Exchange, code HDB, has become one of the 20largest in terms of market capitalisation and a favourite among foreigninvestors.
One year after itslisting, HDB has been added to the VN30 Index comprising the top 30 listedcompanies.
It has been conferredthe Labour Award, second class. Moody’sInvestors Service has upgraded the long-term local and foreign-currency depositand issuer ratings for HDBank to B1.
HDBank is one of thelargest contributors to HCM City’s revenues. It won many awards last year,including the 40 Most Valuable Brands in Vietnam from Forbes, the “BestCompanies to Work for in Asia” award from HR Asia, the “Retail Banking Award”from the Vietnam Banks Association and the International Data Group, and the“Best Cash Management in the Asia-Pacific” award from Euromoney.
HDBank also embracessocial and community activities, giving scholarships to thousands of students,donating health insurance cards to 14,000 near-poor people and funding cataractsurgeries for thousands of poor patients.
It has also pitched into help develop Vietnamese sports. Last year, for the eighth time, it organisedthe HDBank Cup International Chess Tournament, the largest international chesstournament in Vietnam.
It also continues tosponsor the HDBank Futsal Prize (National Championship and Cup).-VNS/VNA
VNA
