An HDBank transaction office in HCM City (Photo courtesy of the bank)HCMCity (VNS/VNA) - The Ho Chi Minh City Development Joint StockCommercial Bank (HDBank – ticker symbol: HDB) said its estimated consolidatedpre-tax profit for the first quarter tops 2 trillion VND (86.1 million USD), anincrease of 67.8 percent year-on-year.
Itsstandalone profit was more than 1.81 trillion VND, nearly double last year’s figure.
Incomefrom services doubled that of the same period for three consecutive quarters,showing great growth potential.
Returnon equity was over 26 percent as against 19.2 percent in the same period lastyear.
Returnon assets also increased sharply to over 2 percent from 1.7 percent.
Asof March 31 outstanding loans were around 198 trillion VND (8.5 billion USD),up 5.2 percent for the year.
Thebank continued to develop its traditional customer segments such asagriculture, businesses and small and medium-sized enterprises in supplychains, earning high returns and diligently controlling risks.
Itsasset quality is among the best in the industry.
Itscapital adequacy ratio, prescribed under the Basel II agreement, was 12 percent.
Asit walks hand in hand with customers to achieve the dual goal of fighting thepandemic and also keeping the economy ticking, HDBank continues to offerpreferential programmes to support individuals and micro enterprises withinterest rates starting at a mere 3 percent per annum. It also waives variousfees to support customers.
Togetherwith high credit growth, it also achieved a major breakthrough in bankingservices. Net service income in the first quarter nearly doubled from a yearearlier, the third consecutive quarter in which it attained an impressivegrowth rate, indicating the huge room for development in the services segment.
HDBankis one of the few banks not to have signed an exclusive bancassuranceagreement, and so that is another promising area in 2021 and the followingyears as are credit cards and other services products./.
Itsstandalone profit was more than 1.81 trillion VND, nearly double last year’s figure.
Incomefrom services doubled that of the same period for three consecutive quarters,showing great growth potential.
Returnon equity was over 26 percent as against 19.2 percent in the same period lastyear.
Returnon assets also increased sharply to over 2 percent from 1.7 percent.
Asof March 31 outstanding loans were around 198 trillion VND (8.5 billion USD),up 5.2 percent for the year.
Thebank continued to develop its traditional customer segments such asagriculture, businesses and small and medium-sized enterprises in supplychains, earning high returns and diligently controlling risks.
Itsasset quality is among the best in the industry.
Itscapital adequacy ratio, prescribed under the Basel II agreement, was 12 percent.
Asit walks hand in hand with customers to achieve the dual goal of fighting thepandemic and also keeping the economy ticking, HDBank continues to offerpreferential programmes to support individuals and micro enterprises withinterest rates starting at a mere 3 percent per annum. It also waives variousfees to support customers.
Togetherwith high credit growth, it also achieved a major breakthrough in bankingservices. Net service income in the first quarter nearly doubled from a yearearlier, the third consecutive quarter in which it attained an impressivegrowth rate, indicating the huge room for development in the services segment.
HDBankis one of the few banks not to have signed an exclusive bancassuranceagreement, and so that is another promising area in 2021 and the followingyears as are credit cards and other services products./.
VNA
