HDBank reports outstanding performance
HDBank reports outstanding performance
HCMC Development Joint Stock Commercial Bank (HDBank) has announced its 2018 business results in a report, boasting a pre-tax profit reaching over VND4 trillion (US$172.4 million) last year, the highest-ever. The figure surged 65.7% year-on-year.
The bank obtained a net profit of VND438 billion from services, double the figure last year. Meanwhile, the net earnings from foreign exchange activities posted a two-fold increase over the previous year, hitting VND298 billion.
Its return on equity and return on assets were 20.27% and 1.58% respectively. Further, its bad debt ratio stood at 0.97%, the lowest in the local banking system.
As of the end of last month, the bank’s assets totaled VND216.1 trillion, up 14.1% versus 2017.
HDBank has mobilized nearly VND191.6 trillion and raised its equity by 14% to VND16.8 trillion, making it ready to apply Basel Capital Accord II (Basel II) standards as soon as it receives the State Bank of Vietnam's approval.
Last year, the bank opened an additional 45 branches and transaction offices, taking the total to 285 nationwide. Additionally, HD SAISON Finance, a joint venture between HDBank and Japan’s finance corporation Credit Saison, served nearly seven million customers at more than 13,800 offices, including over 2,300 offices opened in 2018.
Moreover, the bank’s HDB stock was listed as one of 20 stocks with the biggest capitalization on the Hochiminh Stock Exchange. The bank was also awarded the second-class Labor Medal on the occasion of its 28th anniversary.
HDBank was one of 37 enterprises in HCMC contributing the most to the city’s budget. Last year alone, it won multiple awards, including the “Best Companies to Work for in Asia” award of HR Asia, the “Retail Banking Award” by the Vietnam Banks Association and the International Data Group, and the “Cash Management in Asia Pacific” award by Euromoney.
Besides business activities, HDBank has attached much importance to community programs. The bank presented 1,000 scholarships to students and thousands of health insurance cards to near-poor people.
This year, HDBank expected to increase its asset value to some VND328.6 trillion, mobilize more than VND303 trillion and generate some VND5.1 trillion in pre-tax profit.
