An HDBank transaction office in Ho Chi Minh City (Photo courtesy of HDBank) HCM City (VNS/VNA) — The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank, HOSE: HDB) has reportedimpressive results in the third quarter of this year, with pre-taxprofits increasing by a record 51 percent year-on-year to over 1.23 trillion VND (53.4million USD).
Total operating income was 2.87 trillion VND, ayear-on-year increase of 36 percent.
Net interest income accounted for 2.5 trillion VND,up 42 percent, and net income from services contributed 149billion VND, up 29 percent compared to the third quarter of 2018.
Operating costs were well controlled and increased byonly 12 percent. Expenses for bad debts were low thanks to high asset quality.
The non-performing loan ratio for the parent bank wasonly 1.1 percent, and the consolidated non-performing loan ratio, including theconsumer finance operations, was 1.5 percent.
This is a low level of bad debts, something thatHDBank has controlled well over the years.
As of September 30 HDBank’s total assets were worth 217.2trillion VND.
Retail banking and financing for small- and medium-sized enterprises continued to be key growth drivers.
With its strong capital resources and excellent riskmanagement capability, HDBank has received approval from the State Bank of Vietnamto adopt Basel II standards ahead of schedule.
The capital adequacy ratio (CAR) as of September 30was 11 percent.
HDBank is a pioneer in providing ‘green’ credit,supporting renewable energy projects and high-tech agricultural projects.
As of September 30 it had set aside nearly 10 trillion VND to finance commercial solar power projects and rooftop solar power witha total capacity of 725 MWp.
HDBank has also speeded up its digital bankingtransformation to offer customers a more convenient and safer experience andmake its operations more efficient.
Many utilities offered by the bank in its mobilebanking application are deeply appreciated by users.
They include instant money transfer, electricity,water, telephone, Internet, and cable TV bill payment, payment of loans, cardservices, booking air tickets on more than 30 domestic and internationalairlines, and purchase of train and film tickets./.
VNA
