HDBank pre-tax profit up record 51 percent in third quarter
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank, HOSE: HDB) has reported impressive results in the third quarter of this year, with pre-tax profits increasing by a record 51 percent year-on-year to over 1.23 trillion VND (53.4 million USD).
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 reported impressive results in the third quarter of this year, with pre-tax profits increasing by a record 51 percent year-on-year to over 1.23 trillion VND (53.4 million USD).
Total operating income was 2.87 trillion VND, a year-on-year increase of 36 percent.
Net interest income accounted for 2.5 trillion VND, up 42 percent, and net income from services contributed 149 billion VND, up 29 percent compared to the third quarter of 2018.
Operating costs were well controlled and increased by only 12 percent. Expenses for bad debts were low thanks to high asset quality.
The non-performing loan ratio for the parent bank was only 1.1 percent, and the consolidated non-performing loan ratio, including the consumer finance operations, was 1.5 percent.
This is a low level of bad debts, something that HDBank has controlled well over the years.
As of September 30 HDBank’s total assets were worth 217.2 trillion VND.
Retail banking and financing for small- and medium-sized enterprises continued to be key growth drivers.
With its strong capital resources and excellent risk management capability, HDBank has received approval from the State Bank of Vietnam to adopt Basel II standards ahead of schedule.
The capital adequacy ratio (CAR) as of September 30 was 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 with a total capacity of 725 MWp.
HDBank has also speeded up its digital banking transformation to offer customers a more convenient and safer experience and make its operations more efficient.
Many utilities offered by the bank in its mobile banking application are deeply appreciated by users.
They include instant money transfer, electricity, water, telephone, Internet, and cable TV bill payment, payment of loans, card services, booking air tickets on more than 30 domestic and international airlines, and purchase of train and film tickets./.
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
