HDBank reports record profit in first half of 2019

A transaction office of HDBank (Photo: HDBank)

HCM City (VNA) - The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has reported a record pre-tax profit of 2,211 billion VND (94.26 million USD) in the first half of the year.

Its consolidated net interest margin, which rose to 4.4 percent, was among the highest in the banking sector.

Total consolidated revenues were worth 5,173 billion VND (220.56 million USD), of which net interest earnings accounted for 4,354 billion VND (185.61 million USD), a year-on-year increase of 17 percent.

Income from services was 286 billion VND (12.19 million USD), up 27 percent.

Operating expenses and risk provisioning were tightly controlled at 2,430 billion VND (103.59 million USD) and 532 billion VND (22.67 million USD) in line with plans.

As of June 30 the bad debts ratio for the parent bank was only 1 percent. Consolidated bad debts, including at the consumer finance subsidiary, fell from 1.5 percent at the beginning of the year to 1.4 percent, its lowest rate so far.

The bank’s total assets are worth 210,291 billion VND (8.96 billion USD).

It has deposits of 184,785 billion VND (7.87 billion USD) and total outstanding loans of 144,278 billion VND (6.14 billion USD), an increase of 15.3 percent.

Retail banking and financing small and medium-sized enterprises (SMEs) continued to be key growth drivers.

In the second half of the year the lender will adopt risk management methods based on Basel II standards and continue to focus on its retail, SME and consumer banking strategies.

HDBank is one of the leading joint stock banks in providing ‘green’ credit, especially to renewable energy projects. In the first half it lent nearly 6 trillion VND (255.73 million USD) to finance commercial solar power and rooftop solar power.

HDBank was listed among the best companies to work for in Asia by the HR Asia Awards 2019. It has won the Awards for Best Cash Management Service and Best Trade Finance Bank in Vietnam from the prestigious financial magazine Asiamoney.-VNA