HDBank continues to grow strongly, sustainably despite pandemic

HCM CITY — The Hồ Chí Minh City Development Joint Stock Co妹妹ercial Bank (HDBank) achieved better-than-expected results and reached  八 二 per cent of its full-year targets in the first nine months of the year, its financial statement for Q 三 shows.

As of September  三0 its total assets were worth VNĐ 三 四 六. 三 五 trillion (US$ 一 五. 一 九 billion),  二 六. 七 per cent up from the same period last year.

Loans outstanding increased by  一 六. 一 per cent year-on-year. The standalone and consolidated NPL ratios were below  一 per cent and at  一. 四 per cent respectively, lower than at the same time last year.

Loans outstanding to sectors with a high level of risk and restructured debts were well controlled.

Capital adequacy and liquidity were maintained at high levels.

Owners’ equity was  二 二. 五 per cent higher at VNĐ 二 九. 二 七 trillion ($ 一. 二 八 billion), enabling its capital adequacy ratio (according to Basel II standards) to increase sharply to  一 三. 五 per cent compared to  一0. 九 per cent on September  三0 last year.

Its other liquidity ratios are better than those prescribed by the State Bank of Việt Nam.

Its operating income in the first three quarters topped VNĐ 一 二. 一 trillion ($ 五 三0. 五 一 million), a  二 三. 六 per cent rise.

Its services business achieved positive results in diversifying the sources of revenues. Net income from services in the first nine months increased by  八 八. 六 per cent as against  一 六. 七 per cent in the case of net interest income.

Notably, the parent bank’s net income from services more than tripled.

The bancassurance business was a positive contributor to its net income from services, and made it one of the banks in the market with the highest insurance sales.

Operating costs continued to be optimised with the cost to income ratio reducing to  三 九 per cent from  四 三. 八 per cent.

Credit costs remained the lowest in the market thanks to asset quality.

Return on equity was  二 四 per cent compared to  二 一. 一 per cent in September  二0 二0.

In implementing its development strategy for until  二0 二 五, HDBank is actively pursuing comprehensive digital transformation, including eKYC and online account opening (eAccount), granting credit online  二 四/ 七 (eCredit), issuing  L/Cs online (eLC), making online cross border payments (eTT), and automating procedures, all of which have been received well by customers.

Along with developing digital-based products, HDBank has also earmarked a VNĐ 五 trillion credit package to provide online and another VNĐ 一0 trillion package exclusively for SMEs to supplement their working capital.

It also has many other credit packages with low interest rates for retail customers and micro enterprises.

The bank has so far set aside more than VNĐ 四 二 trillion to help individual and corporate customers revive and expand production and trading post-pandemic.

With its high and sustainable business growth, HDBank was recently named among top five prestigious banks in Việt Nam by Vietnam Report.

In August it won the awards for Best Bank and the Best Digital Transformation Bank in Việt Nam in  二0 二 一 at the Global Brand Awards. — VNS