HDBank Remains on High Growth Path in Q3, Aids Business Community amid Pandemic | Be Korea-savvy

HDBank Remains on High Growth Path in Q3, Aids Business Community amid Pandemic


(image: HDBank)

(image: HDBank)

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HO CHI MINH CITY, VIETNAM, Nov. 3 (Korea Bizwire) – The HCM City Development Joint Stock Commercial Bank (HDBank, HOSE: HDB) reported pre-tax profits (separately) of VND3.615 trillion (US$155.5 million) for the first nine months of the year, a year-on-year increase of 31.9 per cent and equivalent to 107 per cent of the target.

The bank’s profits for the first nine months rose 31.9 per cent to VND3.615 trillion ($155.5 million), with net interest income and service fee income increasing by 31.1 per cent and 71.9 per cent.

Consolidated profits were up 27.1 per cent to VND4.381 trillion ($188.46 million), equivalent to 103 per cent of its target.

Return on equity (ROE) and return on assets (ROA) were 21.1 per cent and 1.9 per cent.

The capital adequacy ratio (CAR) was 10.9 per cent as against a minimum of 8 per cent prescribed under Basel II norms.

The ratio of short-term capital to medium- and long-term loans was only 23.7 per cent against a permitted cap of 40 per cent.

Credit rating agency Moody’s recently ranked HDBank B1 even as the national credit rating was included in the monitoring category for a possible downgrade.

As of September 30 this year the Bank’s total consolidated assets topped VND273 trillion ($11.76billion), an increase of 19.1 per cent compared to the beginning of the year and an increase of 25.8 per cent from 12 months earlier.

Outstanding credit was at VND175 trillion ($7.5 billion), an increase of 14.1 per cent over the year, 19.2 per cent higher than a year earlier and twice the banking industry’s average.

The above results were possible thanks to the Bank enhancing credit programmes to support customers, embracing digitisation to improve efficiency and reduce costs and lowering lending interest rates while ensuring reasonable net profit margins.

Effective risk management has helped HDBank control asset quality with its bad debts ratio (separately) of 1.39 per cent being lower than the industry average.

The operating results that exceed the targets for the first nine months of 2020 will serve as a basis for the bank to achieve the targets for the whole year.

Recently HDBank paid its first dividend for 2019 and issued bonus shares at a total rate of 30 per cent.

The Bank is expected to pay a second dividend in the fourth quarter.

Contact:
trangntt18@hdbank.com.vn

Source: HDBank via Medi OutReach

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