HDBank reports record profit in first half of 2019
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.
HCM City (VNA) - The Ho Chi Minh CityDevelopment Joint Stock Commercial Bank (HDBank) has reported a record pre-taxprofit of 2,211 billion VND (94.26 million USD) in the first half of the year.
Its consolidated net interest margin, which roseto 4.4 percent, was among the highest in the banking sector.
Total consolidated revenues were worth 5,173billion VND (220.56 million USD), of which net interest earnings accounted for4,354 billion VND (185.61 million USD), a year-on-year increase of 17 percent.
Income from services was 286 billion VND (12.19million USD), up 27 percent.
Operating expenses and risk provisioning weretightly controlled at 2,430 billion VND (103.59 million USD) and 532 billionVND (22.67 million USD) in line with plans.
As of June 30 the bad debts ratio for the parentbank was only 1 percent. Consolidated bad debts, including at the consumerfinance subsidiary, fell from 1.5 percent at the beginning of the year to 1.4percent, its lowest rate so far.
The bank’s total assets are worth 210,291 billionVND (8.96 billion USD).
It has deposits of 184,785 billion VND (7.87billion USD) and total outstanding loans of 144,278 billion VND (6.14 billionUSD), an increase of 15.3 percent.
Retail banking and financing small andmedium-sized enterprises (SMEs) continued to be key growth drivers.
In the second half of the year the lender willadopt risk management methods based on Basel II standards and continue to focuson its retail, SME and consumer banking strategies.
꧋ HDBank is one of the leading joint stock banks inproviding ‘green’ credit, especially to renewable energy projects. In the firsthalf it lent nearly 6 trillion VND (255.73 million USD) to finance commercialsolar power and rooftop solar power.
HDBank was listed among the best companies towork for in Asia by the HR Asia Awards 2019. It has won the Awardsfor Best Cash Management Service and Best Trade Finance Bank in Vietnam fromthe prestigious financial magazine Asiamoney.-VNA
The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) plans to collect 5.07 trillion VND (217 million USD) in pre-tax profits this year, an increase of 27 percent compared to 2018.
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A transaction office of HDBank (Photo: HDBank) 
