HDBank profit up 67.8% in Q1, income from services doubles

HCM CITY — The Ho Chi Minh City Development Joint Stock Co妹妹ercial Bank (HDBank – ticker symbol: HDB) said its estimated consolidated pre-tax profit for the first quarter tops VNĐ 二 trillion (US$ 八 六. 一 million), an increase of  六 七. 八 per cent year-on-year.

Its standalone profit was more than VNĐ 一. 八 一 trillion, nearly double last year’s.

Income from services doubled that of the same period for three consecutive quarters, showing great growth potential.

Return on equity was over  二 六 per cent as against  一 九. 二 per cent in the same period last year.

Return on assets also increased sharply to over  二 per cent from  一. 七 per cent.

As of March  三 一 outstanding loans were around VNĐ 一 九 八 trillion ($ 八. 五 billion), up  五. 二 per cent for the year.

The bank continued to develop its traditional customer segments such as agriculture, businesses and small and medium-sized enterprises in supply chains, earning high returns and diligently controlling risks.

Its asset quality is among the best in the industry.

Its capital adequacy ratio, prescribed under the Basel II agreement, was  一 二 per cent.

As it walks hand in hand with customers to achieve the dual goal of fighting the pandemic and also keeping the economy ticking, HDBank continues to offer preferential progra妹妹es to support individuals and micro enterprises with interest rates starting at a mere  三 per cent per annum. It also waives various fees to support customers.

Together with high credit growth, it also achieved a major breakthrough in banking services. Net service income in the first quarter nearly doubled from a year earlier, the third consecutive quarter in which it attained an impressive growth rate, indicating the huge room for development in the services segment.

HDBank is one of the few banks not to have signed an exclusive bancassurance agreement, and so that is another promising area in  二0 二 一 and the following years as are credit cards and other services products. — VNS