HDBank posted record profit for 2023

HDBank announced its financial report for the fourth quarter of 2023, which indicated that the bank achieved the high-growth targets assigned by its shareholders, on January 30.

The bank posted a pre-tax profit of almost VND4.4 trillion ($143 million), an increase of around 95 per cent on-year. As a result, HDBank's full year pre-tax profit for 2023 reached a record high, exceeding VND13 trillion ($533 million).

A return on assets of 2 per cent and a return on equity of more than 24 per cent, both representing an on-year increase and among the best in the sector, means the bank can proactively increase provisions to strengthen financial buffers and be ready for market fluctuations. HDBank's capital adequacy ratio according to Basel II standards was 12.6 per cent, but 150 per cent by Vietnamese banking regulations.

HDBank's total assets were worth VND602 trillion ($24.6 billion) by the end of 2023, up 44.7 per cent on-year.

Capital mobilisation reached VND537 trillion ($22 billion), an increase of 46.5 per cent on-year, while the outstanding credit balance stood at VND353 trillion ($14.4 million), an increase of just under 32 per cent.

Digital banking channels recorded a sharp increase in the number of new customers and transactions, increasing by 107 per cent and 88 per cent respectively, while 94 per cent of retail customer transactions were conducted digitally, significantly higher than the 77 per cent in 2022. For the first time, the number of new customers on digital channels has exceeded the number of new customers on traditional channels.

HDBank has maintained its decade-long period of continuous high growth, as its profits have grown at a compounded annual growth rate of just over 49 per cent over the last 10 years.

To maintain sustainable growth momentum over a long period of time, the bank remains steadfast in its strategies of multipurpose retail, consumer, and small- and medium-sized enterprise finance, and has proactively applied international standards to its modern banking management style.

HDBank was a pioneer in adopting Basel II standards, upgrading to Basel III international governance standards last year and has been applying environmental, social, and governance standards since then.

2023 also marked the 10th year of HDBank’s merger with Dai A Bank and the acquisition of consumer finance company Société Générale Viet Finance, the predecessor of HD SAISON Financial Co. Ltd. The successful mergers have created momentum for the bank, helping it expand to second-tier urban and rural areas to meet demand for consumer loans from those who had previously lacked access to reliable banking services.

Furthermore, HDBank has been prominent in promoting the implementation of the 'One Community, One Product' scheme, enabling farmers to market their products online and promoting the application of non-cash payments.

Throughout last year, the bank continued its corporate social responsibility activities by providing health insurance cards and free surgeries to thousands of cataract patients, granting hundreds of scholarships, and building houses for disadvantaged families across the country.

For its outstanding business performance and contributions, HDBank was honoured with several prestigious awards in 2023, including the ASEAN Business Award and the Board of the Year Award given by the Vietnam Institute of Directors, for having the best annual report among large-cap listed companies at the Vietnam Listed Companies Awards. It was also recognised as being one of the Top 10 Best Commercial Banks in Vietnam, the Top 10 Prestigious and Effective Public Companies, and the Best Bank for Sustainable Development in Vietnam.

HDBank is honoured as ADB's leading partner bank in Vietnam The Ho Chi Minh City Development Bank (HDBank) was honoured as the Leading Partner Bank in Vietnam by the Asian Development Bank (ADB) at an award ceremony for the Trade and Supply Chain Finance Program in Singapore earlier this month.

HDBank to acquire a 30 per cent stake in HD Securities HDBank has announced plans to purchase an up to 30 per cent share of HD Securities JSC (HDS) following a resolution approved at its 2023 shareholders' meeting.

Coro Energy receives finance offer from HDBank On January 18, Coro Energy PLC, a Southeast Asian energy company with a natural gas and clean energy portfolio, announced the receipt of an in principle offer from HDBank for project debt financing.