HSBC Vietnam gains remarkable profit

March 30, 2011 | 17:02

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The foreign locally incorporated HSBC (Vietnam) reported on March 29 remarkable pre-tax profit in 2010 in the second operation year in Vietnam.

HSBC in Vietnam earned a pre-tax profit of VND1.4 trillion ($67.9 million) in 2010, a year-on-year increase of 38 per cent against the figure previous year.

Net operating income before loan impairment changes increased by 24 per cent to VND2.9 trillion ($143 million). Loan impairment charges was down by 43 per cent to VND97 billion ($4.6 million), lowest since its incorporation debut in the country.

HSBC (Vietnam)’s total assets at December 31, 2010 up by 31 per cent to VND47.8 trillion ($2.3 billion).

HSBC in Vietnam continued to grow strongly throughout 2010 despite market challenges, while sustaining its capital strength and strong liquidity position.

“HSBC maintained its leading foreign bank position in the second year after local incorporation, expanded its network to 14 outlets and launched HSBC Premier, the first globally linked banking service in Vietnam. HSBC sees Vietnam as an important part of its emerging markets strategy and is pleased to be contributing to the development of a robust and vibrant market for financial services,” said Thomas Tobin, CEO of HSBC (Vietnam).

In the first year performance of a locally incorporated bank, HSBC reportedly had pre-tax profit of VND1.0 trillion ($53.5 million), net operating income before loan impairment charges was VND2.4 trillion ($126.5 million) and return on shareholders’ equity was 19 per cent.

Its total assets as of December 31 last year was around VND36 trillion ($1.9 billion). Of which, the bank is profitable in all business segments including commercial banking, global banking and markets, trade and supply chains and securities services.

By Van Ngoc

vir.com.vn

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