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HDBank to raise total asset value by 21.5% this year

Update: April, 20/2015 - 08:10

HDBank plans to increase its total asset value from the current VND99.525 trillion (nearly US$4.62 billion) to VND120.882 trillion ($5.61 billion) this year. — Photo cafef.vn

HCM CITY (VNS) — The HCM City Development Joint Stock Bank (HDBank) plans to increase its total asset value from the current VND99.525 trillion (nearly US$4.62 billion) to VND120.882 trillion ($5.61 billion) this year.

The target was approved the bank's shareholders at its annual general meeting held in HCM City last Saturday.

The shareholders also approved many other important growth targets in this year's business plan, including an 11 per cent increase in outstanding loans, pre-tax profits of VND830 billion ($36.52 million), increasing capital mobilisation by 11.5 per cent to VND76.950 trillion ($3.57 billion); keeping bad debt under 3 per cent; keeping the bank's Return on Assets (ROA) ratio at around 0.6 per cent and its Return on Equity (R0E) ratio at 8 per cent.

Chairwoman Le Thi Bang Tam said that to realise these targets, the bank would closely follow the State Bank of Viet Nam's guidelines and restructure itself by reviewing and consolidating its operations in all aspects. It would also closely co-operate with partners to create dramatic improvements in the administrative work and business activities, she said.

"The bank will focus efforts on developing new products and services, studying customer demands in greater depth to do so. We will continue to push settlement of bad debts, using provisions to handle risks in line with current regulations, and closely controlling newly arisen debts."

Other important tasks that HDB plans to do this year is to integrate further into international financial market, strengthen co-operation with foreign partners including Credit Saison and Hyakyo Bank, and seek potential strategic partners, the chairwoman said.

Making the necessary preparations for listing its shares on the domestic exchange is also part of the bank's action plan, she said.

Shareholders appreciated the bank's business results for 2014.

The bank and its subsidiary companies recorded a combined pre-tax profit of VND700 billion ($32.48 million); a year-on year increase of 15.4 per cent in terms of total asset value to VND99.525 trillion ($4.62 billion) ; and a 16 per cent growth in capital mobilisation. Its outstanding credit balance was VND54 trillion ($2.51 billion) last year, up 10 per cent over 2013.

The bank kept the bad debt ratio at 1.4 per cent, ROA at around 0.6 per cent and ROE at 6.9 per cent, shareholders were told. — VNS

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