Transactions at SHB. The bank continues to balance impressive business growth with a steadfast commitment to social responsibility. Photo courtesy of the bank

HÀ NỘI —  Saigon – Hanoi Bank (SHB) has announced its consolidated financial results for the third quarter of 2024, with accumulated pre-tax profit reaching more than VNĐ9 trillion (US$), achieving 80 per cent of its 2024 target.

The bank continues to balance impressive business growth with a steadfast commitment to social responsibility, contributing to the socio-economic development of Việt Nam.

By September 30, 2024, SHB’s total assets had grown to VNĐ688 trillion, a 9.2 per cent increase compared to the end of 2023. The bank’s outstanding credit balance reached VNĐ495 trillion, positioning SHB among the top performers in the banking sector, with a robust Return on Equity (ROE) of 22.8 per cent.

In line with its growth strategy, SHB has rolled out several tailored credit programs to support both individual and corporate customers. These initiatives include VNĐ43 trillion in credit for individuals, with preferential interest rates starting at 5.79 per cent per year, and VNĐ16 trillion in credit for businesses, starting at 4.8% per cent per year. Additionally, in response to natural disasters, SHB has introduced a special loan package for Typhoon Yagi victims, offering VNĐ2 trillion in low-interest loans at just 4.5 per cent per year, along with a 50 per cent reduction in interest payments for the final months of 2024. These efforts aim to stabilise lives, promote recovery, and foster business growth.

Sustainable growth and digital transformation

SHB’s focus on sustainable growth is reinforced by its capital adequacy ratio (CAR) of over 11.8 per cent, surpassing State Bank of Việt Nam’s regulations, and ensuring the safety and stability of its operations. The bank is committed to maintaining high credit quality, settling loans, and supporting customers as they recover from challenges.

A key pillar of SHB’s transformation strategy for 2024-28 is its embrace of innovation and technology. Through digitalisation, the bank has optimised its operations, achieving the lowest Cost-to-Income Ratio (CIR) in the industry at 24.68 per cent. By leveraging cutting-edge technologies such as AI, big data, and machine learning, SHB is enhancing its internal processes and services. As a result, 90 per cent of its essential banking operations are now conducted digitally, and 92 per cent of all transactions are processed through mobile banking and internet platforms, positioning SHB as a leader in the digital banking space.

Beyond business success, SHB is deeply committed to social responsibility, partnering with local authorities and communities to support vital social initiatives. In response to the Prime Minister Phạm Minh Chính’s “Home for My People” campaign, SHB donated VNĐ100 billion to Sóc Trăng Province to help eliminate temporary and dilapidated housing for low-income and near-poor households.

The bank has also joined forces with T&T Group, SHS Securities Company, and VinaWind Company to allocate VNĐ23.5 billion in aid for communities affected by storms and floods. SHB’s overall contributions to disaster relief and social security initiatives in 2024 are estimated to total VNĐ150 billion.

SHB’s commitment to education is also evident in its support for infrastructure development in underserved areas. In mid-October, SHB partnered with the Việt Nam Buddhist Sangha and the People’s Committees of Tủa Chùa and Điện Biên Đông districts to inaugurate two newly built classrooms for ethnic minority children in Điện Biên Province. The bank invested VNĐ12.5 billion in this project, providing students with better learning environments and contributing to educational development in rural areas.

SHB’s success is not solely measured by its financial performance, but by its deep-rooted commitment to the welfare of the Vietnamese people. With a focus on innovation, social responsibility, and sustainable development, SHB is playing an integral role in shaping a brighter future for Việt Nam, one that is rooted in progress, community welfare, and long-term stability. —  VNS