HCM CITY — HCM City Development Joint Stock Commercial Bank (HDBank) has announced that its pre-tax profit in the first nine months of 2018 rose 50.8 per cent year on year to nearly VNĐ2.9 trillion (US$128.2 million).

The bank has accomplished 73.3 per cent of its full-year profit target for 2018 of VNĐ3.93 trillion, the bank said in a statement on Thursday.

The high profits have helped the bank keep its return-on-equity ratio above 20 per cent, HDBank added.

According to the bank, its total income in the last three quarters rose 21.1 per cent year on year to VNĐ6.78 trillion.

HDBank saw its net interest income advance 18.5 per cent on a yearly basis to VNĐ5.48 trillion, accounting for a large proportion of the bank’s total income.

Trading of foreign currencies and securities contributed VNĐ128.8 billion and VNĐ461.4 billion, respectively, to the bank’s three-quarter net income.

The services division was the highlight for HDBank, whose net income in the first three quarters of the year was VNĐ340.9 billion, triple the figure of 2017.

The bank has efficiently controlled its operating costs with the cost-total income ratio (CIR) falling back to 48 per cent in the first nine months from 52.4 per cent recorded at the end of the third quarter of 2017.

HDBank also recorded its risk provision had dropped 14.7 per cent year on year because the quality of lending was improved in the first nine months, the bank added.

In addition, HDBank’s non-performing loans accounted for only 1.39 per cent of the banking sector’s total lending and the bank’s bad debt ratio was only 1 per cent – the lowest of the sector.

The bank became among 20 top largest listed companies by market capitalisation after debuting on the HCM Stock Exchange and its shares have been net-purchased by foreign investors. — Photo HDBank

As of September 30, the bank recorded VNĐ125.7 trillion in outstanding credit, an increase of 14.2 per cent from the beginning of the year.

HDBank raised VNĐ144.7 trillion of capital from organisations, businesses and individual customers, which was up 11 per cent in nine months.

Its total assets reached more than VNĐ199.3 trillion and equity capital rose 8.1 per cent in three quarters to nearly VNĐ16 trillion.

The capital adequacy ratio (CAR) of HDBank touched 13.6 per cent in nine months, higher than the 9 per cent par required by the State Bank of Việt Nam.

In the first nine months, HDBank continued expanding its business network by opening 39 new offices, raising the total number of offices to 279.

Its consumer finance arm HD Saison also raised the number of trading offices by more than 1,660 to nearly 13,170 and surpassed others in the consumer finance sector by the size of office network, serving more than 4.6 million customers.

In addition to outstanding performance, HDBank also made some remarkable achievements in the past three quarters.

The bank became among 20 top largest listed companies by market capitalisation after debuting on the HCM Stock Exchange and its shares have been net-purchased by foreign investors.

HDBank during the first nine months also received the Second-class Labour Medal on its 28^th anniversary and was admitted to Forbes’ list of Vietnamese top valuable brands.

The bank was also voted by HR Asia as having the best working environment in Asia and won Euromoney’s award for best cash management service in the Asia-Pacific region.

HDBank also successfully organised the 8th HDBank Cup International Open Chess 2018 event and the National Futsal Championship – HDBank 2018 to show its commitment to the development of Vietnamese sports.

The tournament drew the presence of the World Chess Federation (FIDE) and participation of nearly 300 players from 21 countries and territories, who brought chess matches of the best quality to audience and supporters. — VNS