HCM CITY — The HCM City Development Joint Stock Commercial Bank, or HDBank, has reported a record pre-tax profit of VNĐ2.211 trillion (US$95.36 million) for the first half of the year.

Its consolidated net interest margin, which rose to 4.4 per cent, was the highest in the banking sector.

Total consolidated revenues were worth VNĐ5.17 trillion, of which net interest earnings accounted for VNĐ4.35 trillion, a year-on-year increase of 17 per cent.

Income from services was VNĐ286 billion, up 27 per cent.

Operating expenses and risk provisioning were tightly controlled at VNĐ2.43 trillion and VNĐ532 billion in line with plans.

As of June 30 the bad debts ratio for the parent bank was only 1 per cent. Consolidated bad debts, including at the consumer finance subsidiary, fell from 1.5 per cent at the beginning of the year to 1.4 per cent, its lowest rate so far.

The bank’s total assets are worth VNĐ210.29 trillion ($9.08 billion).

It has deposits of VNĐ184.78 trillion ($7.97 billion) and total outstanding loans of VNĐ144.28 trillion ($6.2 billion), an increase of 15.3 per cent.

Retail banking and financing small and medium-sized enterprises (SMEs) continued to be key growth drivers.

In the second half of the year the lender will adopt risk management methods based on Basel II standards and continue to focus on its retail, SME and consumer banking strategies.

HDBank is one of the leading joint stock banks in providing ‘green’ credit, especially to renewable energy projects. In the first half it lent nearly VNĐ6 trillion to finance commercial solar power and rooftop solar power.

The lender’s community activities include giving scholarships to poor students, gifting health insurance cards to thousands of near-poor people and funding cataract surgeries for thousands of disadvantaged people.

The ninth annual HDBank Cup International Open Chess this year attracted a record number of foreign players.

The bank also sponsors the National Futsal Championship and Cup. — VNS