HDBank Posts Record Profit in Jan-Sep 2019

10:38:02 AM | 7/11/2019

On October 30, 2019, Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) announced its business results for the third quarter and the first nine months of 2019, with the profit before tax surging 51% and nonperforming loan ratio kept at 1.1%.

The bank boasted business outperformance in the third quarter of 2019. The pre-tax profit jumped 51% year on year to VND1,238 billion in the quarter ending September 30, the best performing quarter ever. Its total operating income reached VND2,871 billion, up 36% year on year. Of the sum, net interest income amounted at VND2,505 billion, up 42%, and net service profit rose 29% to VND149 billion.

Operating expenses were well controlled, rising by just 12%. Credit risk provisions were low thanks to high asset quality and a low nonperforming loan (NPL) ratio of only 1.1%. Consolidated NPL ratio, including consumer finance, was 1.5% - a popular level well managed by HDBank over the years.

The consolidated profit before tax totaled VND3,448 billion in the first 9 months, an increase of 20% compared to the same period of 2018 - the highest value ever.

LP