HDBank sees 50% increase in pre-tax profit in Jan - Sep
The bank`s revenue during the period reached VND6.78 trillion (US$289.42 million), up 21.1% year-on-year.
Ho Chi Minh Development Bank (HDBank) posted a pre-tax profit in the first nine months of 2018 at VND2.88 trillion (US$122.94 million), up 50.8% year-on-year or 73.3% of the year's target, local media reported.
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Notably, revenue from other services amounted to VND340.9 trillion (US$14.54 million), more than tripling the same period of last year.
HDBank's consolidated cost to income ratio (CIR) decreased to 48% from the previous 52.4% recorded in the end of the third quarter in 2017.
As of September 30, the bank's bad debt ratio stood at 1.39%, while its total outstanding loans reached VND125.73 trillion (US$5.36 billion), up 14.2% against the beginning of the year. HDBank also mobilized capital of VND144.71 trillion (US$6.17 billion), up 11% year-on-year.
During the January - September period, HDBank's total asset value was reported at VND199.38 trillion (US$8.51 billion), and equity of VND15.95 trillion (US$680.84 million), up 8.1% compared to the beginning of the year.
Its capital adequacy ratio (CAR) is estimated at 13.6%, significantly higher than the minimum requirement rate of 9% set by the State Bank of Vietnam (SBV).
In early September, the SBV has approved the merger between Petrolimex Group Bank (PGBank) and HDBank. The SBV's approval is a major step creating necessary legal framework for the merger of two banks, which is scheduled to be completed by the end of 2018.
The deal will raise HDBank's charter capital to VND15.345 trillion ($676 million) and increase the number of its branches ad transaction offices to 370 and financial transaction units to 15,000, effectively covering the nation's 63 cities and provinces.
The strategic cooperation among shareholders will improve the existing customer ecosystem of HDBank when it is able to get access to an additional number of more than 20 million individual customers, nearly 2,500 petrol stations and about 4,000 agencies of Petrolimex.
HDBank sets target for the total assets in 2018 of VND267.256 trillion (US$11.8 billion), total outstanding loans VND170.641 trillion (US$7.5 billion), while pre-tax profit would increase to VND4.712 trillion (US$207.6 million).
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