HSBC Bank One Member Company Limited (HSBC Vietnam) has released the 2019 financial statement with pre-tax profit of 2.981 trillion dong.
Specifically, in 2019, the bank’s net interest income increased by 6.7 percent to 3.707 trillion dong. The profit from service activities of HSBC Vietnam rose up by 6.9 percent to 837 billion dong, while the profit from foreign exchange trading inched up by 1.2 percent to 679 billion dong and profit from other business activities doubled to 116 billion dong.
Notably, the bank did not record any income from securities trading, while it attained more than 184 billion dong of profit from this segment in 2018.
HSBC Vietnam’s total income only went up by 179 billion dong to 5.3 trillion dong (up by 3.4%), while the operating expenses rose up stronger by 242 billion dong to 2.263 trillion dong. In addition, the bank’s provisions for risks increased fairly sharply by 87 percent to 112 billion dong.
Accordingly, the pre-tax profit of HSBC Vietnam in 2019 slightly dropped by 3.7 percent compared to 2018, reaching 2.981 trillion dong.
By the end of 2019, the total assets of the bank were 125.167 trillion dong, up by 24 percent compared to the end of 2018. In which, the outstanding loans to customers increased by 7.8 percent to 48.201 trillion dong, and deposits and loans to other credit institutions sharply rose by 66 percent to 55.660 trillion dong. The mobilisation of deposits of HSBC Vietnam in 2019 grew by 29.2 percent to 109.908 trillion dong.
According to HSBC, by the end of 2019, the bank’s bad debts were 343 billion dong, slightly up compared to the 332 billion dong recorded at the beginning of the year. The bank’s bad debt ratio fell from 0.44 percent to 0.34%.
Notably, the bank said that the average income of its employees in 2019 was 652 million dong per person per year, equivalent to 54.3 million dong per month. This is also the highest average salary recorded among banks in Vietnam which have announced their average employee income in 2019. Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) is the domestic bank with the highest average salary of employees with just 34 million dong per person per month.
In 2019, the total number of HSBC’s Vietnam employees was 1,408 people, slightly down compared to the 1,438 in 2018.
