Thanks to the high credit growth of 30 percent and low bad debt ratio, Hochiminh city Development Commercial Joint Stock Bank (HDBank) attained over 1.045 trillion dong in consolidated pre-tax profit in the first quarter (Q1) of 2018.
HDBank has released its Q1 business results with impressive growth. Specifically, as of March 31st 2018, the bank’s total assets reached 181.630 trillion dong, up by 17.2 percent compared to the same period of 2017. The total mobilisation fund was 161.156 trillion dong, up by 15.2 percent compared to the same period of 2017; while the total outstanding loans reached 110.990 trillion dong, up by 30 percent compared to the same period of 2017 and up by 10.3 percent compared to late 2017. In particular, the outstanding loans to customers were 105.977 trillion dong, up by 33.2 percent compared to the same period of last year, and up by 11.5 percent compared to late 2017.
The bank’s bad debt ratio was controlled at very low level of 1.22 percent. Thanks to that, its consolidated pre-tax profit reached 1.045 trillion dong, in which HDBank alone recorded 851 billion dong, up by 201.8 percent over the same period of 2017, completing 27.5 percent of the 2018 plan. The Return on Assets ratio (ROA) and Return on Equity ratio (ROE) of HDBank were respectively 1.5 percent and 19.2 percent.
By the end of March 2018, HDBank gained an addition of 48,504 individual customers and 700 corporate customers, up by 103 percent compared to late 2017. The finance company HD Saison alone served 3.9 million customers, up by 151.91 percent over the same period of 2017. Having a network with 11,844 sale and service introduction points (up by 147.42 percent over the same period of last year), HD Saison has the largest number of customers and the network at the present time.
The positive results in Q1-which is considered the “weakest” quarter of the year- show the optimistic prospect of HDBank, along with favourable economic developments of Vietnam.
As expected, HDBank will exceed its 2018 target with a consolidated pre-tax profit of about 3.921 trillion dong.
