On January 30, 2024, Ho Chi Minh City Development Joint Stock Commercial Bank ( HDBank - stock code: HDB) announced its financial report for the fourth quarter of 2023 with all high growth targets according to the plan assigned by shareholders. Pre-tax profit reached VND 13,017 billion, up 26.8%. Individual bad debt was only 1.5%, growth quality indicators were in the leading group.
Strong acceleration in Q4, high growth quality among industry leaders
HDBank's pre-tax profit in the fourth quarter of 2023 reached VND 4,385 billion, up 94.7% over the same period, and for the whole year of 2023 it reached VND 13,017 billion - the highest level ever for this bank. Profitability indicators ROA reached 2.0%, ROE reached 24.2%, both higher than the same period last year and among the leading groups in the industry. The bank has proactively increased provisions to strengthen its financial buffer, ready for market fluctuations. Capital adequacy CAR (Basel II standard) reached 12.6%, reaching 150% compared to the regulations of the banking industry.
As of December 31, 2023, HDBank's total assets reached over VND 602 trillion, an increase of 44.7% compared to 2022. Capital mobilization reached VND 537 trillion, an increase of 46.5%. Consolidated credit balance reached VND 353 trillion, an increase of 31.8%.
In 2023, digital banking channels grew strongly in both the number of new customers and the number of transactions, up 107% and 88% respectively over the same period last year. 94% of individual customer transactions were conducted on digital channels, significantly higher than the rate of 77% in 2022. For the first time, the number of new customers attracted on digital channels exceeded the number of new customers on traditional channels.
Decade of continuous high growth, reaching international level
HDBank is a bank with a decade of continuous high growth in the banking industry. On average, over the past 10 years, HDBank has achieved a compound profit growth rate of 49.1% per year.
To maintain sustainable growth momentum over the long term, on the one hand, HDBank is steadfast in its strategy of multi-functional retail, SME and consumer finance, and on the other hand, it actively applies the best international standards in modern banking management. HDBank has pioneered the implementation of Basel II and in 2023 will continue to upgrade to Basel III international management standards while implementing the ESG strategy.
2023 also marks the 10-year journey of HDBank merging with DaiABank and acquiring consumer finance company Societe Generale Viet Finance (SGVF), the predecessor of today's HD SAISON. These successful financial institution restructuring projects have created momentum for HDBank's strong growth journey, expanding its footprint to secondary urban areas and rural areas for chain financing programs and effectively meeting the consumer loan needs of workers and laborers who do not have access to banking services.
Accompanying the development of digital economy , spreading happiness
In addition to its vibrant business activities, HDBank also accompanies the economy with practical and meaningful programs. The bank has implemented many preferential loan packages with attractive interest rates to accompany people and businesses in economic development, contributing to the fight against black credit. In addition, HDBank is a leading bank in promoting the One Commune One Product (OCOP) program, supporting farmers to bring products to digital sales channels, cashless payment applications, and implementing practical social security programs.
Proactively implementing social responsibility, in 2023 HDBank has implemented many meaningful programs, such as providing funding for thousands of surgeries for cataract patients, giving health insurance cards and hundreds of scholarships, building hundreds of charity houses, solidarity... across the country.
With high business results and positive contributions to the economy and society, HDBank has been honored with many prestigious awards, notably the Asean Business Awards 2023 - Digital Initiative Award selected by the ASEAN Business Advisory Council. HDBank's Board of Directors was honored as Board of The Year by the Vietnam Institute of Directors (VIOD). The Bank also won two awards for Excellent Annual Report and Best Listed Company for Organizing the General Meeting of Shareholders organized by the Ho Chi Minh City Stock Exchange, Hanoi Stock Exchange and Investment Newspaper; Best Retail Bank in Vietnam in 2023, Top 10 Prestigious Banks, Top 10 Prestigious and Effective Public Companies, Best Bank for Community Responsibility in Vietnam in 2023.
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