Vietnam’s HDBank targets $562.67m profit for 2023

Shareholders approved a dividend distribution of 10% in cash and 15% in shares.

The Ho Chi Minh City Development Joint Stock Commercial Bank or HDBank is targeting $562.67m (VND13.2t) in profit for 2023, or a 29% growth from its earnings in 2022, the bank stated in its latest annual general meeting.

HDBank’s profit before tax exceeded US$427m (VND10t) for the first time in 2022. Equity and return on assets were 23.5% and 2.08%, respectively, both of which are higher than last year, the Vietnam-based bank said.

Its unceasing efforts over the years have brought HDBank significant achievements with its total assets exceeding VND416 trillion (USD18 billion) at the end of 2022, total deposits topping VND366 (USD15.6 billion) trillion and total credit being nearly VND268 trillion (USD11.4 billion).

For 2022, shareholders approved a dividend distribution of 10% in cash and 15% in shares.

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Speaking at the AGM, HDBank CEO Pham Quoc Thanh told shareholders that the bank always focuses on risk management, constantly strengthening its systems and processes and using technology to monitor, forecast and promptly identify risks.

CEO Pham Quoc Thanh added that they expect the bank to maintain strong growth in 2023.

 "The macroeconomic landscape of the world and Viet Nam have brought significant challenges to Viet Nam but also provided great opportunities for those who have the know-how,” noted Kim Byoung-ho, chairman of the bank’s board of directors, during the AGM.

“By taking the initiative and being flexible in a volatile period, HDBank last year achieved strong yet sustainable growth. We ensured the prudent and asset quality ratios were well-managed within safe levels, and the growth of both credit and deposits topped the industry,” Kim added.