The bank estimated that the first quarter’s pre-tax profit exceeded VND 2,000 billion, an increase of more than 67% compared to the same period in 2020. Interest from services has a third consecutive quarter of double over the same period, showing great potential.
HDBank (HoSE: HDB) announced positive results right in the first quarter of 2021. Specifically, consolidated pre-tax profit reached more than VND 2,000 billion, an increase of 68% compared to the first quarter of 2020, of which individual profit achieved more than 1,810 billion, nearly 2 times higher than the same period last year.
Return on equity (ROE) was over 26%, higher than 19% in the same period last year. Return on assets (ROA) also increased sharply, reaching over 2% compared to 1.7% in the first quarter of 2020.
At March 31, the outstanding balance reached about VND 198,000 billion, an increase of 5% compared to the end of the previous year. The Bank continues to develop traditional, highly efficient customer segments with well-controlled risks such as agricultural lending, production and business individuals and households, small and medium-sized enterprises in supply chains. Asset quality is controlled in the industry’s best group. Car capital a safety ratio (Basel II) reached 12%.
HDBank estimated first quarter profit increased 67%. Photo: HDBank.
Along with customers to achieve the dual goal of both anti-epidemic and economic development, HDBank continues to implement support packages for individual customers and micro enterprises with the lowest interest rate from only 3% / year. The bank also waives a variety of transaction fees to support customers.
In parallel, credit activities grew high, service activities also made a strong breakthrough. Net income from services in the first quarter, nearly twice the same period in 2020. This is the third consecutive quarter that net service income has achieved an impressive growth rate, showing that the growth of the bank’s service segment is still very large.
HDBank is one of the few banks that have not signed an exclusive cooperation agreement on life insurance business, so the room to develop bancassurance, credit cards and other service products is still large in 2021 and other services in the next year.
Source: ndh.vn – Translated by fintel.vn