Ho Chi Minh City Development Joint Stock Commercial Bank (HDB) Q3 2024 earnings summary

Executive summary

• Total assets reached VND 617,102 billion as of 30 September 2024, up from VND 589,986 billion at year-end 2023.

• Loans to customers increased to VND 381,463 billion, a 16.5% rise year-over-year.

• Profit before tax for the nine months ended 30 September 2024 was VND 11,726.6 billion, up from VND 8,609.9 billion in the same period last year.

• Profit after tax for the period was VND 9,264.4 billion, compared to VND 6,944.9 billion year-over-year.

Financial highlights

• Net interest income for the nine months was VND 18,635.0 billion, up from VND 11,067.3 billion year-over-year.

• Fee and commission income reached VND 1,645.5 billion, with net fee and commission income at VND 307.1 billion.

• Operating expenses increased to VND 6,688.6 billion from VND 4,774.8 billion year-over-year.

• Provision expenses for credit losses were VND 1,203.5 billion, up from VND 712.6 billion.

• Total owners' equity rose to VND 50,189.5 billion from VND 43,752.1 billion at year-end 2023.

Outlook and guidance

• Loan restructuring policies under Circular 02/2023 and 06/2024 are extended until 31 December 2024 to support customers facing difficulties.

• The bank continues to focus on credit quality, risk management, and compliance with new regulatory requirements.