Ho Chi Minh City Development Joint Stock Commercial Bank (HDB) Q4 2024 earnings summary

Executive summary

• Total assets reached VND 697,280,806 million as of 31 December 2024, up from VND 602,314,859 million year-over-year.

• Charter capital increased to VND 35,101,423 million from VND 29,076,321 million year-over-year.

• Net profit after tax for 2024 was VND 13,247,888 million, a significant increase from VND 10,336,013 million in 2023.

• Total loans to customers rose to VND 442,484,841 million, up from VND 343,404,295 million year-over-year.

• Deposits from customers increased to VND 437,505,165 million from VND 370,777,888 million year-over-year.

Financial highlights

• Interest and similar income for 2024 was VND 57,994,845 million, up from VND 52,640,577 million year-over-year.

• Net interest and similar income reached VND 30,856,393 million, compared to VND 22,183,974 million in 2023.

• Fee and commission income totaled VND 3,295,965 million, with net fee and commission income at VND 1,416,920 million.

• Operating expenses for 2024 were VND 11,975,958 million, up from VND 9,129,202 million year-over-year.

• Provision expenses for credit losses increased to VND 5,321,434 million from VND 4,267,751 million year-over-year.

Outlook and guidance

• Loan restructuring policies under Circulars 02/2023, 06/2024, and 53/2024 are in effect to support customers facing difficulties, with implementation extended through 2024.

• Additional specific provisions for restructured loans are required to be fully recognized by year-end 2024.