HSBC Vietnam gains $69.7M pre-tax profit

HSBC in Vietnam earned a pre-tax profit of $67.9 million in 2010, a year-on-year increase of 38 per cent against the figure previous year.

Net operating income before loan impairment changes increased by 24 per cent to $143 million. Loan impairment charges was down by 43 per cent to $4.6 million, lowest since its incorporation debut in the country.

HSBC Vietnam’s total assets at December 31, 2010 up by 31 per cent to $2.3 billion.

HSBC in Vietnam continued to grow strongly throughout 2010 despite market challenges, while sustaining its capital strength and strong liquidity position.

“HSBC maintained its leading foreign bank position in the second year after local incorporation, expanded its network to 14 outlets and launched HSBC Premier, the first globally linked banking service in Vietnam. HSBC sees Vietnam as an important part of its emerging markets strategy and is pleased to be contributing to the development of a robust and vibrant market for financial services,” said Thomas Tobin, CEO of HSBC Vietnam.