HDBank’s net profit up 48.9% to $324.47, in H1

Deposits in its digital banking channels have risen five-fold in a year.

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has reported a net profit of $324.47m (VND8.16t) in the first six months of 2024– a 48.9% increase compared to H1 2023.

In a press release, the Vietnam-based bank credited the growth to its “enhanced operational efficiency and implementation of digital transformation initiatives.”

Operating income rose 32.9% year-on-year (YoY) to $636.6m (VND16.04b). 

HDBank said that it has completed paying a 10% cash dividend or 1,000 dong per share to shareholders, and will continue implementing the distribution of a 20% stock dividend, expected for Q3.

Total assets exceeded $24.7b (VND624t), 29% higher than in H1 2023. 

Credit growth is 13% as of June 2024, compared to the beginning of 2024. 

Total funding mobilisation is $21.9b (VND552t), of which deposits from digital banking channels was $1.6b (VND40t). This is 5 times higher than a year ago, according to HDBank.

“HDBank is confident that the highly commendable outcomes achieved in the first six months of the year, coupled with the strategic implementation of pioneering initiatives, will serve as a robust foundation for the bank's sustained and elevated trajectory in 2024,” the bank stated in a press release.

Earlier, HDBank announced that it has charted its "best-ever" results for the whole year of 2023.