HDBank among Forbes’s top financial brands in VN

Tuesday, Sep 28, 2021 16:04

Customers conduct transation at an HDBank’s transaction office. HDBank is named one of the top financial brands in Viet Nam by Forbes. — Photo courtesy by the bank

Forbes Vietnam has unveiled a list of the top 25 valuable financial brands in Viet Nam, which are worth a combined US$3.95 billion, with HDBank in the top eight with a value of $162 million.

The banking industry dominates the list with 17 representatives, followed by the securities and insurance industries with five and three.

The list based on companies’ ability to generate profits.

Financial brands showed strong growth in fiscal year 2020, driven by the banking and securities sectors.

In recent years HDBank has been highly valued by the market, including foreign financial institutions, for its profitability from business activities and strong digital transformation that enables it to maximise its internal strengths.

In the second quarter of this year HDBank's governance efficiency and profitability improved, with the return on average equity (ROAE) at 25.6 per cent and return on average assets (ROAA) at 2.1 per cent.

Capital adequacy and liquidity are at good levels with CAR (based on Basel II standards) reaching 13.2 per cent.

The total operating income topped VND 4.25 trillion ($187.77 million) for the second quarter and VND8.42 trillion ($371.7 million) for the first half, up 32.7 per cent year-on-year.

Net revenues from services topped VND857 billion ($37.8 million), 2.3 times up from the same period last year thanks to strong growth in bancassurance and payment services, and indicating there is still room for growth.

Recently HDBank announced the signing of agreements to develop products and services with a series of units in its ecosystem, giving it a huge opportunity to diversify its income sources, especially from fees and bancassurance.

HDBank is also one of the pioneering banks in embracing digital transformation in the Vietnamese financial market.

Even during the peak of the COVID-19 pandemic, HDBank ensured smooth operation of its system to effectively serve business activities.

Its digital applications and automation of products and services helped promote non-cash payments and enhanced the convenience of its online transaction channels.

For maintaining a solid business foundation and a high growth rate, having good asset quality and being ranked in the group of banks with the best performance many years, HDBank was also named one of the Top 40 Most Valuable Brands in 2018 and Top 50 Best Listed Companies in Viet Nam in 2020 by Forbes. — VNS

Comments (0)