HDBank

HDBank's npls (as % of loans) fell 10.9% yoy to 1.36% in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank's non-performing loans reached 1.36% of total loans at the end of 2019-12-31, down from 1.53% compared to the previous yea...

HDBank's net profit rose 43.8% yoy to VND 1,121 bil in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank made a net profit of VND 1,121 bil in the fourth quarter of 2019, up 43.8% when compared to the same period of last year. ...

HDBank's net interest margin rose 23.9% yoy to 5.17% in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank's net interest margin amounted to 5.17% in the fourth quarter of 2019, up from 4.69% when compared to the previous quarte...

Profit Statement 2017 2018 2019
Net Interest Income VND bil 6,419 7,755 9,774
Net Fee Income VND bil 196 438 596
Other Income VND bil 992 1,407 1,251
Total Revenues VND bil 7,607 9,600 11,620
Staff Cost VND bil 2,003 2,377 2,616
Operating Profit VND bil 3,506 5,102 6,503
Provisions VND bil 1,017 994 1,289
Net Profit VND bil 1,746 2,842 3,605
Balance Sheet 2017 2018 2019
Interbank Loans VND bil 21,861 32,426 24,665
Customer Loans VND bil 103,336 121,792 144,700
Debt Securities VND bil 50,920 45,508 40,896
Total Assets VND bil 189,334 216,057 229,477
Shareholders' Equity VND bil 14,759 16,828 20,381
Interbank Borrowing VND bil 40,192 49,981 55,423
Customer Deposits VND bil 125,870 133,987 132,600
Issued Debt Securities VND bil 4,569 10,666 12,240
Ratios 2017 2018 2019
ROE % 14.1 18.0 19.4
ROA % 1.03 1.40 1.62
Costs (As % Of Assets) % 2.42 2.22 2.30
Costs (As % Of Income) % 53.9 46.9 44.0
Capital Adequacy Ratio % 13.5 ... ...
Net Interest Margin % 3.78 3.83 4.39
Loans (As % Of Deposits) % 82.1 90.9 109
NPLs (As % Of Loans) % 1.52 1.53 1.36
Provisions (As % Of NPLs) % 73.3 71.1 81.4
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 1,256 1,281 1,159
Share Price (End Of Period) VND 32,000 30,300 27,550
Price/Earnings (P/E) 16.3 10.5 7.50
Price/Book Value (P/BV) 1.93 1.77 1.32
Dividend Yield % 4.69 3.30 ...
Earnings Per Share (EPS) VND 1,963 2,897 3,675
Book Value Per Share VND 16,616 17,154 20,902
Dividend Per Share VND 1,500 1,000 ...

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Net Interest Income VND bil         325 1,629 3,322 4,690 6,419    
Total Revenues VND bil         1,443 2,899 4,238 5,496 7,607    
Operating Profit VND bil         432 1,079 1,769 2,190 3,506    
Net Profit VND bil         218 477 513 738 1,746    
balance sheet                      
Interbank Loans VND bil         11,341 16,835 11,994 18,580 21,861    
Customer Loans VND bil         43,333 41,509 55,853 81,304 103,336    
Debt Securities VND bil         14,219 25,638 22,603 35,136 50,920    
Total Assets VND bil         86,227 99,525 106,486 150,294 189,334    
Shareholders' Equity VND bil         8,587 8,874 9,842 9,943 14,759    
Interbank Borrowing VND bil         11,417 19,691 10,725 24,941 40,192    
Customer Deposits VND bil         62,384 65,412 76,560 108,467 125,870    
Issued Debt Securities VND bil         2,503 3,580 7,011 3,625 4,569    
ratios                      
ROE % ...       3.11 5.46 5.48 7.46 14.1    
ROA % ...       0.313 0.513 0.498 0.575 1.03    
Costs (As % Of Assets) % ...       1.45 1.96 2.40 2.57 2.42    
Costs (As % Of Income) %         70.0 62.8 58.3 60.1 53.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... 13.5 ... ...
Net Interest Margin % ...       0.468 1.75 3.23 3.65 3.78    
Interest Income (As % Of Revenues) %         22.5 56.2 78.4 85.3 84.4    
Fee Income (As % Of Revenues) %         3.07 4.36 4.44 2.15 2.58    
Staff Cost (As % Of Total Cost) %         35.0 40.7 40.8 44.4 48.8    
Equity (As % Of Assets) %         9.96 8.92 9.24 6.62 7.80    
Loans (As % Of Deposits) %         69.5 63.5 73.0 75.0 82.1    
Loans (As % Assets) %         50.3 41.7 52.5 54.1 54.6    
NPLs (As % Of Loans) %         3.53 2.27 1.59 1.46 1.52    
Provisions (As % Of NPLs) %         46.5 50.8 78.7 76.8 73.3    
valuation                      
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... 1,212 1,184 1,170 1,256    
Number Of Shares (Average) mil         502 810 810 810 888    
Share Price (End Of Period) VND ... ... ... ... ... 32,000 32,000 32,000 32,000    
Earnings Per Share (EPS) VND         434 589 633 911 1,963    
Book Value Per Share VND         17,116 10,956 12,150 12,275 16,616    
Dividend Per Share VND ... ... ... ... ... ... 1,000 ... 1,500   ...
Price/Earnings (P/E) ... ... ... ... ... 54.4 50.6 35.1 16.3    
Price/Book Value (P/BV) ... ... ... ... ... 2.92 2.63 2.61 1.93    
Dividend Yield % ... ... ... ... ... ... 3.13 ... 4.69   ...
Earnings Per Share Growth % ...       -46.7 35.7 7.52 43.9 115    
Book Value Per Share Growth % ...       27.3 -36.0 10.9 1.03 35.4    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Interest Income VND bil         4,900 6,298 8,000 11,334 14,678    
Interest Cost VND bil         4,575 4,669 4,678 6,643 8,259    
Net Interest Income VND bil         325 1,629 3,322 4,690 6,419    
Net Fee Income VND bil         44.3 126 188 118 196    
Other Income VND bil         1,073 1,143 727 687 992    
Total Revenues VND bil         1,443 2,899 4,238 5,496 7,607    
Staff Cost VND bil         354 740 1,008 1,467 2,003    
Depreciation VND bil         63.9 116 79.5 94.0 85.2   ...
Other Cost VND bil         593 964 1,381 1,744 2,013   ...
Operating Cost VND bil         1,010 1,820 2,469 3,305 4,101    
Operating Profit VND bil         432 1,079 1,769 2,190 3,506    
Provisions VND bil         192 456 935 994 1,017    
Extra and Other Cost VND bil         < -0.001 < 0.001 46.0 49.1 72.2    
Pre-Tax Profit VND bil         240 622 788 1,148 2,417    
Tax VND bil         22.9 145 158 233 462    
Minorities VND bil         0 0 117 176 208    
Net Profit VND bil         218 477 513 738 1,746    
Dividends VND bil ... ... ... ... ... ... 810 ... 1,472   ...
growth rates                      
Net Interest Income Growth % ...       -61.8 401 104 41.2 36.8    
Net Fee Income Growth % ...       152 185 48.9 -37.2 66.2    
Total Revenue Growth % ...       -5.23 101 46.2 29.7 38.4    
Operating Cost Growth % ...       26.9 80.1 35.6 33.9 24.1    
Operating Profit Growth % ...       -40.4 150 64.0 23.8 60.1    
Pre-Tax Profit Growth % ...       -43.7 159 26.7 45.6 111    
Net Profit Growth % ...       -33.3 119 7.58 43.9 137    
market share                      
Market Share in Revenues %         0.816 1.57 2.04 2.30 ... ... ...
Market Share in Net Profit %         0.725 2.79 1.65 1.79 ... ... ...
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                      
Cash VND bil         2,227 3,228 4,215 4,025 3,434    
Interbank Loans VND bil         11,341 16,835 11,994 18,580 21,861    
Customer Loans VND bil         43,333 41,509 55,853 81,304 103,336    
Retail Loans VND bil         24,985 18,907 27,588 36,729 47,385   ...
Corporate Loans VND bil         19,071 23,087 28,906 45,460 57,054   ...
Debt Securities VND bil         14,219 25,638 22,603 35,136 50,920    
Fixed Assets VND bil         590 27.4 760 1,328 1,509    
Intangible Assets VND bil ... ... ... ... ... ... 90.3 63.6 51.2    
Goodwill VND bil ... ... ... ... ... ... 45.1 39.4 33.6    
Total Assets VND bil         86,227 99,525 106,486 150,294 189,334    
Shareholders' Equity VND bil         8,587 8,874 9,842 9,943 14,759    
Of Which Minority Interest VND bil         0 325 449 626 684    
Liabilities VND bil         77,639 90,651 96,644 140,352 174,575    
Interbank Borrowing VND bil         11,417 19,691 10,725 24,941 40,192    
Customer Deposits VND bil         62,384 65,412 76,560 108,467 125,870    
Retail Deposits VND bil         44,008 39,709 47,543 66,607 76,906   ...
Corporate Deposits VND bil         18,376 25,703 29,017 41,860 48,964   ...
Sight Deposits VND bil         3,625 4,433 5,614 9,813 104,979    
Term Deposits VND bil         58,759 60,979 70,182 28,042 19,903    
Issued Debt Securities VND bil         2,503 3,580 7,011 3,625 4,569    
Other Liabilities VND bil         1,335 1,968 2,349 3,319 3,943    
asset quality                      
Non-Performing Loans VND bil         1,553 954 897 1,199 1,583    
Gross Loans VND bil         44,056 41,994 56,559 82,224 104,497    
Total Provisions VND bil         723 485 706 920 1,161    
growth rates                      
Customer Loan Growth % ...       107 -4.21 34.6 45.6 27.1    
Retail Loan Growth % ...       129 -24.3 45.9 33.1 29.0   ...
Corporate Loan Growth % ...       86.0 21.1 25.2 57.3 25.5   ...
Total Asset Growth % ...       63.4 15.4 6.99 41.1 26.0    
Shareholders' Equity Growth % ...       59.2 3.34 10.9 1.03 48.4    
Customer Deposit Growth % ...       82.1 4.85 17.0 41.7 16.0    
Retail Deposit Growth % ...       74.1 -9.77 19.7 40.1 15.5   ...
Corporate Deposit Growth % ...       105 39.9 12.9 44.3 17.0   ...
market share                      
Market Share in Customer Loans %         1.44 1.24 1.39 1.68 1.79 ... ...
Market Share in Corporate Loans % ... ... ...   0.633 0.691 0.719 0.940 ... ... ...
Market Share in Total Assets %         1.58 1.65 1.53 1.85 1.96 ... ...
Market Share in Customer Deposits %         1.69 1.53 1.52 1.83 1.85 ... ...
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                      
ROE % ...       3.11 5.46 5.48 7.46 14.1    
ROA % ...       0.313 0.513 0.498 0.575 1.03    
Costs (As % Of Assets) % ...       1.45 1.96 2.40 2.57 2.42    
Costs (As % Of Income) %         70.0 62.8 58.3 60.1 53.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... 13.5 ... ...
Net Interest Margin % ...       0.468 1.75 3.23 3.65 3.78    
Interest Spread % ...       -0.268 1.23 2.77 3.22 3.40    
Asset Yield % ...       7.05 6.78 7.77 8.83 8.64    
Cost Of Liabilities % ...       7.32 5.55 5.00 5.61 5.25    
Payout Ratio % ... ... ... ... ... ... 158 ... 84.3   ...
Interest Income (As % Of Revenues) %         22.5 56.2 78.4 85.3 84.4    
Fee Income (As % Of Revenues) %         3.07 4.36 4.44 2.15 2.58    
Other Income (As % Of Revenues) %         74.4 39.4 17.2 12.5 13.0    
Cost Per Employee USD per month         283 426 459 500 543    
Cost Per Employee (Local Currency) VND per month         5,954,820 9,054,060 9,925,060 11,013,100 12,161,000    
Staff Cost (As % Of Total Cost) %         35.0 40.7 40.8 44.4 48.8    
Equity (As % Of Assets) %         9.96 8.92 9.24 6.62 7.80    
Loans (As % Of Deposits) %         69.5 63.5 73.0 75.0 82.1    
Loans (As % Assets) %         50.3 41.7 52.5 54.1 54.6    
NPLs (As % Of Loans) %         3.53 2.27 1.59 1.46 1.52    
Provisions (As % Of NPLs) %         46.5 50.8 78.7 76.8 73.3    
Provisions (As % Of Loans) %         1.67 1.17 1.26 1.13 1.12    
Cost of Provisions (As % Of Loans) % ...       0.597 1.08 1.92 1.45 1.10    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                      
Branches ... ... ... ... ... ... ... 221 240   ...
Employees         4,953 6,815 8,464 11,102 13,728    
Clients mil ... ... ... ... 0.487 0.712 1.24 2.27 ... ... ...
Sight (As % Of Customer Deposits) %         5.81 6.78 7.33 9.05 83.4    
Return on Loans % ...       0.677 1.12 1.05 1.08 1.89    
Operating Profit (As % of Loans) % ...       1.34 2.54 3.63 3.19 3.80    
Costs (As % Of Loans) % ...       3.14 4.29 5.07 4.82 4.44    
Equity (As % Of Loans) %         19.8 21.4 17.6 12.2 14.3    

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HDBank's price/earnings (P/E) fell 37.1% yoy to 5.99 in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank stock traded at VND 27,550 per share at the end fourth quarter of 2019 implying a market capitalization of USD 1,159 mil. Since the end of 4Q2014, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the comp...

HDBank's net interest income rose 33.2% yoy to VND 2,888 bil in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank generated total banking revenues of VND 3,413 bil in the fourth quarter of 2019, up 26.5% when compared to the same period of last year and 17.4% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee a...

HDBank's market capitalisation (end of period) fell 9.48% yoy to USD 1,159 mil in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank stock traded at VND 27,550 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 1,159 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolute terms, the val...

HDBank's equity (as % of assets) rose 14.0% yoy to 8.88% in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank's Equity reached 8.88% of total assets in the 4Q2019, up from 7.79% for the previous year. As a share of net customer loans, the ratio amounted to 14.1% at the end of the fourth quarter of 2019. ...

HDBank's customer loan growth rose 5.32% yoy to 18.8% in 4Q2019

By Helgi Analytics - March 1, 2020

HDBank's customer loan growth reached 18.8% in 2019-12-31, up from 17.9% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 25.2% in 2018-09-30 and an all time low of 11.2% in 2019-03-31. In the last decade, t...

HDBank's net profit rose 26.8% yoy to VND 3,605 bil in 2019

By Helgi Analytics - March 1, 2020

HDBank made a net profit of VND 3,605 bil under revenues of VND 11,620 bil in 2019, up 26.8% and 21.0% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of VND 3,605 bil in 2019 and an all time low of VND 194 bil...

HDBank's price/earnings (P/E) fell 28.3% yoy to 7.50 in 2019

By Helgi Analytics - March 1, 2020

HDBank stock traded at VND 27,550 per share at the end 2019 implying a market capitalization of USD 1,159 mil. Since the end of 2014, the stock has depreciated by -13.9 % implying an annual average growth of -2.95 %. In absolute terms, the value of the company fe...

HDBank's net interest margin rose 14.7% yoy to 4.39% in 2019

By Helgi Analytics - March 1, 2020

HDBank's net interest margin amounted to 4.39% in 2019, up from 3.83% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 4.39% in 2019 and an all time low of 0.468% in 2013. The average margin in the ...

HDBank's net interest income rose 26.0% yoy to VND 9,774 bil in 2019

By Helgi Analytics - March 1, 2020

HDBank generated total banking revenues of VND 11,620 bil in 2019, up 21% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of VND 11,620 bil in 2019 and an all ti...

HDBank's npls (as % of loans) fell 10.9% yoy to 1.36% in 2019

By Helgi Analytics - March 1, 2020

HDBank's non-performing loans reached 1.36% of total loans at the end of 2019, down from 1.53% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.53% in 2013 and an all time low of 0.831% in 2010. Provision coverage amounte...

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Finance

HDBank has been growing its revenues and asset by 37.2% and 28.2% a year on average in the last 10 years. Its loans and deposits have grown by 33.3% and 30.2% a year during that time and loans to deposits ratio reached 109% at the end of 2019. The company achieved an average return on equity of 10.8% in the last decade with net profit growing 33.9% a year on average. In terms of operating efficiency, its cost to income ratio reached 44.0% in 2019, compared to 54.4% average in the last decade.

Equity represented 8.88% of total assets or 14.1% of loans at the end of 2019. HDBank's non-performing loans were 1.36% of total loans while provisions covered some 81.4% of NPLs at the end of 2019.

Valuation

HDBank stock traded at VND 27,550 per share at the end of 2019 resulting in a market capitalization of USD 1,159 mil. Over the previous five years, stock price fell by 13.9% or 2.95% a year on average. That’s compared to an average ROE of 12.9% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.50x and price to book value (PBV) of 1.32x in 2019.