HDBank

HDBank's net profit rose 63.0% to VND 2,842 bil in 2018

By Helgi Analytics - November 05, 2019

HDBank made a net profit of VND 2,842 bil under revenues of VND 9,600 bil in 2018, up 63.0% and 26.2% respectively compared to the pr...

HDBank's net interest margin rose 1.22% to 3.83% in 2018

By Helgi Analytics - November 05, 2019

HDBank's net interest margin amounted to 3.83% in 2018, up from 3.78% compared to the previous year. Historically, the ban...

HDBank's net interest income rose 20.8% to VND 7,755 bil in 2018

By Helgi Analytics - November 05, 2019

HDBank generated total banking revenues of VND 9,600 bil in 2018, up 26.2% compared to the previous year. Historically, t...

Profit Statement 2016 2017 2018
Net Interest Income VND bil 4,690 6,419 7,755
Fee Income (As % Of Revenues) % 2.15 2.58 4.56
Other Income VND bil 687 992 1,407
Total Revenues VND bil 5,496 7,607 9,600
Staff Cost VND bil 1,467 2,003 2,377
Operating Profit VND bil 2,190 3,506 5,102
Provisions VND bil 994 1,017 994
Net Profit VND bil 738 1,743 2,842
Balance Sheet 2016 2017 2018
Interbank Loans VND bil 18,580 21,861 32,426
Customer Loans VND bil 81,304 103,336 121,792
Debt Securities VND bil 35,136 50,920 45,508
Total Assets VND bil 150,294 189,334 216,057
Shareholders' Equity VND bil 9,943 14,759 16,828
Interbank Borrowing VND bil 24,941 40,192 49,981
Customer Deposits VND bil 108,467 125,870 133,987
Issued Debt Securities VND bil 3,625 4,569 10,666
Ratios 2016 2017 2018
ROE % 7.46 14.1 18.0
ROA % 0.575 1.03 1.40
Costs (As % Of Assets) % 2.57 2.42 2.22
Costs (As % Of Income) % 60.1 53.9 46.9
Capital Adequacy Ratio % 12.5 13.5 12.1
Net Interest Margin % 3.65 3.78 3.83
Loans (As % Of Deposits) % 75.0 82.1 90.9
NPLs (As % Of Loans) % 1.46 1.52 1.53
Provisions (As % Of NPLs) % 76.8 73.3 71.1
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,170 1,256 1,054
Share Price (End Of Period) RUB 32,000 32,000 24,950
Price/Earnings (P/E) 35.1 16.3 8.61
Price/Book Value (P/BV) 2.61 1.93 1.45
Earnings Per Share (EPS) VND 911 1,963 2,897
Book Value Per Share VND 12,275 16,616 17,154

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Net Interest Income VND bil       850 325 1,629 3,322 4,690    
Total Revenues VND bil       1,522 1,443 2,899 4,238 5,496    
Operating Profit VND bil       726 432 1,079 1,769 2,190    
Net Profit VND bil       326 218 477 513 738    
balance sheet                    
Interbank Loans VND bil       7,376 11,341 16,835 11,994 18,580    
Customer Loans VND bil       20,952 43,333 41,509 55,853 81,304    
Debt Securities VND bil       12,001 14,219 25,638 22,603 35,136    
Total Assets VND bil       52,783 86,227 99,525 106,486 150,294    
Shareholders' Equity VND bil       5,394 8,587 8,874 9,842 9,943    
Interbank Borrowing VND bil       8,461 11,417 19,691 10,725 24,941    
Customer Deposits VND bil       34,262 62,384 65,412 76,560 108,467    
Issued Debt Securities VND bil       3,645 2,503 3,580 7,011 3,625    
ratios                    
ROE %       7.30 3.11 5.46 5.48 7.46    
ROA %       0.667 0.313 0.513 0.498 0.575    
Costs (As % Of Assets) %       1.63 1.45 1.96 2.40 2.57    
Costs (As % Of Income) %       52.3 70.0 62.8 58.3 60.1    
Capital Adequacy Ratio % ... ... ... ... ... ... ... 12.5    
Net Interest Margin %       1.74 0.468 1.75 3.23 3.65    
Interest Income (As % Of Revenues) %       55.8 22.5 56.2 78.4 85.3    
Fee Income (As % Of Revenues) %       1.16 3.07 4.36 4.44 2.15    
Staff Cost (As % Of Total Cost) %       37.9 35.0 40.7 40.8 44.4    
Equity (As % Of Assets) %       10.2 9.96 8.92 9.24 6.62    
Loans (As % Of Deposits) %       61.2 69.5 63.5 73.0 75.0    
Loans (As % Assets) %       39.7 50.3 41.7 52.5 54.1    
NPLs (As % Of Loans) %       2.35 3.53 2.27 1.59 1.46    
Provisions (As % Of NPLs) %       40.5 46.5 50.8 78.7 76.8    
valuation                    
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... 1,212 1,184 1,170    
Number Of Shares (Average) mil       401 502 810 810 810    
Share Price (End Of Period) RUB ... ... ... ... ... 32,000 32,000 32,000    
Earnings Per Share (EPS) VND       814 434 589 633 911    
Book Value Per Share VND       13,448 17,116 10,956 12,150 12,275    
Price/Earnings (P/E) ... ... ... ... ... 54.4 50.5 35.1    
Price/Book Value (P/BV) ... ... ... ... ... 2.92 2.63 2.61    
Earnings Per Share Growth % ...     -43.0 -46.7 35.7 7.58 43.9    
Book Value Per Share Growth % ...     13.3 27.3 -36.0 10.9 1.03    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Interest Income VND bil       5,195 4,900 6,298 8,000 11,334    
Interest Cost VND bil       4,345 4,575 4,669 4,678 6,643    
Net Interest Income VND bil       850 325 1,629 3,322 4,690    
Net Fee Income VND bil       17.6 44.3 126 188 118    
Other Income VND bil       655 1,073 1,143 727 687    
Total Revenues VND bil       1,522 1,443 2,899 4,238 5,496    
Staff Cost VND bil       302 354 740 1,008 1,467    
Depreciation VND bil       58.9 63.9 116 104 117    
Other Cost VND bil       436 593 964 1,356 1,721    
Operating Cost VND bil       797 1,010 1,820 2,469 3,305    
Operating Profit VND bil       726 432 1,079 1,769 2,190    
Provisions VND bil       299 192 456 935 994    
Extra and Other Cost VND bil       < 0.001 < -0.001 < 0.001 46.0 49.1    
Pre-Tax Profit VND bil       427 240 622 788 1,148    
Tax VND bil       101 22.9 145 158 233    
Minorities VND bil       0 0 0 117 176    
Net Profit VND bil       326 218 477 513 738    
growth rates                    
Net Interest Income Growth % ...     -35.1 -61.8 401 104 41.2    
Net Fee Income Growth % ...     -72.5 152 185 48.9 -37.2    
Total Revenue Growth % ...     22.1 -5.23 101 46.2 29.7    
Operating Cost Growth % ...     34.0 26.9 80.1 35.6 33.9    
Operating Profit Growth % ...     11.3 -40.4 150 64.0 23.8    
Pre-Tax Profit Growth % ...     -24.5 -43.7 159 26.7 45.6    
Net Profit Growth % ...     -23.5 -33.3 119 7.58 43.9    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                    
Cash VND bil       1,509 2,227 3,228 4,215 4,025    
Interbank Loans VND bil       7,376 11,341 16,835 11,994 18,580    
Customer Loans VND bil       20,952 43,333 41,509 55,853 81,304    
Retail Loans VND bil       10,901 24,985 18,907 28,172 36,064    
Corporate Loans VND bil       10,253 19,071 23,087 28,386 46,161    
Debt Securities VND bil       12,001 14,219 25,638 22,603 35,136    
Fixed Assets VND bil       312 590 27.4 850 1,391    
Total Assets VND bil       52,783 86,227 99,525 106,486 150,294    
Shareholders' Equity VND bil       5,394 8,587 8,874 9,842 9,943    
Of Which Minority Interest VND bil       0 0 325 449 626    
Liabilities VND bil       47,389 77,639 90,651 96,644 140,352    
Interbank Borrowing VND bil       8,461 11,417 19,691 10,725 24,941    
Customer Deposits VND bil       34,262 62,384 65,412 76,560 108,467    
Retail Deposits VND bil       25,284 44,008 39,709 47,543 66,607    
Corporate Deposits VND bil       8,977 18,376 25,703 29,017 41,860    
Sight Deposits VND bil       1,785 3,625 4,433 5,614 9,813    
Term Deposits VND bil       32,476 58,759 60,979 70,946 98,654    
Issued Debt Securities VND bil       3,645 2,503 3,580 7,011 3,625    
Other Liabilities VND bil       1,021 1,335 1,968 2,349 3,319    
asset quality                    
Non-Performing Loans VND bil       498 1,553 954 897 1,199    
Gross Loans VND bil       21,154 44,056 41,994 56,559 82,224    
Total Provisions VND bil       202 723 485 706 920    
growth rates                    
Customer Loan Growth % ...     52.9 107 -4.21 34.6 45.6    
Retail Loan Growth % ...     111 129 -24.3 49.0 28.0    
Corporate Loan Growth % ...     17.9 86.0 21.1 23.0 62.6    
Total Asset Growth % ...     17.2 63.4 15.4 6.99 41.1    
Shareholders' Equity Growth % ...     52.0 59.2 3.34 10.9 1.03    
Customer Deposit Growth % ...     79.5 82.1 4.85 17.0 41.7    
Retail Deposit Growth % ...     126 74.1 -9.77 19.7 40.1    
Corporate Deposit Growth % ...     13.9 105 39.9 12.9 44.3    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                    
ROE %       7.30 3.11 5.46 5.48 7.46    
ROA %       0.667 0.313 0.513 0.498 0.575    
Costs (As % Of Assets) %       1.63 1.45 1.96 2.40 2.57    
Costs (As % Of Income) %       52.3 70.0 62.8 58.3 60.1    
Capital Adequacy Ratio % ... ... ... ... ... ... ... 12.5    
Net Interest Margin %       1.74 0.468 1.75 3.23 3.65    
Interest Spread % ...     0.844 -0.268 1.23 2.77 3.22    
Asset Yield %       10.6 7.05 6.78 7.77 8.83    
Cost Of Liabilities % ...     9.78 7.32 5.55 5.00 5.61    
Interest Income (As % Of Revenues) %       55.8 22.5 56.2 78.4 85.3    
Fee Income (As % Of Revenues) %       1.16 3.07 4.36 4.44 2.15    
Other Income (As % Of Revenues) %       43.0 74.4 39.4 17.2 12.5    
Cost Per Employee USD per month       541 283 426 459 500    
Cost Per Employee (Local Currency) VND per month       11,296,500 5,954,820 9,054,060 9,925,060 11,013,100    
Staff Cost (As % Of Total Cost) %       37.9 35.0 40.7 40.8 44.4    
Equity (As % Of Assets) %       10.2 9.96 8.92 9.24 6.62    
Loans (As % Of Deposits) %       61.2 69.5 63.5 73.0 75.0    
Loans (As % Assets) %       39.7 50.3 41.7 52.5 54.1    
NPLs (As % Of Loans) %       2.35 3.53 2.27 1.59 1.46    
Provisions (As % Of NPLs) %       40.5 46.5 50.8 78.7 76.8    
Provisions (As % Of Loans) %       0.963 1.67 1.17 1.26 1.13    
Cost of Provisions (As % Of Loans) %       1.72 0.597 1.08 1.92 1.45    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                    
Branches ... ... ... ... ... ... ... 221    
Employees       2,227 4,953 6,815 8,464 11,102    
Clients mil ... ... ... ... 0.487 0.712 1.24 2.27 ... ...
Sight (As % Of Customer Deposits) %       5.21 5.81 6.78 7.33 9.05    

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HDBank's npls (as % of loans) rose 1.04% to 1.53% in 2018

By Helgi Analytics - November 05, 2019

HDBank's non-performing loans reached 1.53% of total loans at the end of 2018, up from 1.52% 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 amounted ...

HDBank's price/earnings (P/E) fell 47.2% to 8.61 in 2018

By Helgi Analytics - November 05, 2019

HDBank stock traded at RUB 24,950 per share at the end 2018 implying a market capitalization of USD 1,054 mil. Since the end of 2013, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the company rose by...

HDBank's customer loan growth fell 34.1% to 17.9% in 2018

By Helgi Analytics - November 05, 2019

HDBank's customer loan growth reached 17.9% in 2018, down from 27.1% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 107% in 2013 and an all time low of -4.21% in 2014. In the last decade, the average annua...

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Finance

HDBank has been growing its revenues and asset by 0% and 0% a year on average in the last 10 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached 90.9% at the end of 2018. The company achieved an average return on equity of 9.92% in the last decade with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 46.9% in 2018, compared to 54.0% average in the last decade.

Equity represented 7.79% of total assets or 13.8% of loans at the end of 2018. HDBank's non-performing loans were 1.53% of total loans while provisions covered some 71.1% of NPLs at the end of 2018.

Valuation

HDBank stock traded at RUB 24,950 per share at the end of 2018 resulting in a market capitalization of USD 1,054 mil. Over the previous five years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 10.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 8.61x and price to book value (PBV) of 1.45x in 2018.

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