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HDBank

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

By Helgi Library - 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 Library - 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 Library - 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...

Annual Quarterly LTM
Profit Statement Jun 2019 Sep 2019 Dec 2019
Net Interest Income VND bil 2,351 2,505 2,888
Net Fee Income VND bil 144 149 161
Other Income VND bil 297 252 365
Total Revenues VND bil 2,792 2,906 3,413
Staff Cost VND bil 680 672 653
Operating Profit VND bil 1,463 1,631 2,048
Provisions VND bil 306 349 407
Net Profit VND bil 786 899 1,121
Balance Sheet Jun 2019 Sep 2019 Dec 2019
Interbank Loans VND bil 21,502 21,532 24,665
Customer Loans VND bil 136,296 138,631 144,700
Total Assets VND bil 210,291 217,245 229,477
Shareholders' Equity VND bil 18,604 19,594 20,381
Interbank Borrowing VND bil 36,670 46,878 55,423
Customer Deposits VND bil 133,804 129,428 132,600
Issued Debt Securities VND bil 16,479 16,836 12,240
Ratios Jun 2019 Sep 2019 Dec 2019
ROE % 17.3 18.8 22.4
ROA % 1.52 1.68 2.01
Costs (As % Of Assets) % 2.58 2.39 2.44
Costs (As % Of Income) % 47.6 43.9 40.0
Net Interest Margin % 4.56 4.69 5.17
Loans (As % Of Deposits) % 102 107 109
NPLs (As % Of Loans) % 1.44 1.50 1.36
Provisions (As % Of NPLs) % 74.7 73.3 81.4
Valuation Jun 2019 Sep 2019 Dec 2019
Price/Earnings (P/E) 8.58 7.56 5.99
Price/Book Value (P/BV) 1.45 1.39 1.32
Earnings Per Share (EPS) VND 3,206 3,664 4,599
Book Value Per Share VND 18,964 19,973 20,902

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summary Unit Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                    
Net Interest Income VND bil       1,910 1,822 2,168 2,030 2,351    
Total Revenues VND bil       2,391 2,174 2,698 2,509 2,792    
Operating Profit VND bil       1,285 995 1,509 1,361 1,463    
Net Profit VND bil       738 567 780 799 786    
balance sheet                    
Interbank Loans VND bil       23,539 23,318 32,426 19,600 21,502    
Customer Loans VND bil       118,965 119,572 121,792 127,556 136,296    
Debt Securities VND bil       35,140 43,445 45,508 40,994 38,971    
Total Assets VND bil       191,293 199,380 216,057 202,562 210,291    
Shareholders' Equity VND bil       15,301 15,955 16,828 17,713 18,604    
Interbank Borrowing VND bil       29,264 36,108 49,981 37,832 36,670    
Customer Deposits VND bil       132,128 135,186 133,987 131,824 133,804    
Issued Debt Securities VND bil       9,308 8,294 10,666 10,629 16,479    
ratios                    
ROE % ...     19.0 14.5 19.0 18.5 17.3    
ROA % ...     1.55 1.16 1.50 1.53 1.52    
Costs (As % Of Assets) % ...     2.32 2.41 2.29 2.19 2.58    
Costs (As % Of Income) %       46.2 54.2 44.1 45.7 47.6    
Net Interest Margin % ...     4.00 3.73 4.18 3.88 4.56    
Interest Income (As % Of Revenues) %       79.9 83.8 80.4 80.9 84.2    
Fee Income (As % Of Revenues) %       4.79 5.31 3.61 5.65 5.16    
Staff Cost (As % Of Total Cost) %       55.8 49.4 55.7 53.3 51.1    
Equity (As % Of Assets) %       8.00 8.00 7.79 8.74 8.85    
Loans (As % Of Deposits) %       90.0 88.5 90.9 96.8 102    
Loans (As % Assets) %       62.2 60.0 56.4 63.0 64.8    
NPLs (As % Of Loans) %       1.43 1.50 1.53 1.45 1.44    
Provisions (As % Of NPLs) %       79.7 72.9 71.1 73.9 74.7    
valuation                    
Market Capitalisation (End Of Period) USD mil ... ...   1,545 1,634 1,281 1,268 1,158    
Number Of Shares (Average) mil       981 981 981 981 981    
Share Price (End Of Period) VND ... ...   36,150 38,850 30,300 30,000 27,500    
Earnings Per Share (EPS) VND       3,009 2,312 3,179 3,256 3,206    
Book Value Per Share VND       15,597 16,264 17,154 18,056 18,964    
Price/Earnings (P/E) ... ...   12.0 16.8 9.53 9.21 8.58    
Price/Book Value (P/BV) ... ...   2.32 2.39 1.77 1.66 1.45    
Earnings Per Share Growth % ... ... ... ... -39.9 156 5.44 6.53    
Book Value Per Share Growth % ... ... ... ... 16.7 30.5 12.3 21.6    
income statement Unit Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                    
Interest Income VND bil       4,108 4,243 4,598 4,441 4,812    
Interest Cost VND bil       2,198 2,421 2,430 2,411 2,461    
Net Interest Income VND bil       1,910 1,822 2,168 2,030 2,351    
Net Fee Income VND bil       115 115 97.3 142 144    
Other Income VND bil       365 236 432 337 297    
Total Revenues VND bil       2,391 2,174 2,698 2,509 2,792    
Staff Cost VND bil       617 583 663 611 680    
Depreciation VND bil     ... ... ... ... ... ... ... ...
Other Cost VND bil     ... ... ... ... ... ... ... ...
Operating Cost VND bil       1,106 1,179 1,189 1,147 1,330    
Operating Profit VND bil       1,285 995 1,509 1,361 1,463    
Provisions VND bil       248 147 352 227 306    
Extra and Other Cost VND bil       21.1 26.9 35.6 32.9 47.9    
Pre-Tax Profit VND bil       1,016 821 1,121 1,102 1,109    
Tax VND bil       196 166 229 223 213    
Minorities VND bil       81.9 88.5 112 79.9 110    
Net Profit VND bil       738 567 780 799 786    
growth rates                    
Net Interest Income Growth % ... ... ... ... -3.96 24.3 9.50 23.0    
Net Fee Income Growth % ... ... ... ... 229 6.95 27.9 25.8    
Total Revenue Growth % ... ... ... ... -10.4 38.8 7.30 16.8    
Operating Cost Growth % ... ... ... ... 11.5 3.98 12.0 20.3    
Operating Profit Growth % ... ... ... ... -27.3 88.7 3.67 13.8    
Pre-Tax Profit Growth % ... ... ... ... -20.3 122 5.25 9.17    
Net Profit Growth % ... ... ... ... -27.2 124 5.49 6.53    
balance sheet Unit Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
balance sheet                    
Cash VND bil       5,461 4,248 7,482 5,414 3,674    
Interbank Loans VND bil       23,539 23,318 32,426 19,600 21,502    
Customer Loans VND bil       118,965 119,572 121,792 127,556 136,296    
Retail Loans VND bil     ... 63,139 ... 60,563 ... ... ... ...
Corporate Loans VND bil     ... 57,162 ... 62,504 ... ... ... ...
Debt Securities VND bil       35,140 43,445 45,508 40,994 38,971    
Fixed Assets VND bil       1,493 507 1,602 564 490    
Total Assets VND bil       191,293 199,380 216,057 202,562 210,291    
Shareholders' Equity VND bil       15,301 15,955 16,828 17,713 18,604    
Of Which Minority Interest VND bil       992 1,081 1,193 1,273 1,383    
Liabilities VND bil       175,992 183,426 199,229 184,849 191,688    
Interbank Borrowing VND bil       29,264 36,108 49,981 37,832 36,670    
Customer Deposits VND bil       132,128 135,186 133,987 131,824 133,804    
Sight Deposits VND bil       10,817 10,525 116,391 114,936 12,732    
Term Deposits VND bil       120,477 123,992 16,625 16,179 120,312    
Issued Debt Securities VND bil       9,308 8,294 10,666 10,629 16,479    
asset quality                    
Non-Performing Loans VND bil       1,722 1,812 1,885 1,867 1,989    
Gross Loans VND bil       120,338 120,893 123,132 128,937 137,781    
Total Provisions VND bil       1,373 1,321 1,340 1,380 1,486    
growth rates                    
Customer Loan Growth % ... ... ... ... 25.2 17.9 11.2 14.6    
Retail Loan Growth % ... ... ... ... ... 27.8 ... ... ... ...
Corporate Loan Growth % ... ... ... ... ... 9.55 ... ... ... ...
Total Asset Growth % ... ... ... ... 14.2 14.1 6.40 9.93    
Shareholders' Equity Growth % ... ... ... ... 41.4 14.0 12.3 21.6    
Customer Deposit Growth % ... ... ... ... 8.81 6.45 7.80 1.27    
market share                    
Market Share in Total Assets %     ... ... ... ... ... ... ... ...
ratios Unit Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
ratios                    
ROE % ...     19.0 14.5 19.0 18.5 17.3    
ROA % ...     1.55 1.16 1.50 1.53 1.52    
Costs (As % Of Assets) % ...     2.32 2.41 2.29 2.19 2.58    
Costs (As % Of Income) %       46.2 54.2 44.1 45.7 47.6    
Net Interest Margin % ...     4.00 3.73 4.18 3.88 4.56    
Interest Spread % ...     3.60 3.30 3.77 3.46 4.10    
Asset Yield % ...     8.61 8.69 8.85 8.49 9.32    
Cost Of Liabilities % ...     5.01 5.39 5.08 5.02 5.23    
Interest Income (As % Of Revenues) %       79.9 83.8 80.4 80.9 84.2    
Fee Income (As % Of Revenues) %       4.79 5.31 3.61 5.65 5.16    
Other Income (As % Of Revenues) %       15.3 10.8 16.0 13.4 10.6    
Cost Per Employee USD per month       669 616 693 646 700    
Cost Per Employee (Local Currency) VND per month       15,093,800 13,982,100 15,788,700 14,788,800 16,125,100    
Staff Cost (As % Of Total Cost) %       55.8 49.4 55.7 53.3 51.1    
Equity (As % Of Assets) %       8.00 8.00 7.79 8.74 8.85    
Loans (As % Of Deposits) %       90.0 88.5 90.9 96.8 102    
Loans (As % Assets) %       62.2 60.0 56.4 63.0 64.8    
NPLs (As % Of Loans) %       1.43 1.50 1.53 1.45 1.44    
Provisions (As % Of NPLs) %       79.7 72.9 71.1 73.9 74.7    
Provisions (As % Of Loans) %       1.15 1.10 1.10 1.08 1.09    
Cost of Provisions (As % Of Loans) % ...     0.850 0.492 1.17 0.727 0.927    
other data Unit Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
other data                    
Employees       13,617 13,888 13,992 13,781 14,055    
Sight (As % Of Customer Deposits) %       8.19 7.79 86.9 87.2 9.52    
Return on Loans % ...     2.25 2.02 2.36 2.31 2.22    
Operating Profit (As % of Loans) % ... ... ... 4.08 3.68 4.23 4.13 4.04    
Costs (As % Of Loans) % ...     4.01 3.90 3.79 3.79 3.84    
Equity (As % Of Loans) %       12.9 13.3 13.8 13.9 13.6    

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

By Helgi Library - 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 Library - 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 Library - 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 Library - 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 Library - 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 Library - 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 Library - 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 Library - 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 Library - 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 Library - 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.

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