By Reuters  April 22, 2018 | 07:32 am GMT+7 Each share of PGBank will be converted into 0.621 HDBank share. Vietnam’s Ho Chi Minh City Development Joint Stock Bank, better known as HDBank, said its shareholders approved on Saturday a plan to merge with the unlisted Petrolimex Group Commercial Joint Stock Bank as it seeks to expand operations in the country. The merger is scheduled to take place by August this year, the bank said in a statement. Each share of Petrolimex Group Commercial Joint Stock Bank, or PGBank, will be converted into 0.621 HDBank share, it said, adding that HDBank will issue 300 million new shares for the conversion. The merger will enable HDBank to expand its client base, including with Vietnam National Petroleum Group, which holds a 40 percent stake in PGBank and a share of around 50 percent of Vietnam’s retail-transport fuel market. The shareholders also approved a pretax profit target of VND3.92 trillion ($172.15 million) for … [Read more...] about Vietnam’s HDBank to absorb PGBank in merger
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HDBank to pay 35 per cent dividend
HD Bank has announced a dividend of 35 per cent for 2017. — Photo HDBank Housing Development Bank (HD Bank) has announced it will pay a dividend of 35 per cent for last year, 15 per cent in cash and 20 per cent in the form of bonus stocks. It had paid 30 per cent for 2016. The lender reported a pre-tax profit of VND2.42 trillion (US$106 million) for 2017, representing a year-on-year increase of 110.6 per cent. The HCM City Securities Corporation has forecast pre-tax profit of nearly VND4 trillion ($175 million) for this year. It expects HDBank to have outstanding loans of VND189 trillion ($8.3 billion) at the end of this year and increase deposits by 20 per cent. The bank has said it will use Big Data and provide financial services to supply chains. — VNS … [Read more...] about HDBank to pay 35 per cent dividend
HDBank to pay out dividends at 35 per cent ratio
Ho Chi Minh City Development Bank (HDBank, HDB on HSX) announced that it would pay 2017 dividends in cash and preferential shares at the ratio of 35 per cent. This is the highest in the Vietnamese banking sector. HDBank recorded strong growth in 2017 with a positive outlook for 2018 and onwards HDBank went through a historic year in 2017, with VND2.4 trillion ($105 million) of pre-tax profit, up 110.6 per cent from the previous year, exceeding the goal set by its annual general shareholders' meeting by 85.9 per cent. Thanks to these positive results, the bank decided to pay dividend to its shareholders at the ratio of 35 per cent, including 15 per cent in cash and 20 per cent in preferential shares. This is a rare case in the banking sector, as most financial institutions in Vietnam often pay dividends in shares only. In a few extreme cases, some banks even fail to pay dividends due to poor results. HDBank, on the contrary, pays dividends regularly. The regular dividend … [Read more...] about HDBank to pay out dividends at 35 per cent ratio
HDBank reports VNĐ1 trillion profit
HDBank’s profit in the first quarter reached VND1 trillion. — Photo courtesy of HDBank HDBank’s net profit in the first quarter after its listing on the HCM Stock Exchange has topped VND1 trillion, three times the figure in the same period last year. It has total assets of VND181 trillion, 17.2 per cent up. Its return on assets and equity were 1.5 per cent and 19.2 per cent, while bad debts are at a low 1.22 per cent. The bank targets full-year net profit of VND3.9 trillion. The lender had listed in January. — VNS … [Read more...] about HDBank reports VNĐ1 trillion profit
HDBank allowed to expand business in 2018
In 2007, HDBank opened 19 branches and transaction offices, taking the total number of transaction points to 270. — Photo cafef.vnViet Nam News HÀ NỘI — HCM City Development Commercial Joint Stock Bank or HDBank has been approved by the State Bank of Vietnam to open 45 new branches and transaction offices in 2018. If the plan materialises, HDBank will increase its network to 315 transaction points. In 2007, HDBank opened 19 branches and transaction offices, taking the total number of transaction points to 270. Due to the expansion of its network and business plan, HDBank recruited more than 2,600 people in 2017, taking the total number of staff to more than 13,700. Last year, the bank recorded a pre-tax profit of VNĐ1.95 trillion (US$86 million), an increase of 113.7 per cent over 2016. The sharp increase in profit was attributed to an increase in the scale of lending and settlement of overdue debt, bad debt and non-performing assets as well as an … [Read more...] about HDBank allowed to expand business in 2018