HSBC Vietnam records $157 mln post-tax profit in 2022

By Tri Duc
Thu, April 20, 2023 | 4:37 pm GMT+7

HSBC Bank (Vietnam) Ltd. posted a post-tax profit of VND3.7 trillion ($157 million) in 2022, tripling year-on-year, according to the bank’s financial statements.

An HSBC office in Ho Chi Minh City. Photo courtesy of HSBC.

An HSBC office in Ho Chi Minh City. Photo courtesy of HSBC.

The lender doubled its net interest income to VND5.02 trillion ($213.4 million) after a year.

HSBC Vietnam’s loans to customers reached VND62.52 trillion ($2.66 billion) in 2022, up 15.35% year-on-year. Its deposits from customers grew 20.13% to VND175.52 trillion ($7.46 billion)

Overall, the bank’s total assets went up 21.33% year-on-year to VND198.61 trillion ($8.45 billion) in the year, while its total liabilities rose 21.25% to VND182.64 trillion ($7.77 billion) and its equity increased 22.27% to VND15.98 trillion ($679.52 million). As of the end of 2022, the bank’s cash on hand was VND502.59 billion ($21.38 million).

The lender’s total received deposits as of end-2022 were VND6,218 trillion ($264.44 billion), while its total disbursed loans and total collected loans were VND202.17 trillion ($8.6 billion) and VND192.29 trillion ($8.18 billion), respectively.

Deutsche Bank recorded a pre-tax profit of 21 million euros ($22.6 million) on net revenue of 34 million euros ($36.6 million) from its Vietnam operations in 2022, according to the bank’s annual report. On a global scale, in 2022, the German bank posted a pre-tax profit of 5.6 billion euros ($6.03 billion), the highest for 15 years, on net revenue of 27.2 billion euros ($29.29 billion), up 65% and 7% year-on-year, respectively.

Singapore-headquartered United Overseas Bank (UOB) posted a core operating profit of S$17 million ($12.75 million) from activities in Vietnam in 2022, quadrupling that in 2021 of S$4 million. According to the bank’s report for 2022, UOB recorded its gross loans in Vietnam at S$2 billion ($1.5 billion) and total funding of S$1 billion ($0.75 billion).

Shinhan Bank Vietnam, wholly owned by South Korea’s Shinhan Bank, earned a post-tax profit of VND3.71 trillion ($158.03 million) last year, up 46.6% year-on-year, according to the bank’s audited financial statement.

The lender made a net interest income of VND6.52 trillion ($278 million), up 30.4% year-on-year. It posted a net fee and commission income of VND454.12 billion ($19.37 million), while the net gain from dealing in foreign currencies was VND845.29 billion ($36.05 million).

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