HSBC Vietnam records $208 mln post-tax profit in 2023, up 40%

HSBC Bank (Vietnam) Ltd., under London-headquartered lender HSBC, recorded a post-tax profit of VND5,189.1 billion ($207.5 million) in 2023, up 40.2% year-on-year, according to the bank’s financial statements.

The bank said its net interest income last year reached VND7,965.5 billion ($319.9 million), up 58.8% year-on-year.

HSBC Vietnam also reported net fee and commission income of VND916.2 billion ($40.2 million), net gain from dealing in foreign currencies of VND775.5 billion ($32.8 million), and net gain from trading of held-for-trading securities of VND13.5 billion ($600,000).

As of end-2023, HSBC recorded cash on hand of VND496.5 billion ($21.3 million), slightly lower than VND502.6 billion a year ago. Its balances with the State Bank of Vietnam, the country’s central bank, went up 4.4% year-on-year to VND14,823.1 billion ($624.9 million).

Meanwhile, the bank’s customer loans grew 5.3% year-on-year to VND65,798.3 billion ($2.8 billion).

The lender’s investment securities fell 30% year-on-year to VND6,574.3 billion ($276.3 million), according to the report.

Deposits from customers dropped 22.6% year-on-year to VND135,877.4 billion ($5.89 billion), HSBC Vietnam said.

Overall, the bank’s total assets decreased 17.4% year-on-year to VND164,100.1 billion ($7 billion). Its total liabilities went down 20.5% to VND145,157.2 billion ($6.18 billion) and its equity went up 18.6% to VND18,942.9 billion ($785.4 million).