Shinhan Bank Vietnam’s 2023 net profit up 22% to $181 mln
Shinhan Bank Vietnam, wholly owned by South Korea’s Shinhan Bank, earned a net profit of VND4.52 trillion ($181.2 million) in 2023, up 22.1% year-on-year, with all major indicators showing improvements.
This was the heftiest profit the bank has reported so far, according to its recently-released 2023 financial statement sent to the Hanoi Stock Exchange.

A Shinhan Bank Vietnam transaction office. Photo courtesy of the bank.
The bank’s return on equity (ROE) came in at 15.21% at the end of 2023, up from 14.69% a year earlier. Its equity increased 17.9% year-on-year to VND29.75 trillion ($1.2 billion) at the end of 2023.
The Korean bank’s debt-to-equity ratio dropped to 4.64 times at the end of 2023 from 5.92 times a year earlier, translating into total liabilities of VND138 trillion as of end-2023.
Its bond-to-equity ratio slid from 0.11% to 0.09%.
The lender’s total assets are estimated at VND167.77 trillion ($6.72 billion) as of end-2023, down 5.2% year-on-year.
Its capital adequacy ratio (CAR) under the central bank’s Circular 41, dated in 2016, improved to 20.26% from 17.84%. The minimum regulatory CAR is set at 8%.
HSBC Bank (Vietnam) Ltd., earlier this month reported a net profit of VND5.2 trillion ($207.5 million) in 2023, up 40.2% year-on-year, marking the largest 2023 profit by a foreign bank so far.
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