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Banking & Finance

HDBank impresses at Vietnam Listed Companies Awards 2019

Released at: 18:47, 29/11/2019 BUSINESS SPOTLIGHT

HDBank impresses at Vietnam Listed Companies Awards 2019

Photo: HDBank

Local bank among Top 10 Large-Cap Companies with Outstanding Annual Reports.

by Hung Cao

The Ho Chi Minh City Development Joint Stock Commercial Bank (HSX: HDB) was among the Top 10 Large-Cap Companies with Outstanding Annual Reports at the 2019 Vietnam Listed Companies Awards, co-organized by the Ho Chi Minh Stock Exchange (HSX) and the Hanoi Stock Exchange (HNX).

This year’s Awards attracted the participation of over 700 companies listed on either exchange and components of VNX AllShare.

Companies were divided into different tiers based on their market cap and competed in three categories: Outstanding Annual Reports, Sustainability Reporting, and Corporate Governance.

With a market cap of over $1.2 billion, HDBank is in the group of large-cap companies and competed against major brands such as Vinamilk, Sabeco, and Bao Viet.

In the preliminary round, the bank’s reports were graded in every category, including 104 criteria on annual reports. These reports were reviewed and crosschecked by the Big 4 accounting firms - KPMG, E&Y, Deloitte, and PwC. The highest-scoring reports then advanced into the next round.

In the final round, a judge panel composed of experts from the State Securities Commission, HSX, HNX, Vietnam Securities Depository, and the International Finance Corporation, as well as two independent experts, Dr Tran Ngoc Tho and Dr Dang Van Thanh, discussed and voted upon the list of honorees

HDBank met all of the rigorous grading criteria and overcame many large-cap companies to appear in the Top 10 Large-Cap Companies with Outstanding Annual Reports. It also left an impression with its design and scored exceptionally well in the Sustainability Reporting category.

With the theme “Conquer new horizons - Green banking”, HDBank’s annual report not only impressed with its thorough, appealing, and succinct presentation of the bank’s corporate structure, operations, and strategy, but also with its pioneering application of advanced regional and global reporting standards, including the ASEAN Corporate Governance Scorecard and GRI standards in sustainability reporting, in its information disclosure, board performance evaluation, and sustainability development programs.

The award reinforces HDBank’s strong commitment in the implementation of and compliance with the highest standards and international practice in governance and sustainable growth, to improve its operational efficiency and generate the best possible returns for customers, shareholders, banks, partners, and the community.

HDBank is posting one of the fastest growth rates for joint stock commercial banks in Vietnam, as evidenced by its increase in total assets more than 20-fold over the ten-year period from 2008 to 2018.

Asset quality has always remained at a high level, surpassing the rest of the industry. As at September 30, HDBank had total assets of over $9.36 billion, total deposits of $8.19 billion, outstanding loans of nearly $6.3 billion, and equity of $844.8 million. Its individual bad debt ratio was only 1.1 per cent, while its capital adequacy ratio under Basel II standards was maintained at 11 per cent; much higher than the minimum of 8 per cent required by the State Bank of Vietnam in Circular No. 41.

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