ANNUAL REPORT 2024
01
OVERVIEW
02
GENERAL INFORMATION
03
2024 BUSINESS PERFORMANCE
04
BOARD OF MANAGEMENT’S REPORT
05
CORPORATE GOVERNANCE
06
SUSTAINABLE DEVELOPMENT
07
CONSOLIDATED FINANCIAL STATEMENTS

THE BANK’S INFORMATION

Establishment and Operation licence

No. 26/GP-NHNN dated 12 February 2020

The Establishment and Operation Licence No. 00019/NH-GP dated 6 June 1992 was initially issued by the State Bank of Vietnam (“SBV”) and was replaced by the Licence No. 26/GP-NHNN dated 12 February 2020 and Decisions for amendment, supplement of the Establishment and Operation Licence for a period of 99 years from the date of the initial licence.

Enterprise Registration Certificate

No. 0300608092 dated 11 August 1992 was initially issued by the Department of Planning and Investment of Ho Chi Minh City with the latest 33rd amendment dated 5 September 2023.

Board of Directors

  • Mr. Kim Byoungho

    Chairman, Independent member

  • Ms. Nguyen Thi Phuong Thao

    Permanent Vice Chairwoman

  • Mr. Luu Duc Khanh

    Vice Chairman

  • Mr. Nguyen Thanh Do

    Vice Chairman

  • Mr. Nguyen Huu Dang

    Vice Chairman
    (to 8 January 2025)

  • Mr. Le Manh Dung

    Independent member

  • Mr. Pham Quoc Thanh

    Member

Board of Management

  • Mr. Pham Quoc Thanh

    General Director

  • Mr. Nguyen Minh Duc

    Deputy General Director

  • Mr. Le Thanh Tung

    Deputy General Director

  • Mr. Nguyen Van Hao

    Deputy General Director

  • Mr. Nguyen Dang Thanh

    Deputy General Director

  • Mr. Tran Hoai Nam

    Deputy General Director
    (re-appointed on 27 February 2025)

  • Mr. Nguyen Canh Vinh

    Deputy General Director

  • Mr. Tran Thai Hoa

    Deputy General Director
    (re-appointed on 26 May 2024)

  • Mr. Tran Xuan Huy

    Deputy General Director
    (re-appointed on 16 October 2024discharged on 15 January 2025)

  • Mr. Le Thanh Trung

    Deputy General Director
    (to 16 December 2024)

  • Mr. Pham Van Dau

    Chief Financial Officer

  • Ms. Ho Dang Hoang Quyen

    Chief Accountant

Board of Supervisors

  • Mr. Dao Duy Tuong

    Head of Board of Supervisors

  • Ms. Duong Thi Thu

    Member

  • Ms. Bui Thi Kieu Oanh

    Member

  • Mr. Nguyen Le Hieu

    Member

Legal Representative

  • Mr. Pham Quoc Thanh

    General Director

Head Office

25Bis Nguyen Thi Minh Khai Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam

Auditor

PwC (Vietnam) Limited

STATEMENT OF THE BOARD OF MANAGEMENT

Statement of Responsibility of the Board of Management of the Bank in respect of the consolidated financial statements

The Board of Management of Ho Chi Minh City Development Joint Stock Commercial Bank (“the Bank”) is responsible for preparing the consolidated financial statements which give a true and fair view of the consolidated financial position of the Bank and its subsidiary as at 31 December 2024, the results of its consolidated financial performance and its consolidated cash flows for the year then ended. In preparing the consolidated financial statements, the Board of Management is required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgments and estimates that are reasonable and prudent; and
  • prepare the consolidated financial statements on a going concern basis unless it is inappropriate to presume that the Bank and its subsidiary will continue in business.

The Board of Management of the Bank is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the consolidated financial position of the Bank and its subsidiary and enable consolidated financial statements to be prepared which comply with the basis of accounting as set out in Note 2 to the consolidated financial statements. The Board of Management is also responsible for safeguarding the assets of the Bank and its subsidiary and hence for taking reasonable steps for the prevention and detection of fraud or error.

Approval of the consolidated financial statements

We hereby, approve the accompanying consolidated financial statements as set out on pages 222 to 306. The consolidated financial statements which give a true and fair view of the consolidated financial position of the Bank and its subsidiary as at 31 December 2024, the results of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations on the preparation and presentation of the consolidated financial statements applicable to credit institutions operating in Vietnam.

On behalf of the Board of Management

Pham Quoc Thanh
General Director

Legal representative

Ho Chi Minh City, Vietnam
31 March 2025

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK

We have audited the accompanying consolidated financial statements of Ho Chi Minh City Development Joint Stock Commercial Bank (“the Bank”) and its subsidiary which were prepared on 31 December 2024 and approved by the Board of Management of the Bank on 31 March 2025. The consolidated financial statements comprise the consolidated statement of financial position as at 31 December 2024, the consolidated income statement, the consolidated cash flow statement for the year then ended, and explanatory notes to the consolidated financial statements including significant accounting policies, as set out on pages 222 to 306.

The Board of Management’s Responsibility

The Board of Management of the Bank is responsible for the preparation and the true and fair presentation of the consolidated financial statements of the Bank and its subsidiary in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations on the preparation and presentation of consolidated financial statements applicable to credit institutions operating in Vietnam, and for such internal control which the Board of Management determines is necessary to enable the preparation and presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical standards and requirements and plan and perform the audit in order to obtain reasonable assurance as to whether the consolidated financial statements of the Bank and its subsidiary are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank and its subsidiary’s preparation and true and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank and its subsidiary’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Auditor’s Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Bank and its subsidiary as at 31 December 2024, the results of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations on the preparation and presentation of the consolidated financial statements applicable to credit institutions operating in Vietnam.

Nguyen Hoang Nam

Audit Practising Licence No.

0849-2023-006-1

Authorised signatory

Report reference number: HCM16978

Ho Chi Minh City, 31 March 2025

Mai Tran Bao Anh

Audit Practising Licence No.

4166-2022-006-1

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note
31.12.2024
VND million
31.12.2023
VND million
ASSETS
Placements with other credit institutions
Note 5.1
31.12.2024
VND million 94,225,901
31.12.2023
VND million 88,120,085
Loans to other credit institutions
Note 5.2
31.12.2024
VND million 7,374,353
31.12.2023
VND million 8,394,778
Trading securities
Note 6.1
31.12.2024
VND million 21,955,775
31.12.2023
VND million 18,580,932
Loans to customers
Note
31.12.2024
VND million 442,484,841
31.12.2023
VND million 343,404,295
Provisions for losses on loans to customers
Note
31.12.2024
VND million (5,878,604)
31.12.2023
VND million (4,054,457)
Available-for-sale investment securities
Note 9.1
31.12.2024
VND million 31,407,524
31.12.2023
VND million 31,871,688
Held-to-maturity investment securities
Note 9.2
31.12.2024
VND million 17,436,610
31.12.2023
VND million 12,304,873
Provisions for diminution in value of investment securities
Note 9.6
31.12.2024
VND million (92,850)
31.12.2023
VND million (84,272)
Investments in an associate
Note
31.12.2024
VND million 729,739
31.12.2023
VND million -
Other long-term investments
Note
31.12.2024
VND million 146,546
31.12.2023
VND million 163,921
Provisions for diminution in value of long-term investments
Note
31.12.2024
VND million (18,502)
31.12.2023
VND million (20,140)
Historical cost
Note
31.12.2024
VND million 1,983,500
31.12.2023
VND million 1,702,786
Accumulated depreciation
Note
31.12.2024
VND million (1,096,045)
31.12.2023
VND million (989,645)
Historical cost
Note
31.12.2024
VND million 1,291,428
31.12.2023
VND million 1,076,187
Accumulated amortisation
Note
31.12.2024
VND million (412,956)
31.12.2023
VND million (366,569)
Other receivables
Note12.1
31.12.2024
VND million 48,316,273
31.12.2023
VND million 48,942,933
Interests and fees receivables
Note 12.2
31.12.2024
VND million 5,383,522
31.12.2023
VND million 6,602,101
Deferred tax assets
Note 31
31.12.2024
VND million 155,916
31.12.2023
VND million 76,708
Other assets
Note 12.3
31.12.2024
VND million 2,234,788
31.12.2023
VND million 2,233,415
Provisions for losses on other assets
Note
31.12.2024
VND million (46,926)
31.12.2023
VND million (46,521)
TOTAL ASSETS
Note
31.12.2024
VND million 697,366,458
31.12.2023
VND million 602,314,859
LIABILITIES AND EQUITY
Deposits and borrowings from the Government and SBV
Note
31.12.2024
VND million 15,434
31.12.2023
VND million 26,590
Placements from other credit institutions
Note14.1
31.12.2024
VND million 74,877,046
31.12.2023
VND million 62,597,686
Borrowings from other credit institutions
Note14.2
31.12.2024
VND million 24,583,533
31.12.2023
VND million 49,489,292
Interests and fees payables
Note18.1
31.12.2024
VND million 8,013,166
31.12.2023
VND million 10,346,499
Other liabilities
Note18.2
31.12.2024
VND million 11,558,217
31.12.2023
VND million 8,927,305
TOTAL LIABILITIES
Note
31.12.2024
VND million 640,709,197
31.12.2023
VND million 555,914,537
Charter capital
Note
31,12,2024
VND million 35,101,423
31.12.2023
VND million 29,076,321
Investment and construction capital
Note
31.12.2024
VND million 89
31.12.2023
VND million 89
Shares premium
Note
31.12.2024
VND million 535,956
31.12.2023
VND million 535,956
Treasury shares
Note
31.12.2024
VND million (413,448)
31.12.2023
VND million (413,448)
Reserves
Note
31.12.2024
VND million 6,313,202
31.12.2023
VND million 4,708,243
Retained earnings
Note
31.12.2024
VND million 12,953,881
31.12.2023
VND million 10,561,698
Non-controlling interests
Note
31.12.2024
VND million 2,166,158
31.12.2023
VND million 1,931,463
TOTAL EQUITY
Note
31.12.2024
VND million 56,657,261
31.12.2023
VND million 46,400,322
TOTAL LIABILITIES AND EQUITY
Note
31.12.2024
VND million 697,366,458
31.12.2023
VND million 602,314,859
CONSOLIDATED OFF-STATEMENT OF FINANCIAL POSITION ITEMS
- Buying foreign currency commitments
Note
31.12.2024
VND million 6,816,847
31.12.2023
VND million 4,293,490
- Selling foreign currency commitments
Note
31.12.2024
VND million 8,977,349
31.12.2023
VND million 4,542,374
- - Swap commitments
Note
31.12.2024
VND million 183,343,883
31.12.2023
VND million 250,377,486
Note
31.12.2024
VND million 354,773,311
31.12.2023
VND million 328,091,003
Note
31.12.2024
VND million
31.12.2023
VND million
Interest and similar income
Note 20
2024
VND million 57,995,528
2023
VND million 52,640,577
Interest and similar expenses
Note 21
2024
VND million (27,138,452)
2023
VND million (30,456,603)
Fee and commission income
Note22
2024
VND million 3,295,623
2023
VND million 2,830,168
Fee and commission expenses
Note23
2024
VND million (1,879,045)
2023
VND million (642,366)
Net fee and commission income
Note
2024
VND million 1,416,578
2023
VND million2,187,802
Net gain from trading in foreign currencies
Note24
2024
VND million 843,813
2023
VND million 564,703
Net gain from trading of trading securities
Note25
2024
VND million 68,929
2023
VND million 41,723
Other income
Note
2024
VND million 869,862
2023
VND million 541,644
Other expenses
Note
2024
VND million (163,991)
2023
VND million (282,491)
Net other income
Note 27
2024
VND million 705,871
2023
VND million 259,153
Income from investments in other entities
Note 28
2024
VND million 71,664
2023
VND million 9,325
Operating expenses
Note 29
2024
VND million (11,980,755)
2023
VND million (9,129,202)
Operating profit before provisions for credit losses
Note
2024
VND million 22,051,429
2023
VND million 17,284,483
Provisions for credit losses
Note30
2024
VND million(5,321,434)
2023
VND million (4,267,751)
Corporate income tax (“CIT”) expenses - current
Note 31
2024
VND million (3,561,555)
2023
VND million (2,724,629)
CIT income - deferred
Note31
2024
VND million 79,208
2023
VND million 43,910
CIT expenses
Note
2024
VND million (3,482,347)
2023
VND million (2,680,719)
Attributable to:
Shareholders of the Bank
Note
2024
VND million 12,762,953
2023
VND million 10,070,898
Non-controlling interests
Note
2024
VND million 484,695
2023
VND million 265,115
Basic earnings per share (VND/share)
Note 19.2
2024
VND million 3,671
2023
VND million 2,899
Note
31.12.2024
VND million
31.12.2023
VND million
Interest and similar income received
Note
2024
VND million 58,776,168
2023
VND million 50,366,284
Interest and similar expenses paid
Note
2024
VND million (29,501,519)
2023
VND million (25,602,661)
Net fee and commission income received
Note
2024
VND million 1,688,787
2023
VND million 2,596,238
Net amount received from trading activities (foreign currencies, golds and securities)
Note
2024
VND million 1,428,830
2023
VND million 1,654,834
Other income
Note
2024
VND million 285,759
2023
VND million 88,876
Recoveries of written-off loans
Note
2024
VND million 333,106
2023
VND million 290,855
Payments to employees and for administrative expenses
Note
2024
VND million (10,962,548)
2023
VND million (8,980,790)
CIT paid during the year
Note34
2024
VND million (4,466,688)
2023
VND million (2,241,447)
Changes in operating assets
Note
2024
VND million
2023
VND million
Decrease in placements with and loans to other credit institutions
Note
2024
VND million 1,020,425
2023
VND million 415,052
Decrease/(increase) in securities trading
Note
2024
VND million 5,473,554
2023
VND million (12,165,396)
Decrease/(increase) in derivatives financial instruments and other financial assets
Note
2024
VND million 110,079
2023
VND million (110,079)
Increase in loans to customers
Note
2024
VND million (99,080,546)
2024
VND million (79,547,912)
Utilisations of provisions for losses on loans to customers
Note 8.8
2024
VND million (3,497,287)
2023
VND million (3,314,866)
Decrease/(increase) in other operating assets
Note
2024
VND million 137,731
2023
VND million (14,661,360)
Changes in operating liabilities
Note
2024
VND million
2023
VND million
Decrease in borrowings from the Government and SBV
Note
2024
VND million (11,156)
2023
VND million (10,794,668)
(Decrease)/increase in placements and borrowings from other credit institutions
Note
2024
VND million (12,626,399)
2023
VND million 19,433,778
Increase in deposits from customers
Note
2024
VND million 66,727,277
2023
VND million 154,980,714
Increase in valuable papers issued
Note
2024
VND million 30,411,596
2024
VND million 6,776,508
Decrease in funds, entrusted investments and borrowings received that the Bank bears risks
Note
2024
VND million (22,686)
2023
VND million (49,026)
Increase/(decrease) in derivatives financial instruments and other financial liabilities
Note
2024
VND million 18.449
2023
VND million (226.480)
Increase in other operating liabilities
Note
2024
VND million 2,517,620
2023
VND million 1,778,906
Payments from reserves
Note
2024
VND million (18,159)
2023
VND million(30,315)
Purchases of fixed assets
Note
2024
VND million (541,148)
2023
VND million(273,921)
Proceeds from disposals of fixed assets
Note
2024
VND million 1,764
2023
VND million753
Payments for investment in other entities
Note
2024
VND million (658,075)
2023
VND million-
Proceeds from investment in other entities
Note
2024
VND million 17,375
2023
VND million-
TDividends and shared profits received from long-term investments
Note
2024
VND million -
2023
VND million9,325
CASH FLOWS FROM FINANCING ACTIVITIES
Note
2024
VND million
2023
VND million
Proceeds from issuance of shares
Note19.1
2024
VND million200,000
2023
VND million-
Dividends paid to shareholders
Note19.1
2024
VND million(2,912,550)
2023
VND million(2,515,261)

Ho Dang Hoang Quyen
Chief Accountant

Pham Van Dau
Chief Financial Officer

Pham Quoc Thanh
General Director
31 March 2025

PIONEERING SUSTAINABILITY

ELEVATING VIETNAM

CHAPTER 1. OVERVIEW

CREATING VALUE

FROM A SOLID FOUNDATION

CHAPTER 2. GENERAL INFORMATION

Unwavering Dedication

For Comprehensive Benefits

CHAPTER 3. 2024 BUSINESS PERFORMANCE

Solidarity in Partnership

For Benefits that Grow Together

CHAPTER 4. BOARD OF MANAGEMENT’S REPORT

FOSTERING INNOVATION

FOR BENEFITS THAT EXCEL

CHAPTER 5. CORPORATE GOVERNANCE

EFFECTIVE GOVERNANCE

LEADING TO SUSTAINABLE BENEFITS

CHAPTER 6. Sustainable development

DRIVEN BY PRACTICALITY

FOR COMMUNITY BENEFITS

chương 7.CONSOLIDATED FINANCIAL STATEMENTS

PROSPERITY THROUGH CONNECTION

FOR FAR-REACHING BENEFITS

01
02
03
04
05
06
07

HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK

  • 25Bis Nguyen Thi Minh Khai, Ben Nghe Ward, District 1, Ho Chi Minh City
  • T (+8428) 62 915 916
  • F (+8428) 62 915 900
  • Hotline 1900 6060 (24/7)
  • www.hdbank.com.vn
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