ANNUAL REPORT 2025

1

OVERVIEW

2

GENERAL INFORMATION

3

2025 BUSINESS PERFORMANCE

4

BOARD OF MANAGEMENT’S REPORT

5

CORPORATE GOVERNANCE

6

SUSTAINABLE DEVELOPMENT

7

CONSOLIDATED FINANCIAL STATEMENTS

SOLIDIFYING OUR FOUNDATION

EMBRACING GLOBAL INTEGRATION

07

CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT OF THE BOARD OF MANAGEMENT

The Board of Management of Ho Chi Minh City Development Joint Stock Commercial Bank (“the Bank”) presents this report together with the Bank’s consolidated financial statements for the financial year ended December 31, 2025.

The members of the Board of Directors, Board of Supervisors, Board of Management and the Chief Accountant of the Bank during the year and to the date of this report are as follows:

Board of Directors

  • Mr. Kim Byoungho

    Chairman cum Independent Member

  • Dr. Nguyen Thi Phuong Thao

    Permanent Vice Chairwoman

  • Mr. Luu Duc Khanh

    Vice Chairman

  • Mr. Nguyen Thanh Do

    Vice Chairman

  • Mr. Pham Quoc Thanh

    Vice Chairman (appointed on May 13, 2025)

  • Mr. Nguyen Huu Dang

    Vice Chairman (resigned on January 08, 2025)

  • Mr. Le Manh Dung

    Independent Member

Board of Supervisors

  • Mr. Dao Duy Tuong

    Chief Supervisor

  • Ms. Duong Thi Thu

    Member

  • Ms. Bui Thi Kieu Oanh

    Member

  • Mr. Nguyen Le Hieu

    Member

Board of Management and Chief Accountant

  • Mr. Nguyen Huu Dang

    Chief Executive Officer (appointed on May 13, 2025)

  • Mr. Pham Quoc Thanh

    Acting Chief Executive Officer (resigned on May 13, 2025)

  • Mr. Nguyen Minh Duc

    Deputy Chief Executive Officer

  • Mr. Nguyen Van Hao

    Deputy Chief Executive Officer

  • Mr. Tran Thai Hoa

    Deputy Chief Executive Officer

  • Mr. Tran Hoai Nam

    Deputy Chief Executive Officer (reappointed on February 27, 2025)

  • Mr. Dam The Thai

    Deputy Chief Executive Officer (appointed on June 01, 2025)

  • Mr. Le Thanh Tung

    Deputy Chief Executive Officer (resigned on June 01, 2025)

  • Mr. Nguyen Dang Thanh

    Deputy Chief Executive Officer (resigned on June 01, 2025)

  • Mr. Nguyen Canh Vinh

    Deputy Chief Executive Officer (resigned on June 06, 2025)

  • Mr. Tran Xuan Huy

    Deputy Chief Executive Officer (resigned on January 15, 2025)

  • Mr. Pham Van Dau

    Chief Financial Officer

  • Ms. Ho Dang Hoang Quyen

    Chief Accountant

Authorized person for signing the consolidated financial statements

  • Mr. Tran Hoai Nam

    Deputy Chief Executive Officer (According to Decision No. 3967/2025/QD-TGĐ dated July 23, 2025 of the Legal Representative)

RESPONSIBILITIES OF THE BOARD OF MANAGEMENT

The Board of Management of 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 as at December 31, 2025, and of its consolidated financial performance and its consolidated cash flows for the financial year then ended, in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting. In preparing these 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;
  • State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the consolidated financial statements;
  • Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Bank will continue in business; and
  • Design and implement an effective internal control system for the purpose of properly preparing and presenting the consolidated financial statements so as to minimize errors and frauds.

The Board of Management 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 that the consolidated financial statements comply with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting. The Board of Management is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of Management confirms that the Bank has complied with the above requirements in preparing these consolidated financial statements.

For and on behalf of the Board of Management,

Tran Hoai Nam

Deputy Chief Executive Officer

Ho Chi Minh City March 31, 2026

INDEPENDENT AUDITORS’ REPORT

To:
The Shareholders The Board of Directors and the Board of Management 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”), prepared on 31 March 2026 as set out from page 206 to page 273, which comprise the consolidated statement of financial position as at December 31, 2025, the consolidated income statement and the consolidated cash flow statement for the financial year then ended, and a summary of significant accounting policies and other explanatory information.

Board of Management’s Responsibility

The Bank’s Board of Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting and for such internal control as the Board of Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these 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 requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

Audit work 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 the 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’s preparation 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’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.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Bank as at December 31, 2025, and of its consolidated financial performance and its consolidated cash flows for the financial year then ended in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting.

Other matters

The consolidated financial statements of the Bank for the year ended December 31, 2024 were audited by another auditor who expressed an unmodified opinion on those statements on March 31, 2025.

Tran Thi Thuy Ngoc
Audit Partner

Audit Practising Registration Certificate
No. 0031-2023-001-1

DELOITTE VIETNAM AUDIT COMPANY LIMITED

March 31, 2026
Hanoi, S.R. Vietnam

Nguyen Khuong Duy
Auditor

Audit Practising Registration Certificate

No. 0031-2023-001-1

CONSOLIDATED FINANCIAL STATEMENTS

Notes
Closing balance
Opening balance
(Restated)
ASSETS
Placements with other credit institutions
Notes
Closing balance 156,340,825
Opening balance
(Restated) 94,225,901
Loans to other credit institutions
Notes
Closing balance 27,921,384
Opening balance
(Restated) 7,374,353
Trading securities
Notes
Closing balance 490,537
Opening balance
(Restated) 21,955,775
Loans to customers
Notes 10
Closing balance 546,370,779
Opening balance
(Restated) 442,484,841
Provisions for credit losses of loans to customers
Notes 11
Closing balance (7,299,445)
Opening balance
(Restated) (5,878,604)
Debt purchase
Notes
Closing balance 23,925,869
Opening balance
(Restated) -
Provision for credit losses of debt purchase
Notes
Closing balance (179,444)
Opening balance
(Restated) -
Available-for-sale investment securities
Notes 13.1
Closing balance 72,904,811
Opening balance
(Restated) 31,407,524
Held-to-maturity investment securitiesn
Notes 13.2
Closing balance 4,039,836
Opening balance
(Restated) 17,436,610
Provisions for credit losses of investment securities
Notes 13.5
Closing balance (132,943)
Opening balance
(Restated) (92,850)
Investments in associates
Notes
Closing balance 1,040,690
Opening balance
(Restated) 729,739
Other long-term investments
Notes
Closing balance 125,667
Opening balance
(Restated) 146,546
Provisions for impairment of long-term investments
Notes
Closing balance (8,173)
Opening balance
(Restated) (18,502)
Cost
Notes
Closing balance 2,169,180
Opening balance
(Restated) 1,983,500
Accumulated depreciation
Notes
Closing balance (1,196,023)
Opening balance
(Restated) (1,096,045)
Cost
Notes
Closing balance 1,392,388
Opening balance
(Restated) 1,291,428
Accumulated amortisation
Notes
Closing balance (505,109)
Opening balance
(Restated) (412,956)
Other receivables
Notes17.1
Closing balance 22,309,755
Opening balance
(Restated) 46,334,855
Interest and fee receivables
Notes 17.2
Closing balance 6,221,116
Opening balance
(Restated) 5,383,522
Deferred tax assets
Notes
Closing balance 72,726
Opening balance
(Restated) 155,916
Other assets
Notes 17.3
Closing balance 11,119,977
Opening balance
(Restated) 4,216,206
Provisions for impairment of other balance sheet assets
Notes 17.5
Closing balance (54,215)
Opening balance
(Restated) (46,926)
TOTAL ASSETS
Notes
Closing balance 931,103,945
Opening balance
(Restated) 697,366,458
LIABILITIES AND OWNERS’ EQUITY
Deposits and borrowings from the Government, the SBV
Notes
Closing balance 11,425,972
Opening balance
(Restated) 15,434
Deposits from other credit institutions
Notes19.1
Closing balance 129,408,777
Opening balance
(Restated) 74,877,046
Borrowings from other credit institutions
Notes19.2
Closing balance 39,798,518
Opening balance
(Restated) 24,583,533
Accrued fee and interest expenses
Notes23.1
Closing balance 9,306,729
Opening balance
(Restated) 8,013,166
Other payables and liabilities
Notes23.2
Closing balance 12,007,501
Opening balance
(Restated) 11,558,217
TOTAL LIABILITIES
Notes
Closing balance 852,818,423
Opening balance
(Restated) 640,709,197
Charter capital
Notes
Closing balance 50,052,763
Opening balance
(Restated) 35,101,423
Investment and construction capital
Notes
Closing balance 89
Opening balance
(Restated) 89
Shares premium
Notes
Closing balance 1,274,874
Opening balance
(Restated) 535,956
Treasury shares
Notes
Closing balance -
Opening balance
(Restated) (413,448)
Reserves
Notes
Closing balance 10,051,358
Opening balance
(Restated) 6,313,202
Retained earnings
Notes
Closing balance 14,191,046
Opening balance
(Restated) 12,953,881
Non-controlling interest
Notes
Closing balance 2,715,392
Opening balance
(Restated) 2,166,158
TOTAL LIABILITIES AND OWNERS’ EQUITY
Notes
Closing balance 931,103,945
Opening balance
(Restated) 697,366,458
OFF-BALANCE-SHEET ITEMS
Foreign currency purchase commitments
Notes
Closing balance 3,923,340
Opening balance 6,816,847
Foreign currency sale commitments
Notes
Closing balance 2,086,845
Opening balance 8,977,349
Cross currency swap contracts
Notes
Closing balance 169,869,195
Opening balance 183,343,883
Total
Notes
Closing balance 325,822,667
Opening balance 354,773,311
Notes
Current year
Prior year
(Restated)
Interest and similar income
Notes 26
Current year 67,992,416
Prior year
(Restated) 57,995,528
Interest and similar expenses
Notes 27
Current year (33,246,226)
Prior year
(Restated) (27,138,452)
Income from services
Notes
Current year 5,697,854
Prior year
(Restated) 3,648,913
Expenses on services
Notes
Current year (1,571,814)
Prior year
(Restated) (1,879,045)
Net gain from services
Notes 28
Current year 4,126,040
Prior year
(Restated)1,769,868
Net gain from trading foreign currencies
Notes 29
Current year 1,272,182
Prior year
(Restated)843,813
Net gain from trading securities
Notes 30
Current year 639,460
Prior year
(Restated)68,929
Other income
Notes
Current year 1,026,156
Prior year
(Restated) 516,572
Other expenses
Notes
Current year (289,538)
Prior year
(Restated) (163,991)
Net gain from other activities
Notes 32
Current year 736,618
Prior year
(Restated)352,581
Income from capital contribution, equity investments
Notes 33
Current year 319,472
Prior year
(Restated)71,664
Operating expenses
Notes 34
Current year (11,600,987)
Prior year
(Restated)(11,980,755)
Net profit from operating activities before credit provision expenses
Notes
Current year 31,094,885
Prior year
(Restated) 22,051,429
Provision expenses for credit losses
Notes
Current year (9,748,394)
Prior year
(Restated)(5,321,434)
Current corporate income tax expense
Notes 35
Current year (4,189,679)
Prior year
(Restated) (3,561,555)
Deferred corporate income tax (expense)/income
Notes
Current year (83,190)
Prior year
(Restated) 79,208
Corporate income tax expense
Notes
Current year (4,272,869)
Prior year
(Restated) (3,482,347)
Profit after tax
Notes
Current year 17,073,622
Prior year
(Restated) 13,247,648
Non-controlling interests
Notes
Current year 549,234
Prior year
(Restated)484,695
Net profit attributable to the owners of the Bank
Notes
Current year 16,524,388
Prior year
(Restated)12,762,953
Earnings per share (VND/share)
Notes 36
Current year 3,584
Prior year
(Restated) 2,826
Diluted earnings per share (VND/share)
Notes 36
Current year 3,461
Prior year
(Restated) 2,576
Current year
Prior year
(Restated)
Interest and similar income received
Current year 67,209,207
Prior year
(Restated) 58,776,168
Interest and similar expenses paid
Current year (32,013,429)
Prior year
(Restated) (29,501,519)
Income received from services
Current year 3,865,278
Prior year
(Restated) 1,688,787
Net cash received from dealing in foreign currencies and trading securities
Current year 2,804,876
Prior year
(Restated) 1,428,830
Other income
Current year 138,063
Prior year
(Restated) 285,759
Cash recovered from bad debts written off or compensated by provision for credit losses
Current year 574,902
Prior year
(Restated) 333,106
Payments to employees and for operating management
Current year (15,410,425)
Prior year
(Restated) (10,962,548)
Corporate income tax paid for the year
Current year (2,591,536)
Prior year
(Restated) (4,466,688)
Movements in operating assets
Current year
Prior year
(Restated) Prior year
(Restated)
(Increases)/Decreases in placements with and loans to other credit institutions
Current year (20,547,031)
Prior year
(Restated) Prior year
(Restated) 1,020,425
(Increases)/Decreases in trading securities
Current year (19,915,951)
Prior year
(Restated) 5,473,554
Decreases in derivatives and other financial assets
Current year -
Prior year
(Restated) 110,079
Increases in loans to customers
Current year (127,811,807)
Current year (99,080,546)
Decreases in provisions for credit losses
Current year (8,154,036)
Prior year
(Restated) (3,497,287)
Decreases in other operating assets
Current year 21,194,745
Prior year
(Restated) 137,731
Movements in operating liabilities
Current year
Prior year
(Restated)
Increases/(decreases) in borrowings from the Government and the SBV
Current year 11,416,452
Prior year
(Restated) (5,095)
Increases/(decreases) in deposits and borrowings from other credit institutions
Current year 70,615,586
Prior year
(Restated) (13,030,390)
Increases in deposits from customers
Current year 123,209,117
Prior year
(Restated) 66,727,277
Increases in issued valuable papers
Current year 2,031,161
Current year 14,682,660
Decreases in grants, trusted funds and borrowings where the Bank bears risks
Current year (66,491)
Prior year
(Restated) (22,686)
(Decreases)/increases in derivatives and other financial liabilities
Current year (18,022)
Prior year
(Restated) 18,449
(Decreases)/increases in other operating liabilities
Current year (1,048,807)
Prior year
(Restated) 2,517,620
Payments from reserves of credit institutions
Current year (70,462)
Prior year
(Restated) (18,159)
Acquisition of fixed assets
Current year (350,338)
Prior year
(Restated) (541,148)
Proceeds from sales, disposal of fixed assets
Current year 207,925
Prior year
(Restated) 1,764
Payments for equity investments in other entities
Current year -
Prior year
(Restated) (658,075)
Proceeds from investment in other entities
Current year 11,880
Prior year
(Restated) 17,375
Dividends and profit received from long-term investments in other entities
Current year 8,521
Prior year
(Restated) -
Proceeds from issuing shares
Current year 4,179,573
Prior year
(Restated) 200,000
Proceeds from issuance of long-term valuable papers eligible for inclusion in regulatory capital and other long-term borrowings
Current year 11,431,600
Prior year
(Restated) 17,301,667
Payments for issuance of long-term valuable papers eligible for inclusion in regulatory capital and other long-term borrowings
Current year (8,253,023)
Prior year
(Restated) (1,174,801)
Dividend paid
Current year -
Prior year
(Restated) (2,912,550)
Proceeds from sale of treasury shares
Current year 465,528
Prior year
(Restated) -

Nguyen Thi Ngoc Han
Financial Reporting Section Manager

Ho Dang Hoang Quyen
Chief Accountant

Pham Van Dau
Chief Financial Officer

Tran Hoai Nam
Deputy Chief Executive Officer

1

OVERVIEW

2

GENERAL INFORMATION

3

2025 BUSINESS PERFORMANCE

4

BOARD OF MANAGEMENT’S REPORT

5

CORPORATE GOVERNANCE

6

SUSTAINABLE DEVELOPMENT

7

CONSOLIDATED FINANCIAL STATEMENTS