HDBank 9M Profit Rises 24.2% to VND18,379 Billion as Credit Grows 28.55%

Overview

HDBank (HDB, HOSE) reported consolidated pre-tax profit of VND18,379 billion for the first nine months of 2026, up 24.2% year-on-year, according to the bank’s newly published financial statements. Total assets rose 22.7% from the start of the year to more than VND1.14 quadrillion, while credit outstanding grew 28.55% to VND756,000 billion. The result places HDB among the faster-growing listed Vietnamese banks on both earnings and balance-sheet expansion.

Key Facts

• 9M pre-tax profit: VND18,379 billion, +24.2% year-on-year; Q3 alone contributed VND5,191 billion.
• Total operating income: VND34,062 billion, +12.2%; non-interest income VND6,538 billion, +21.8%.
• Total assets: VND1.143 quadrillion as of 30 September, +22.7% year-to-date.
• Credit outstanding: VND756,000 billion, +28.55%; total funding VND1,024 quadrillion, with customer deposits +26.5%.
• ROE 22.8%, ROA 1.9%, cost-to-income ratio 24.9%; CAR 13.9%, LDR 71.5%.
• NPL ratio 2.45% at the standalone bank and 2.55% on a consolidated basis.
• A 30% stock dividend and bonus-share issue raised charter capital from VND50,053 billion to VND65,069 billion.

What Happened

HDBank disclosed the figures in its third-quarter financial statements, with management commentary covering profitability, asset quality and digital operations. Pre-tax profit for the nine months reached VND18,379 billion, a 24.2% increase over the same period last year, and the third quarter alone delivered VND5,191 billion. Total operating income came in at VND34,062 billion, up 12.2%, of which non-interest income contributed VND6,538 billion, a 21.8% rise driven by payments, insurance, foreign exchange and other financial services.

The bank reported ROE of 22.8% and ROA of 1.9%, with a cost-to-income ratio of 24.9%. Credit growth of 28.55% was directed toward manufacturing and trading, priority sectors, retail customers, household businesses and small and medium-sized enterprises. HDBank also completed a 30% stock dividend and bonus-share issue approved by the General Meeting of Shareholders, lifting charter capital to VND65,069 billion. On asset quality, the bank reported an NPL ratio of 2.45% at the standalone level and 2.55% consolidated, and said it continues to focus on credit quality control and debt recovery.

Market Context

HDB closed at VND22,400 on 30 October 2026 on HOSE. The stock trades in the mid-range of the Vietnamese banking sector by price, and the reported 28.55% credit growth stands out against an industry where system credit growth has generally run well below that pace. The 30% share issuance increases the share count and mechanically adjusts per-share metrics, so earnings-per-share comparisons should account for the larger charter capital base. Vietnamese bank shares have broadly tracked SBV credit-growth quotas and deposit-rate competition through 2026.

Strategic Significance

The core question for long-term holders is whether HDB can sustain credit growth near 28.55% without eroding capital or asset quality. CAR of 13.9% and LDR of 71.5% leave room, and the capital raise adds buffer, but the consolidated NPL ratio of 2.55% is above the levels reported by the strongest peers. Non-interest income growth of 21.8% and a CIR of 24.9% suggest the digital franchise, including Vikki Digital Bank, is contributing to revenue diversification rather than only cost reduction. The two credit packages totalling VND15,000 billion with a 1.5 percentage point rate cut align with government and SBV direction on lowering lending rates, but they compress asset yields.

What to Watch

• Fourth-quarter and full-year 2026 results, including whether Q4 profit sustains the Q3 run rate of VND5,191 billion.
• Movement in the consolidated NPL ratio from 2.55%, and provisioning levels disclosed in the annual statements.
• SBV credit-growth quota allocation for 2027 and any adjustment to HDB’s room.
• Deposit growth and funding cost trends after customer deposits rose 26.5% year-to-date.
• Performance disclosures for Vikki Digital Bank, which reported VND248,373 billion in funding and VND143,123 billion in credit at end-September.