HDBank Q1/2026 Pre-Tax Profit Hits VND 6.1 Trillion, Up 14% YoY

Overview

HDBank (HOSE: HDB) announced Q1/2026 pre-tax profit of VND 6,107 billion, a 14% increase year-on-year, supported by strong credit growth of 8% and improved operational efficiency. The bank also reported a ROE of 24.29% and a CAR of 16.16% under Basel II, while Moody’s upgraded its outlook to Positive in April.

Key Facts

• Pre-tax profit in Q1/2026 reached VND 6,107 billion, up 14% YoY.
• Total assets stood at VND 984,216 billion as of March 31, 2026, up 5.7% from end-2025.
• Credit growth of 8% to VND 635,085 billion, outpacing the industry average of ~3.18%.
• Total deposits exceeded VND 880,000 billion, with customer deposits up 11.9% to over VND 725,000 billion.
• ROE reached 24.29%; CAR under Basel II improved to 16.16% from 14.32% a year earlier.
• NPL ratio (under SBV Circular 31) was low at 1.86%; LDR controlled at 69.8%.
• Digital transaction volume rose 35% and value surged 106% YoY; CIR fell below 26%.

What Happened

According to HDBank’s financial statements released in late April, the bank delivered robust Q1 results across key metrics. Net interest income and non-interest income contributed to total operating income of nearly VND 10,000 billion. The bank’s digital transformation strategy continued to gain traction, with digital transaction value more than doubling.

Subsidiaries also performed well: HD Saison posted Q1 profit of VND 339 billion, while securities arm HDS saw after-tax profit jump 261% to VND 284 billion. In April, Moody’s upgraded HDBank’s credit rating outlook from “Stable” to “Positive”, citing expectations of capital strengthening and sustained high profitability.

Market Context

HDB shares closed at VND 26,000 on April 15, 2026, up 1.15% on volume of 10.7 million shares. The stock has been supported by the bank’s consistent earnings growth and improving asset quality. The banking sector on HOSE has seen mixed performance amid SBV’s accommodative monetary policy and credit growth targets.

Strategic Significance

HDBank’s Q1 results underscore its ability to grow credit faster than the industry while maintaining strong capital adequacy and asset quality. The Moody’s outlook upgrade enhances its access to international capital markets, supporting the “HDBank Global” strategy to diversify funding sources. The bank’s digital push and low CIR provide a structural cost advantage, positioning it well for sustained profitability.

What to Watch

• Q2 2026 earnings release in July for confirmation of growth trajectory.
• Any potential credit rating upgrade by Moody’s following the Positive outlook.
• Progress on “HDBank Global” initiatives, including partnerships with London Stock Exchange and VIFC.
• SBV’s credit growth quota for HDBank in 2026 and its impact on loan expansion.
• NPL trends, especially in consumer finance via HD Saison.