bank, bank profit, HSBC Vietnam, Shinhan Vietnam

In the first 6 months of this year, HSBC and Shinhan Vietnam recorded profits of thousands of billions of VND, strong growth compared to the same period last year.

HSBC Vietnam Bank announced its financial report for the first 6 months of the year with a profit after tax of VND2,650 billion, 2.4 times higher than the same period last year.

The outstanding loans of this foreign bank increased by only 1% compared to the beginning of the year, but net interest income reached 4,000 billion VND, 2.5 times higher than the same period in 2022. Net profit from services also increased by 8% to 433 billion. In particular, the foreign exchange business segment was worse when profit from this activity decreased by 40% to 372 billion VND.

As of the end of June, HSBC's bad debt ratio was at 0.17%, a slight increase from 0.13% at the beginning of the year. The bank's total assets as of the end of the second quarter were VND190,290 billion, down 4% from the beginning of the year due to a decrease in investment securities and deposits at other banks.

For Shinhan Bank Vietnam, the first half of this year also recorded after-tax profit one and a half times higher than the same period in 2022, reaching nearly 2,400 billion VND.

This bank did not disclose detailed financial reports, however, with strong profit growth, Shinhan Bank's return on equity increased from 14.7% at the beginning of the year to more than 17% at the end of the second quarter.

Two foreign banks recorded strong profit growth in the first half of the year, in contrast to the general picture of domestic banks when profits stagnated.

The profits of HSBC and Shinhan Vietnam are currently equivalent to some domestic banks such as TPBank or MSB.

Quynh Trang

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