HDBank Posts $606M Profit, Leads Vietnam in Returns and Payouts—Why Foreign Investors are Circling this Digital-First Lender

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank, ticker: HDB) has cemented its status as one of Vietnam’s most efficient lenders, announcing a $606.6 million USD pre-tax profit for the first nine months of 2025 (up 17% YoY).

Driven by market-leading profitability ratios and a major move toward the London Stock Exchange (LSE), HDBank is positioning itself as Vietnam’s top choice for international investors seeking high growth and high dividends.

Strong Fundamentals: Leading the Efficiency Race

HDBank’s financial health is robust, outperforming the sector in core efficiency metrics:

• Return on Equity (ROE): 25.2%, signaling exceptional profitability relative to shareholder equity.
• Return on Assets (ROA): 2.1%, demonstrating highly effective asset management.
• Capital Adequacy Ratio (CAR) (Basel II): 15%, placing it among the most financially secure banks in the Vietnamese market.

As of September 30, 2025, the bank’s total consolidated assets reached approximately $32.05 billion USD (up 12.1% YTD), with credit growth expanding by a rapid 22.6%, focused on essential and priority economic sectors. The non-performing loan (NPL) ratio remains tightly managed at 1.97% (individual basis).

The Digital Dividend: Non-Interest Income Explodes

HDBank’s aggressive digitization strategy is paying off handsomely, drastically diversifying its revenue streams:

• Non-Interest Income: Soared 178.6% to $219.9 million USD.
• Digital Adoption: Transactions via digital channels jumped 47% and now account for 94% of all transactions.
• Cost Efficiency: The Cost-to-Income Ratio (CIR) dropped to just 25.7%—one of the lowest in the industry—reflecting superior operational leverage from its digital shift.

Serving over 20 million customers across its ecosystem, the bank is successfully transitioning into a modern, customer-centric lender.

Subsidiary Success and International Ambitions

The bank’s specialized subsidiaries are also driving group profitability:

• HD SAISON (Consumer Finance): Maintained its market-leading position with $45.1 million USD in profit and a high ROE of 24.4%.
• HD Securities: Recorded $25.2 million USD in profit (up 30%) and secured the industry’s top spot for ROE among securities firms.
• Vikki Bank: The newly converted digital-first unit turned profitable just seven months after launch, rapidly acquiring over 1.3 million new customers.

Furthermore, HDBank is making a significant push for global integration. Following a high-level visit by the Vietnamese Party Chief to the UK, the bank is formalizing an MOU with the London Stock Exchange (LSE). This agreement aims to establish a framework for potential listing, international capital mobilization, and broader promotion to global investors via the London capital market.

A Green Light for Foreign Investors

HDBank continues its shareholder-friendly policies:

• High Payout: The bank is seeking shareholder approval for a total 2025 payout of 30% (25% stock dividend and 5% bonus shares), maintaining its long-standing commitment to generous returns.
• FDI Opportunity: Recent regulatory changes (Amended Decree 69) have raised the foreign ownership limit (FOL) at HDBank to 49%. This expanded capacity is expected to significantly boost foreign capital inflow and increase liquidity for its stock.

With its combination of superior profitability, a clear digital strategy, high dividend yields, and a tangible move toward international capital markets, HDBank is uniquely positioned to remain a double-digit growth leader in Vietnam’s fast-evolving banking sector.