The high growth rate, according to the report, comes from HSBC Vietnam's core business lines.
HSBC Vietnam recorded profit of US$96.7 million in 2017.
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Additionally, capital contribution and services related to stock market witnessed profit of VND6.2 billion (US$272,490), down a staggering of 70% compared to 2016, while the remaining business activities accounted for VND24.6 billion (US$1.1 million) in profit, down 27% compared to last year's period.
The bank's operation expenses remained mostly unchanged, with a slight increase of 1.5% from VND1.84 trillion (US$80.8 million) in 2016 to VND1.87 trillion (US$82.1 million) in 2017.
By the end of the first quarter, HSBC Vietnam posted its revenue at VND2.32 trillion (US$102 million), increasing 25% year on year.
As at December 31, 2017, HSBC Vietnam's total assets worth VND87.7 trillion (US$3.85 billion), 23% increase over the year beginning; credit growth at VND40 trillion (US$1.75 billion), up 23% and accounting for 45% of revenue. The bank's deposits at other credit institutions have been up to VND30.5 trillion (US$1.34 billion), accounting for 35% of total assets and increasing 47% over the year beginning.
In term of capital, HSBC Vietnam's equity by the end of December 31, 2017 reached VND11.2 trillion (US$492.2 million), up 5.2% compared to the previous year. Deposits are at VND74.3 trillion (US$3.26 billion), up 33%.
HSBC was named as top trade finance bank in Vietnam and on global scale, according to the 2018 Euromoney Trade Finance Survey.
The Euromoney annual poll, which is highly regarded across the banking industry, recognizes top bank in trade finance by asking businesses engaged in international trade worldwide to indicate which international banks they currently use for trade finance and how they rate that bank's various trade finance services and products.
Recently HSBC Vietnam has also been named Best Domestic Cash Manager by Euromoney Cash Management Survey 2017, making HSBC the best transactional banking franchise in the market.
