SHB Ranks in the Top 10 Most Profitable Private Enterprises in 2024

Vietnam Report, in collaboration with VietNamNet newspaper, has recently announced the PROFIT500 ranking – the Top 500 Most Profitable Enterprises in Vietnam for 2024.

This year, Saigon-Hanoi Commercial Joint Stock Bank (SHB) has been honored in the “Top 50 Excellent Profitable Enterprises in Vietnam in 2024” on the PROFIT500 ranking. This is the fifth consecutive year that SHB has made it to this list, while also ranking among the Top 10 private enterprises with the best profits. This success adds another milestone to SHB’s journey of sustainable, safe, and efficient development, continuously enhancing its governance in line with international standards, modern models, and improved service quality for customers.

In the context of economic challenges, SHB continuously innovates and creates optimal, convenient financial products, services, and solutions for its customers. The bank consistently invests in technology, improves service processes, and enhances service quality to bring the highest value to customers, shareholders, and the community.

In the first nine months of 2024, SHB recorded a profit of VND 9,048 billion, achieving 80% of its annual plan. With a charter capital of VND 36,629 billion, SHB maintains its position in the Top 5 largest private joint-stock commercial banks in Vietnam. The bank’s total assets stood at VND 688,387 billion, an increase of 9.2% compared to the end of 2023. These indicators reflect SHB’s effectiveness and sustainability, ranking it among the leaders in the commercial banking system.

SHB is one of the few banks that have consistently paid dividends to its shareholders over the years. Recently, SHB paid a 5% cash dividend for 2023 and is preparing to pay an 11% stock dividend, expected to increase its charter capital to VND 40,658 billion.

SHB always accompanies its customers to overcome difficulties and actively fulfills its social responsibilities, spreading positive values to the community.

Additionally, SHB is also one of the top five private banks in Vietnam in terms of budget contributions. According to the 2023 Consolidated Financial Statements, the total budget contributions made by SHB in 2023 amounted to nearly VND 3,091 billion, making a significant contribution to increasing the country’s revenue and promoting socio-economic development. Being among the top private banks in budget contributions not only demonstrates the enterprise’s duty and responsibility to the community but also testifies to SHB’s sustainable and efficient development over the years.

In the period of 2024-2028, SHB is focusing its resources on implementing a comprehensive Transformation Strategy based on four pillars: Reform of mechanisms, policies, regulations, and processes; People-centric approach; Customer and market-oriented focus; and Modernization of information technology and digital transformation, while adhering to six core cultural values of “Heart, Trust, Faith, Knowledge, Wisdom, and Vision.”

Proactive Accompaniment and Fulfillment of Social Responsibilities

Over the past three decades, guided by its philosophy of “Heart,” SHB has consistently fulfilled its community responsibilities and spread positive values to the people and society. In the aftermath of Typhoon Yagi, which caused severe losses of life and property in the northern provinces, SHB was one of the first banks to launch a special support program for corporate and individual customers affected by the storm. The program offered an average interest rate support of 50% for the period from September 1 to December 31, 2024. For customers who suffered heavy losses and faced difficulties in resuming production, SHB provided additional support, including a possible 100% interest rate reduction for the last four months of the year. Simultaneously, the bank offered a VND 2,000 billion credit package with an interest rate of only 4.5%/year for new loans to corporate and individual customers, helping them stabilize their lives and recover their production activities after the natural disaster.

SHB has also contributed to the Program for Supporting the Elimination of Temporary and Dilapidated Houses for Poor and Near-Poor Households nationwide. The bank implemented interest waivers and reductions for affected customers, with an estimated value of nearly VND 150 billion. Additionally, the bank sponsored the construction of two school buildings in Dien Bien province, with a total value of VND 12.5 billion.

Previously, SHB has been honored with numerous awards by reputable domestic and international organizations, including: “Best SME Bank in Vietnam” by Euromoney; “Best Sustainable SME Financing Bank” by Alpha Southeast Asia; Asian Banking and Finance (ABF) recognized SHB in two categories: “Best Domestic SME Collaboration Initiative” and “Best Domestic Financial Initiative with Social Impact”; “Bank with Typical Innovative Products and Services” at the Vietnam Retail Banking Forum and Vietnam Outstanding Banking Awards (VOBA) 2024; “Bank of the Year for People” at Better Choice Awards 2024, and more.

In the first-ever Fortune 500 list of the largest financial corporations and enterprises in Southeast Asia (Fortune Southeast Asia 500 – Fortune SEA 500) published by Fortune magazine, SHB ranked 137th overall and 17th among financial institutions and enterprises in Vietnam.

Throughout its 31 years of development, starting from the “Heart,” SHB has been striving to create and spread positive values to its employees, customers, shareholders, and society. SHB would like to express its gratitude to its customers, partners, shareholders, and staff who have accompanied the bank over the past three decades. We are committed to continuing our journey together, reaching new heights in the new era of the country – the era of Vietnam’s national growth and prosperity.