Annual Report 2024
CHAIRMAN’S MESSAGE
Key Performance Figures from 2020 to 2024

I

General information

II

Business Performance in 2024

III

The board of management’s report

IV

Assessment of the board of directors onSHB’s operations

V

Corporate Governance

VI

Sustainability Report

VII

Network of transaction offices

VIII

Financial Statements

Statement of the board of management

The Board of Management of Saigon – Hanoi Commercial Joint Stock Bank (the “Bank”) presents this report together with the Bank’s consolidated financial statements for the year ended 31 December 2024.

The members of the Board of Directors, Board of Supervisors, Board of Management and Chief Accountant of the Bank during the year and to the date of the consolidated financial statements are as follows:

Board of Directors

Mr. Do Quang Hien
Chairman
Mr. Do Duc Hai
Vice Chairman (resigned from the position of a Board Member on 25 April 2024 to focus on duties at the Executive Board in accordance with the Law on Credit Institutions 2024)
Mr. Do Quang Vinh
Vice Chairman
Mr. Thai Quoc Minh
Member
Ms. Ngo Thu Ha
Member
Mr. Pham Viet Dan
Member
Mr. Do Van Sinh
Independent Member
Mr. Haroon Anwar Sheikh
Independent Member (resigned on 25 April 2024)

Board of Supervisors

Mr. Pham Hoa Binh
Head of Board of Supervisors
Ms. Le Thanh Cam
Member
Mr. Vu Xuan Thuy Son
Member

Board of Management and Chief Accountant

Ms. Ngo Thu Ha
Chief Executive Officer
Mr. Le Dang Khoa
Deputy General Director
Mr. Nguyen Huy Tai
Deputy General Director
Ms. Ninh Thi Lan Phuong
Deputy General Director
Ms. Hoang Thi Mai Thao
Deputy General Director (resigned on 11 October 2024)
Mr. Do Duc Hai
Deputy General Director
Mr. Do Quang Vinh
Deputy General Director
Ông Lưu Danh Đức
Deputy General Director (resigned on 18 December 2024)
Ms. Ngo Thi Van
Chief Accountant

THE BOARD OF MANAGEMENT’S STATEMENT OF RESPONSIBILITY

The Board of Management of the Bank is responsible for preparing the consolidated financial statements, which give a true and fair view of the consolidated financial position of the Bank as at 31 December 2024 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting. In preparing these consolidated financial statements, the Board of Management is required to:

  • Select suitable accounting policies and then apply them consistently;
  • Make judgments and estimates that are reasonable and prudent;
  • State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the consolidated financial statements;
  • Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Bank will continue its business; and
  • Design and implement an effective internal control system for the purpose of properly preparing and presenting the consolidated financial statements so as to minimize errors and frauds.

The Board of Management is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Bank, and that the consolidated financial statements comply with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting. The Board of Management is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of Management confirms that the Bank has complied with the above requirements in preparing these consolidated financial statements.

For and on behalf of the Board of Management,

Ngo Thu Ha
Chief Executive Officer

Hanoi, 31 March 2025

Independent auditors’ report

To:

The Shareholders
The Board of Directors and the Board of Management
Saigon – Hanoi Commercial Joint Stock Bank

We have audited the accompanying consolidated financial statements of Sai Gon – Hanoi Commercial Joint Stock Bank (the “Bank”), prepared on 31 March 2025 as set out from page 05 to page 67, which comprise the consolidated statement of financial position as at 31 December 2024, the consolidated income statement and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Board of Management’s Responsibility for the Consolidated Financial Statements

Board of Management is reponsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to consolidated financial reporting and for such internal control as the Board of Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Vienamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatements of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Bank’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Bank as at 31 December 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, accounting regime aplicable to credit institutions in Vietnam and legal regulations relating to financial reporting.

Pham Tuan Linh
Deputy General Director

Audit Practising Registration Certificate
No. 3001-2024-001

DELOITTE VIETNAM AUDIT COMPANY LIMITED

31 March 2025
Hanoi, S.R. Vietnam

Nguyen Khuong Duy
Auditor

Audit Practising Registration Certificate
No. 5063-2025-001-1

Consolidated statement of financial position (Continued)

As at 31 December 2024

FORM B02/TCTD-HN
Issued under Circular No. 49/2014/TT-NHN
dated 31 December 2014 of the SBV

Unit: VND Million

ITEMS
Notes
Closing balance
Opening balance
ASSETS
Placements with other credit institutions
Notes
Closing balance
92,635,563
Opening balance
54,825,905
Loans to other credit institutions
Notes
Closing balance
24,713,260
Opening balance
8,841,433
Provisions for credit losses of loans to other credit institutions
Notes 8
Closing balance
 -
Opening balance
(118,410)
Trading securities
Notes
Closing balance
4,949,608
Opening balance
7,853,152
Provisions for impairment of trading securities
Notes
Closing balance
 (39,152)
Opening balance
 (60,410)
Loans to customers
Notes 11
Closing balance
519,949,991
Opening balance
438,464,147
Provisions for credit losses on loans to customers
Notes 12
Closing balance
 (8,796,841)
Opening balance
(9,101,418)
Available-for-sale investment securities
Notes 13,1
Closing balance
 14,956,915
Opening balance
14,373,759
Held-to-maturity investment securities
Notes 13,2
Closing balance
17,812,962
Opening balance
17,833,636
Provisions for impairment of investment securities
Notes 13,4
Closing balance
(433,902)
Opening balance
(143,735)
Investments in associates
Notes14,1
Closing balance
 370,014
Opening balance
343,172
Other long-term investments
Notes 14,2
Closing balance
158,272
Opening balance
158,272
Provisions for credit losses on long-term investments
Notes 14,3
Closing balance
(86,995)
Opening balance
(86,996)
Cost
Notes
Closing balance
1,580,969
Opening balance
1,528,503
Accumulated depreciation
Notes 216
Closing balance
(754,087)
Opening balance
(793,525)
Cost
Notes
Closing balance
4,863,891
Opening balance
4,825,929
Accumulated amortisation
Notes
Closing balance
(362,748)
Opening balance
(331,491)
Other receivables
Notes
Closing balance
33,481,806
Opening balance
18,860,662
Interest and fee receivables
Notes
Closing balance
12,221,898
Opening balance
13,949,182
Other assets
Notes 17,3
Closing balance
1,380,412
Opening balance
3,230,825
Provisions for impairment of other assets
Notes 17,4
Closing balance
(124,212)
Opening balance
(86,402)
TOTAL ASSETS
Notes
Closing balance
VND 747,478,069
Opening balance
VND630,500,685
LIABILITIES AND OWNERS' EQUITY
Borrowings from the Government and the SBV
Notes
Closing balance
1,242,864
Opening balance
1,333,658
Deposits from other credit institutions
Notes
Closing balance
123,726,071
Opening balance
65,286,090
Borrowings from other credit institutions
Notes
Closing balance
10,364,919
Opening balance
5,480,204
Interest and fee payables
Notes
Closing balance
10,591,116
Opening balance
14,025,631
Deferred tax liabilities
Notes
Closing balance
22,049
Opening balance
36,030
Other payables and liabilities
Notes
Closing balance
2,827,363
Opening balance
2,207,252
TOTAL LIABILITIES
Notes
Closing balance
VND 689,410,725
Opening balance
VND 580,402,405
Charter capital
Notes
Closing balance
36,629,085
Opening balance
36,193,981
Share premium
Notes
Closing balance
 1,449,603
Opening balance
1,449,603
Treasury shares
Notes
Closing balance
(5,260)
Opening balance
(5,260)
The Bank's reserves
Notes
Closing balance
7,191,833
Opening balance
5,138,098
Foreign exchange reserves
Notes
Closing balance
(530,940)
Opening balance
(689,038)
Retained earnings
Notes
Closing balance
13,333,023
Opening balance
8,010,896
TOTAL LIABILITIES AND OWNERS› EQUITY
Notes
Closing balance
VND 747,478,069
Opening balance
VND 630,500,685
OFF-BALANCE-SHEET ITEMS
Foreign currency commitments
Notes 41
Closing balance 13,754,686
Opening balance 15,454,640
Foreign currency purchase commitments
Notes
Closing balance
848,566
Opening balance
805,070
Foreign currency sale commitments
Notes
Closing balance
613,719
Opening balance
814,380
Cross currency swap contracts
Notes
Closing balance
12,292,401
Opening balance
13,835,190
ITEMS
Notes
Current year
Prior year
Income from services
Notes
Current year
1,569,532
Prior year
912,654
Expenses on services
Notes
Current year
 (286,112)
Prior year
(367,727)
Net gain from trading foreign currencies
Notes 29
Current year 86,288
Prior year 282,207
Net gain from trading securities
Notes 30,1
Current year 3,329
Prior year 11,122
Other income
Notes
Current year
1,341,801
Prior year
501,021
Other expenses
Notes
Current year
(186,133)
Prior year
(67,385)
Net profit from other activities
Notes 31
Current year
1,155,668
Prior year
433,636
Income from capital contribution, equity investments
Notes 32
Current year
29,502
Prior year
743,171
Operating expenses
Notes 33
Current year
(5,760,231)
Prior year
(5,051,539)
Net operating profit before provision expenses for credit losses
Notes
Current year
17,812,034
Prior year
16,276,858
Provision expenses for credit losses
Notes 34
Current year
 (6,242,792)
Prior year
(7,037,837)
Current corporate income tax expense
Notes 35
Current year
(2,261,274)
Prior year
(1,908,466)
Deferred corporate income tax Expense/(Income)
Notes
Current year
13,981
Prior year
(5,797)
Corporate income tax expense
Notes
Current year
(2,247,293)
Prior year
(1,914,263)
Profit after tax
Notes
Current year
9,321,949
Prior year
7,324,758
Net profit attributable to owners
Notes
Current year
9,321,949
Prior year
7,324,758
Basic Earnings per share (VND)
Notes 36
Current year
2,306
Prior year
1,821
ITEMS
Current year
Prior year
CASH FLOW FROM OPERATING ACTIVITIES
No.
Current year
Prior year
Net cash from operating profit before changes in assets and working capital
No.
Current year
14,653,424
Prior year
19,609,473
Interest and similar income received
No.
Current year
52,149,012
Prior year
58,898,319
Interest and similar expenses paid
No.
Current year
(32,689,742)
Prior year
(33,347,727)
Income received from services
No.
Current year
1,349,038
Prior year
582,559
Net cash from trading foreign currencies, and securities
No.
Current year
140,465
Prior year
425,519
Other income
No.
Current year
676,327
Prior year
243,550
Cash recovered from bad debts written off or compensated by provision for credit losses
No.
Current year
478,098
Prior year
190,201
Payments to employees and for operating management
No.
Current year
(5,591,149)
Prior year
(4,945,722)
Corporate income tax paid for the year
No.
Current year
(1,858,625)
Prior year
(2,437,226)
Changes in operating assets
No.
Current year
(114,660,923)
Prior year
(55,153,267)
(Increase)/Decrease in placements with and loans to other credit institutions
No.
Current year
(16,089,687)
Prior year
1,709,924
Decrease/(Increase) in trading securities
No.
Current year
2,341,062
Prior year
(7,004,389)
Decrease in derivatives and other financial assets
No.
Current year
-
Prior year
269,772
(Increase) in loans to customers
No.
Current year
(81,485,844)
Prior year
(52,830,933)
(Decrease) in provisions for losses
No.
Current year
(6,654,397)
Prior year
(4,465,088)
(Increase)/Decrease in other operating assets
No.
Current year
(12,772,057)
Prior year
7,167,447
Changes in operating liabilities
No.
Current year
111,956,624
Prior year
76,314,211
(Decrease) in borrowings from the Government and the SBV
No.
Current year
(90,794)
Prior year
(8,381,535)
Increase/(Decrease) in depsoits and borrowings from other credit institutions
No.
Current year
63,324,696
Prior year
(7,517,641)
Increase in deposits from customers
No.
Current year
52,393,145
Prior year
85,827,834
(Decrease)/Increase in valuable papers issued (excluding valuable papers charged to financial activities)
No.
Current year
(3,573,532)
Prior year
6,381,519
(Decrease) in grants, trusted funds and borrowings where the Bank bears risks
No.
Current year
(181,585)
Prior year
(4,370)
(Decrease)/Increase in derivatives and other financial liabilities
No.
Current year
(35,225)
Prior year
97,152
Increase/(Decrease) in other operating liabilities
No.
Current year
119,919
Prior year
(88,748)
Acquisition of fixed assets
No.
Current year
(210,732)
Prior year
(240,841)
Proceeds from sales, disposals of fixed assets
No.
Current year
2,474
Prior year
1,780
Expenses on sales, disposal of fixed assets
No.
Current year
(1,232)
Prior year
(1,895)
Proceeds from investments in other entities
No.
Current year
-
Prior year
825,440
Dividends and profit received from long-term investments and capital contribution
No.
Current year
29,502
Prior year
4,958
Proceeds from share issue
No.
Current year
435,104
Prior year
-
Dividends paid to shareholders and profit distribution
No.
Current year
(1,746,493)
Prior year
(165)

Prepared by

Do Thanh Phuong
Head of General accounting and Financial reporting Department

Reviewed by

Ngo Thi Van
Chief Accountant

Approved by

Ngo Thu Ha
Chief Executive Director

31 March 2025

Chairman’s Message
Key Performance Figuresfrom 2020 to 2024

I

General information

II

Business Performance in 2024

III

The board of management’s report

IV

Assessment of the board of directors onSHB’s operations

V

CorporateGovernance

VI

SustainabilityReport

VII

Network of transaction offices

VIII

Financial Statements