AsemconnectVietnam - By the end of 2023, total assets of Tien Phong Commercial Joint Stock Bank (TPBank, HOSE: TPB) is VND356,000 billion, an increase of 8.5% compared to the end of 2022, charter capital increased at more than VND22,000 billion.

The steady increase in capital has provided a strong financial foundation, combined with risk management to keep TPBank's capital adequacy ratio (CAR) according to Basel III standards at 12.4% as of December 31, 2023, in the top group of the industry, maintaining the principles of loan growth and capital safety.
TPBank extended its customer growth chain with 3.5 million newly opened accounts, bringing the total number of customers served to exceed 12 million. In just 3 years, with a leading and comprehensive digital banking strategy, TPBank has attracted more than 8.6 million customers, double the total number of customers in the previous 12 years. This achievement of TPBank is not only a testament to its ability to attract and retain customers but also a solid step forward in increasing the proportion of quality CASA capital resources of the bank. Since then, the proportion of demand deposits increased by 34%, exceeding VND47,000 billion.
Well regulating mobilization growth needs according to capital usage needs to achieve the best efficiency; the bank's total mobilization in 2023 reach VND316,500 billion, an increase of nearly 9.5% and exceeding the yearly plan.
In order to ensure credit quality, TPBank also boosted provisioning; double that of 2022, at more than VND3,900 billion. This shows that the bank has proactively used resources to cover bad debts, control the bad debt ratio below 2%, reduce pressure on provisions for the coming years, and reduce the impact of bad debts in the future.
Total operating income reached more than VND16,000 billion, mostly from net interest income, which increased by nearly 9.1%, to VND12,500 billion. Accompanying businesses/individuals during the recovery period of the economy, TPBank has actively reduced loan interest rates for existing customers, with the total interest reduction for the whole year 2023 reaching up to VND1,950 billion. At the end of the year, the bank recorded a profit of VND5,600 billion, corresponding to an ROE ratio of over 13.77%, relatively high in the context of the economic slowdown last year.
Success comes from outstanding products, building a solid position in the market
With many diverse loan products across many segments, TPBank's loan balance exceeds VND217,000 billion, growing nearly 19% compared to 2022, far exceeding the average growth of the entire industry. This comes from breakthroughs in lending methods and technology applications to support customers in all segments. TPBank's diverse loan packages are well received by the market through affiliated channels, giving customers a smooth and convenient loan experience.
Lending features through LiveBank have increased flexibility and convenience, helping to optimize customer experience. TPBank is also very ready to accompany customers to overcome difficulties by continuously updating preferential interest rate policies, implementing measures to reduce interest rates and reduce fees to support businesses and individuals with a scale of tens of thousands of billions dong.
Besides the lending segment, TPBank's card products also created breakthroughs in the market when nearly 1.5 million new cards were opened, the total value of card transactions reached about VND40,200 billion. Of which, spending transactions via TPBank VISA card alone exceeded the USD1 billion mark, bringing the bank to the top 3 position in terms of card transaction sales growth. In particular, the most impressive growth came from VISA Signature card transaction sales, bringing TPBank to the leading position in the industry.
In 2023, TPBank continues to register for many major awards, of which TPBank holds the top position in Vietnam for the second time in a row on the list of "Strongest Banks in Asia Pacific" by The Asian Banker. In particular, 2023 is the first year that TPBank appears in the Brand Finance Rankings with a brand value exceeding 425 million USD, bringing the bank to the Top 5 private banks with the highest brand value in Vietnam. Vietnam Rating Report Joint Stock Company (VNR) ranks TPBank as one of the 10 most prestigious Vietnamese commercial banks, and also one of the 4 most prestigious private banks of 2023. TPBank has cooperated continues to maintain its position in this ranking for 5 consecutive years.
Recognition by reputable domestic and foreign evaluation and ranking organizations has affirmed the journey of steady progress, very accurately reflects market correlation and is the best recognition for continuous efforts of TPBank in recent times, for the journey to 2024 and many years of development to come.
N.Nga
Source: VITIC/Tinnhanhchungkhoan