Effective business, comprehensive digitalization, TPBank brand valuation increased to 461 million USD
TPBank's business segments have all improved, contributing to a bright profit picture for the first 9 months of the year. Accordingly, TPBank's profit for the 3 quarters reached more than VND5,460 billion, up 10.2% over the same period last year. Total mobilization increased by more than 8% compared to the beginning of the year, exceeding the plan when reaching VND342,120 billion.
The bank's operations in the first 9 months brought in more than VND 12,900 billion in revenue, up nearly 10% over the same period in 2023. Of which, net interest income played the role of the main growth driver when it continued to increase by double digits (10%), reaching VND 9,840 billion. The service segment also demonstrated its increasingly important role when it contributed nearly VND 2,455 billion to the total revenue of the entire bank.
Efficient operations combined with cost-saving operations thanks to comprehensive digitalization and tight cost management, TPBank's cost-to-income ratio (CIR) has decreased to 34%.
TPBank proactively controlled risks, covered bad debts, and avoided negative impacts in the future by increasing provisions in the past year by more than 1.5 times compared to the same period in 2023, at nearly VND 3,000 billion. As of September 30, TPBank's capital adequacy ratio (CAR) according to Basel III standards (the strictest and most comprehensive risk management standards in the banking industry today) was 13%, much higher than the minimum requirement of Basel III (10.5%).
With outstanding business activities and strong growth in both brand value and strength, highly appreciated for its digital transformation efforts and creativity in user applications, TPBank has entered the Top 100 of Brand Finance for the second time with a brand value increase of 8% to 461 million USD, maintaining the 23rd position in the Vietnam 100 2024 ranking of Brand Finance.
Credit growth 14%
With good reputation and abundant liquidity, along with proactive planning to meet the market's capital needs, at the end of the third quarter, TPBank's outstanding credit balance including customer loans and corporate bonds reached VND247,650 billion, up 14% compared to the beginning of the year, far exceeding the industry average.
The bank's credit portfolio ranges from priority industries and sectors of the government and the State Bank; projects and sectors of public investment capital; key state traffic projects and works, rural agricultural infrastructure, commercial infrastructure, cultural and social infrastructure; and customers producing essential and fast-moving consumer goods.
The bank also pays special attention to small and medium-sized enterprises owned by women; customers in the information technology and telecommunications sectors. In the green credit segment, TPBank is always ready to support businesses with green plans and projects with a loan package of VND5,000 billion, with an interest rate of only 0% in the first 3 months.
Enhance social responsibility, enhance banking position
Realizing the mission of “banking for humanity”, orienting towards sustainable development for the growth of the community, TPBank constantly makes positive contributions to society through practical actions. With 2,419 billion VND contributed to the State budget in 2023, TPBank becomes one of the 10 private banks contributing the most to the budget in the year.
In September, facing the serious impact of storm No. 3 (Yagi) in the northern provinces, promoting the spirit of "mutual love", TPBank donated 2.5 billion VND to help people overcome the consequences of floods and stabilize their lives soon.
TPBank is also one of the first banks to launch a support program to reduce up to 50% of current interest for existing individual customers affected by floods caused by Typhoon Yagi, with a program limit of up to VND 2,000 billion.
According to Ho Chi Minh City Securities Corporation (HSC), the support programs after Typhoon Yagi may impact the interest income and profits of banks. However, TPBank has proactively calculated and balanced to both provide appropriate support policies and ensure business goals. Thanks to that, TPBank's net interest margin (NIM) is still maintained at approximately 4%.
