TPBank's profit in 2024 increased by 36%

TPBank achieved a pre-tax profit of nearly VND 7,600 billion in 2024, a 36% increase compared to the previous year. Non-interest income, primarily from services, grew by more than 47%.

Tien Phong Commercial Joint Stock Bank (TPBank, TPB) has just announced its preliminary business results for 2024, with growth aligned with its sustainable development strategy.

In 2024, the bank recorded a pre-tax profit of nearly VND 7,600 billion, up 36% compared to 2023, surpassing its plan. The return on equity (ROE) remained above 17%. By the end of the year, the bank's total assets exceeded VND 418,000 billion, a 17% increase, with its charter capital rising to VND 26,420 billion.

A shift in TPBank's profit structure was the reduction in reliance on credit, moving towards a multi-service business model. This transition helped the bank's non-interest income grow significantly. TPBank's operating income for 2024 reached over VND 18,000 billion, an 11% increase, with service income rising by as much as 47.5%, reaching more than VND 3,360 billion.

The strong growth in service income, according to TPBank, came from the development of digital services, including lending, insurance, and payments, which made a significant contribution to fee revenue.

By the end of 2024, the bank's credit outstanding, including customer loans and corporate bonds, reached VND 261,500 billion, a more than 20% increase compared to the previous year, also higher than the industry average. The credit portfolio spans many sectors, such as construction, telecommunications, energy, pharmaceuticals, and import-export.

The bank also focuses on small and medium-sized enterprises (SMEs) and women-led businesses. In the green credit sector, TPBank supports companies with green projects and plans through a VND 5,000 billion loan package, with 0% interest for the first three months.

From a cost perspective, the cost-to-income ratio (CIR) dropped from 41.28% in 2023 to 34.78% in 2024. TPBank stated that it had implemented cost control measures and enhanced operational efficiency through decisive actions across its entire system.