Many Highlights in TPBank's Business Picture

In 2024, Vietnam's banking sector witnessed a bright business outlook with impressive profit figures. Among them, TPBank made a strong mark with its pre-tax profit reaching nearly 7.6 trillion VND, a 36% growth compared to 2023—significantly higher than many other banks.

Breakthrough Profit and Positive Structural Shift

The year 2024 saw a promising picture for the Vietnamese banking industry, with impressive profit numbers. TPBank particularly stood out, with its pre-tax profit reaching nearly 7.6 trillion VND, exceeding the goals set by the General Shareholders' Meeting and achieving an impressive 36% growth compared to 2023—much higher than many other banks.

While TPBank’s absolute profit does not place it among the top leaders, its high growth rate, combined with a Return on Equity (ROE) ratio above 17%, shows that the bank is operating efficiently and sustainably.

Not stopping there, the bank’s total assets surpassed 418 trillion VND (a 17% increase compared to the previous year). Its charter capital was also raised to 26.42 trillion VND, further affirming TPBank's strong financial position, laying a solid foundation for sustainable expansion and development.

A special highlight was the shift in its profit structure, as TPBank reduced its dependence on credit and strongly developed non-credit services. The bank’s operating income reached over 18 trillion VND, an 11% increase from the previous year. Notably, net interest income from services grew by 47.5%, reaching over 3.36 trillion VND, thanks to its digital transformation strategy and superior utility products.

This result was mainly driven by the bank’s digital banking strategy and the enhancement of payment services, which helped TPBank attract an additional 2.1 million new customers in 2024, raising the total customer base to 14.1 million. The digital products and services not only brought convenience but also drove the volume of transactions via electronic banking to nearly 2 trillion VND, a significant growth compared to previous years.

Digital Transformation Strategy - Key to Long-Term Growth

TPBank’s representative stated that the bank has always focused on technology investment, with a budget of nearly 1,000 billion VND in 2024 to upgrade infrastructure, enhance security, and improve customer experience. Strategies such as expanding the younger customer base (Gen Z, Gen G), improving digital services, and increasing the number of LiveBank automated transaction points operating 24/7 played a crucial role in attracting 2.1 million new customers, raising the total number of customers to 14.1 million in just four years.

Currently, approximately 4 million customers regularly conduct transactions via electronic banking, with total transaction volume approaching 2 trillion VND in the past year—a remarkable figure reflecting a strong shift toward online transactions.

Another bright spot in the bank’s business results last year, amid a time when many banks were declining, was TPBank’s good growth in its CASA (Current Account Savings Account) ratio, which grew by more than 14% compared to 2023, helping improve capital costs and strengthen its competitiveness. The implementation of the digital transformation campaign at branches and the expansion of LiveBank automated transaction points—now totaling over 400, operating 24/7—has also helped the bank attract a large amount of deposits from the public. Total mobilized funds surpassed 374 trillion VND, exceeding the target by 14%. “TPBank will continue to develop CASA products and focus on improving customer experience through the electronic banking app. We are particularly focused on encouraging customers to use the bank’s app more, which will in turn increase the CASA ratio,” the representative of TPBank added.

These figures showcase TPBank's strong growth. Another important factor is the bank’s risk management strategy, as it has effectively controlled its non-performing loan ratio, keeping it below 2%, and maintaining a relatively high Capital Adequacy Ratio (CAR) of 14%, even surpassing the minimum Basel III requirements. This shows the bank’s readiness to respond to market fluctuations and ensure its financial stability.

An important operational efficiency indicator is TPBank’s Cost-to-Income Ratio (CIR), which improved from 41.28% in 2023 to just 34.78% in 2024. This is a significant improvement in a challenging business year. According to TPBank representatives, the improvement was due to effective cost control. Early in the year, the bank implemented several cost optimization programs, such as not increasing headcount but optimizing its personnel structure to enhance productivity across various departments. This included reducing recruitment in "back-office" departments while strengthening manpower in business units. This approach helped control costs without increasing the total headcount, thus improving the CIR. “In 2025, the bank will continue to maintain a stable CIR, and this is one of the key goals the leadership is targeting to enhance operational efficiency. Good risk management combined with high operational efficiency provides a solid financial foundation for TPBank,” the representative shared.

With a high CAR and low CIR, the bank ensures capital safety while achieving optimal profitability.

Strengthening Brand and Vision for Sustainable Development

These positive results have laid a strong foundation for TPBank, not only to strengthen its financial power, proactively respond to economic fluctuations, and maintain its competitive edge in the banking sector, but also to build lasting trust with customers and partners.

Therefore, TPBank’s second-time entry into the Brand Finance Top 100 in 2024, with its brand value increasing by 8% to 461 million USD, and maintaining the 23rd position in the Vietnam 100 2024 ranking, is no coincidence. The bank continues to assert its position as one of Vietnam’s top banks in terms of reputation and quality, ranking in the Top 4 Strongest Banks in Vietnam in 2024, according to The Asian Banker. TPBank is also honored to be in the Top 10 Most Reputable Banks in Vietnam and ranked 5th among the most reputable private banks according to Vietnam Report.

With 2.419 trillion VND contributed to the state budget in 2023, TPBank became one of the top 10 private banks contributing the most to the budget that year.

TPBank has also demonstrated a sharp personalization strategy and affirmed its outstanding ability to understand its users, particularly the younger generation, with the TPBank App being named “The Most Loved Financial and Consumer App” at the Wechoice Awards 2024.

Moreover, TPBank recently announced its Sustainable Development Report (SDR), making strong commitments in its journey toward becoming a green bank and contributing to the sustainable development and prosperity of the nation. This is the first year TPBank has published a report on its sustainable development achievements. The bank has set sustainable development as one of its top priorities in its long-term plans, with ESG practices being the most practical tool TPBank has been implementing to achieve its sustainability goals, contributing to the national prosperity.

TPBank has concluded 2024 with impressive achievements in profit, operational efficiency, risk management, and digital transformation strategies. The exceptional growth figures and sustainable development directions not only distinguish the bank but also strengthen its position in the market. With the right strategy, the bank is increasingly asserting itself as one of the leading brands in Vietnam's banking sector.