TPBank maintains sustainable growth momentum, stocks perform positively

Continuing to expand the digital ecosystem, optimize capital and diversify revenue sources, TPBank (HOSE: TPB) maintained impressive growth momentum with first-half profit exceeding VND4,100 billion, asset size exceeding USD17 billion (VND428,600 billion). TPB shares are at an attractive valuation, attracting strong interest from domestic and foreign investors with many good price increases.

In the first half of 2025, TPBank continued to consolidate its position as one of the banks with the leading sustainable growth rate, when total assets as of mid-2025 reached nearly VND428,600 billion, completing 95% of the annual plan and increasing by more than 18% over the same period last year. The synchronous expansion of asset size and operating network has created a solid foundation, ready for strong breakthroughs in the second half of the year.

Outstanding credit balance also recorded outstanding results, reaching nearly VND 293,500 billion - equivalent to 93% of the annual plan, up more than 31% over the same period. Specifically, outstanding customer loans reached over VND 285,500 billion, up nearly 14% compared to the end of 2024. Credit growth was at 11.7%, focusing on strategic areas such as retail, real estate and consumer finance - areas that bring high profit margins and stable profitability. TPBank also maintained effective capital and liquidity management with a loan-to-deposit ratio (LDR) of 77%, reflecting a reasonable balance between credit growth and liquidity safety. The capital adequacy ratio (CAR) was maintained at over 12%, exceeding the State Bank's regulations, demonstrating strong financial resilience. At the same time, the bad debt ratio continues to be tightly controlled, maintained at a level significantly lower than the permitted limit, contributing to maintaining stability and minimizing risks in credit activities.

In parallel with the flexible, prudent development strategy and resource optimization, TPBank's pre-tax profit in the first 6 months of the year reached more than VND 4,100 billion, up 12% over the same period last year, demonstrating effective operational capacity and positive prospects in the remaining quarters of the year.

Expanded digital ecosystem, solid foundation, diverse revenue sources

Following the impressive growth momentum in credit activities, TPBank also showed its initiative in expanding its capital mobilization platform and developing a digital financial ecosystem. In the first 6 months of the year, the bank's total mobilization reached nearly VND377,500 billion, a sharp increase of 19% over the same period last year, which is an important foundation for TPBank to consolidate liquidity and support sustainable credit growth.

Notably, the ratio of non-term deposits (CASA) increased by nearly 23%, showing the clear effectiveness of the digital banking development strategy and the growing trust from customers in TPBank's service ecosystem.

According to VCBS, TPBank's digital transformation promotion strategy has helped increase CASA steadily, while MBS Research also noted that TPBank is one of the banks with outstanding advantages in the digital banking sector, thanks to its modern technology platform, good access to young customers and clear brand positioning in the retail segment.

In addition to developing in breadth, TPBank also focuses on increasing growth quality through a strategy of diversifying income sources. Analysts agree that the bank is effectively restructuring its profit structure – gradually reducing its dependence on credit revenue, while significantly increasing non-interest revenue, especially from digital financial services and value-added products.

In fact, total operating income in the first half of 2025 reached more than VND 9,100 billion, of which service revenue accounted for 21%, equivalent to about VND 1,900 billion, an impressive growth of more than 14% over the same period. This is a clear demonstration of the right strategic direction, helping TPBank improve operational efficiency and increase resilience to macroeconomic fluctuations.

Stocks continue to attract investors

TPBank's P/B ratio is currently nearly 1x, lower than the average of listed private banks, reflecting an attractive valuation. Since the beginning of July, TPB shares have increased by 11%, closing on July 17 at VND14,900/share. And compared to the bottom on April 9, TPB shares have increased by more than 35%.

The "purple bank" shares have had a series of exciting trading sessions, especially on July 9, which witnessed TPB's impressive breakthrough when it increased by 6.79%, accompanied by a matching volume of 62 million units, equivalent to a trading value of more than VND900 billion, the highest in more than 3 months.

Notably, TPB shares witnessed persistent net buying from foreign investors with 8 consecutive net buying sessions. Since the beginning of July, foreign investors have net bought more than 28 million TPB shares, worth more than VND400 billion, making it one of the bank codes that foreign investors have collected the most in the context of the recovery of the Vietnamese stock market and a marked improvement in investor sentiment.

In addition to investment attraction, TPBank also made its mark with a dividend policy that is popular with shareholders. In the second quarter, the bank paid a 10% cash dividend and approved a plan to issue more than 132 million shares to pay a 5% dividend, raising its expected charter capital to more than VND27,740 billion. All capital sources are drawn from undistributed profits, demonstrating its solid financial capacity and commitment to accompanying shareholders.

In a recently published analysis report, two securities companies, HSC and MBS Research, both maintained a positive assessment of TPB shares. In particular, MBS set a price target of VND 18,200/share, believing that this is a favorable time to accumulate TPB shares.