TPBank maintains its position in the Top 10 prestigious Vietnamese banks

With a sustainable development orientation and a strong business foundation that has always received the trust of customers, TPBank continues to maintain its position in the Top 10 prestigious Vietnamese banks and ranks 5th among prestigious private banks according to Vietnam Report's ranking.

Vietnam Report Joint Stock Company (Vietnam Report) has just held the ceremony to announce the Top 10 prestigious Vietnamese Commercial Banks 2024. The Top 10 are all banks with the highest scores based on 3 main criteria: financial capacity shown in the most recent financial report, media reputation assessed by the Media Coding method - encoding articles about banks on influential media channels and survey results of research subjects and related parties updated to May.

Standing in the same ranking as the veteran big brothers in the industry, the youngest bank is TPBank. This is the 6th consecutive year that the purple bank has been in the Top 10 prestigious commercial banks in Vietnam. In addition, in the private ranking, TPBank was honored in 5th place.

TPBank maintains its position in the Top 10 prestigious Vietnamese banks.

Evaluating the performance of the banking industry this year, Mr. Vu Dang Vinh, General Director of Vietnam Report, said that by 2024, the market has recorded the bottom of bank interest rates due to stable core inflation.

Along with that, the market has also adapted to the tough policies of the Government and the State Bank to regulate the healthy development of the market; meanwhile, some policies to support and remove difficulties for businesses have also begun to show effectiveness. The banking industry has had more optimistic results in the first quarter.

Total revenue from banking activities increased by 8.3% compared to the same period last year, while decreasing by nearly 3.3% compared to the fourth quarter of last year. The positive point is that the after-tax profit of banking enterprises increased by 10.2% compared to the same period and increased by 7.9% compared to the previous quarter.

Continuing the growth momentum of the first quarter, in the recently announced financial report for the second quarter of 2024, TPBank's individual pre-tax profit reached VND 3,733 billion, an increase of 10.3% compared to the same period last year. As of June 30, 2024, TPBank's total mobilization increased by nearly 5% compared to the same period last year, reaching nearly VND 317,700 billion.

TPBank's quality CASA capital ratio continues to be consolidated, reaching over 22%. The bank's total operating income reached more than VND 8,900 billion, up nearly 18% over the same period in 2023. Of which, net interest income still contributed the most, accounting for nearly 75%, reaching more than VND 6,660 billion, up about 21.9% over the same period last year.

In addition to the growth in net interest income, service income also witnessed a positive growth momentum, reaching nearly VND 1,700 billion, thanks to the diversification of services, as well as the growth in the scale of operations of the bank.

Continuing to demonstrate its market acumen, TPBank's valuable papers business brought in significant profits at the end of the second quarter, with revenue from this segment increasing by nearly 60% compared to the same period last year.

Taking sustainability as the foundation for development, when the economy showed signs of recovery and bank credit gradually regained growth momentum, TPBank continued to promote credit for industries and sectors prioritized by the government and the State Bank; projects and sectors using public investment capital, especially key state traffic projects and works, rural agricultural infrastructure, commercial infrastructure, cultural and social infrastructure; customers producing essential and fast-moving consumer goods.

TPBank said it was particularly interested in small and medium-sized enterprises owned by women; customers in the fields of information technology, telecommunications, and green credit programs.

The green credit segment has grown steadily, accounting for nearly 3% of the total outstanding credit balance with a series of projects in the fields of renewable energy, water management, and projects to improve energy efficiency and reduce greenhouse gas emissions.

Not only that, the active digitalization to improve operational efficiency and optimize operating costs has helped the bank become one of the leading banks in economical operations. TPBank's cost-to-income ratio (CIR) in the second quarter continued to decrease to about 34%, equivalent to a decrease of 12% compared to the same period last year.

TPBank's Basel III capital adequacy ratio (CAR) continued to be maintained at 12% (as of June 30), much higher than the minimum requirement of Basel III of 10.5%. TPBank continues to proactively control risks, cover bad debts, and avoid negative impacts in the future by increasing provisioning in the past year.

Mr. Nguyen Hung, General Director of TPBank shared: “Good service quality is also one of the things that keeps customers staying with TPBank. We constantly innovate and improve to bring the best experiences. With the motto of understanding and focusing on customers, TPBank always starts from the core to focus on solving the needs and modernizing the customer experience, bringing customers satisfaction every time they transact with TPBank”.