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TPBank profited more than 470 billion from investment securities in the first quarter of 2024
In the first quarter, investment securities activities recorded a sudden income of up to 525 billion VND, helping net profit from this activity reach 475 billion VND, nearly 14 times higher than the same period.
Tien Phong Commercial Joint Stock Bank (TPBank - Code: TPB) has just announced its first quarter consolidated financial report with pre-tax profit of 1,829 billion VND, an increase of 3.6% over the same period. The bank's profit after tax was 1,463 billion VND, an increase of 3.5%.
In the first quarter of the year, TPBank's lending, service and investment securities activities all recorded high growth compared to the same period. Specifically, the bank's net interest income increased by 17.3%, bringing in VND 3,427 billion thanks to interest payments and similar expenses decreasing by 21.9% over the same period.
Net profit from service activities reached 715, an increase of 40% billion thanks to service fees collected from payment activities and other service fees exceeding the same period. Investment securities activities also recorded a sudden income of up to 525 billion VND, helping net profit from this activity reach 475 billion VND, nearly 14 times higher than the same period.
In the notes, TPBank recorded that the balance of debt securities (bonds) available for sale (AFS) issued by domestic economic organizations decreased from VND 12,156 billion to VND 9,305 billion.
On the contrary, foreign exchange trading activities recorded a decrease in net profit of 44.9%, to 83.2 billion VND. The notes show that the sharp decline in revenue from spot foreign currency and gold has pulled back net profit from this business segment. At the same time, other business activities also recorded a net loss of VND 16 billion due to increased costs. Last year, this activity had a profit of 41 billion VND. Net profits from trading securities contribute insignificantly to TPBank's profit structure.
Thanks to the lending, services and investment securities segments, TPBank's total operating income increased by 28%, reaching VND 4,685 billion. After deducting total operating costs, TPBank's net profit from business activities was 3,009 billion VND, an increase of 44.7% over the same period.
However, because risk provision costs were nearly 1,181 billion VND, nearly 4 times higher than the same period, TPBank's profit after tax only increased slightly compared to the first quarter of last year.
As of the end of the first quarter of 2024, TPBank's total assets decreased by 0.2% compared to the beginning of the year, down to VND 355,870 billion in the context of loan balance decreasing by 2.2%. However, the provision for customer loan losses increased by 1% in the context of a 6.8% increase in bad debt balance. At the end of the first quarter, the bank's bad debt ratio was 2.23%, up from the beginning of the year, while the coverage ratio was at 60%, down about 3.5 percentage points.
Customer deposit balance at TPBank decreased by 8.4% compared to the beginning of the year, down to 190,827 billion VND. The bank compensated for this decrease with deposits and loans from other credit institutions. The balance of deposits and loans from other credit institutions increased by VND 8,515 billion, or 10.1% compared to the beginning of the year.
As of the end of the first quarter, the number of TPBank employees continued to decrease to 7,477 people. On average, in the first quarter, the number of employees of the consolidated bank decreased by 10.8% compared to the same period last year. Because TPBank increased employee costs in the first quarter of 2024 and the number of employees decreased, the average cost has improved to 47.3 million VND/person/month, temporarily ranking second in the banking industry. , just behind Techcombank.
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