What prospects for TPBank in 2023?

In 2022, TPBank continues to maintain an impressive growth rate with pre-tax profit of VND 7,828 billion, an increase of nearly 30% compared to 2021. Total operating income in 2022 of the bank is over VND 15,600 billion, increased by more than 15.5% over the same period. In particular, TPBank ranked second in the industry in terms of service income growth rate when this index of purple bank increased by more than 1,337 billion in just 1 year (equivalent to an increase of 59.2%).

In 2022, TPBank's profitable assets increased by 11.1%. In which, credit growth of TPBank reached 14.3% compared to the beginning of the year. The bank's loan growth was led by retail lending, which increased by 23.1% yoy, accounting for 58% of total outstanding loans.

TPBank also ranked first in terms of customer deposit growth rate last year, growing at approximately 40%. In particular, besides 80% of time deposits, there is a new demand for deposit (CASA) when the number of customers choosing TPBank as the main transaction bank increases. In the first 11 months of 2022 alone, the number of customer accounts of this bank increased by 38%.

TPBank's achievements are the result of a customer-centric strategy for all products and activities. TPBank has become a close-knit bank for millions of Vietnamese people with the statement "because we understand you" in a substantive way instead of simply approaching it.

For many years in a row, TPBank has always maintained its role as a pioneer in digital technology, applying digitalization in internal processes, as well as increasing customer experience. Business activities are always closely followed, in strict compliance with the provisions of the law, ensuring the bank's safe, efficient and healthy operation. TPBank is also continuously in the Top of the largest corporate income tax payers in the year, contributing the most to the State Budget.

At the end of 2022, TPBank's name also made an impression in the international arena when it surpassed 143 places compared to 2021 to rise to 61st place in the ranking of 500 strongest banks in the Asia-Pacific region by the magazine. published by The Asian Banker. Even among Vietnamese banks in this ranking, "Purple Bank" has risen to become "Vietnam's leading strong bank".

According to a recent analysis report, VnDirect Securities believes that a sharp increase of 2 percentage points in the operating interest rate by the State Bank of Vietnam will negatively affect the interest income margin (NIM) of banks when the cost capital increased, while lending interest rates could hardly keep up. Besides, the real estate and corporate bond markets continue to face difficulties, which will adversely affect the asset quality, as well as the liquidity of banks. In general, tight monetary policy and macro uncertainties will affect the outlook for the banking industry next year as credit growth slows, NIM narrows and credit costs increase.

Facing the general difficulties of the whole industry, TPBank's net profit is also forecast to slow down, but in the long-term, according to VnDirect, TPBank is still one of the leading banks in the retail banking trend in Vietnam. Vietnam owes its distinct competitive advantage to pioneering digital transformation through simple and streamlined lending procedures. Moreover, good asset quality and high capital adequacy ratio (CAR 2022: 12.6%), bad debt ratio below 1%, bad debt coverage ratio always above 135% are also solid buffers. for the bank to grow in the coming years.

Regarding TPB stock's outlook, VnDirect has a positive opinion when it thinks that the strong correction of the market recently has brought TPBank's stock valuation to a very attractive area. Specifically, TPB's valuation is currently at 0.98x P/B 2023 (equivalent to -2 standard deviations of 3-year mean), although the bank's internal health and growth potential remains good in the coming years. long-term. Therefore, the analysis team believes that the risks have been partly reflected.

Another good sign for shareholders holding TPBank shares is that the bank is preparing to pay a cash dividend of up to 25%. Accordingly, after many years of suspension at the request of the State Bank, TPBank pioneered the payment of cash dividends when it was announced not long ago about this plan.

Specifically, the bank will close the list of shareholders on March 21 to pay a 25% cash dividend, equivalent to VND2,500/share. Expected payment date is April 3.