In 2024, TPBank earned nearly VND 7,600 billion in profit, a 36% increase compared to the previous year.

Tien Phong Commercial Joint Stock Bank (TPBank, HOSE: TPB) has just announced its business results for 2024 with impressive figures.

Profit Growth of 36%, Positive Shift in Profit Structure

By the end of 2024, TPBank's pre-tax profit reached nearly VND 7,600 billion, up 36% compared to 2023, surpassing its target set at the Annual General Meeting. The bank's Return on Equity (ROE) remained above 17%. Total assets exceeded VND 418,000 billion, an increase of 17% compared to the previous year, exceeding the target by 7%. TPBank's charter capital grew to VND 26,420 billion.

The profit structure has shifted, reducing dependence on credit activities and transitioning to a multi-service business model. Accordingly, TPBank's operating income reached over VND 18,000 billion, up 11% compared to 2023. Notably, net interest income from services grew by 47.5%, reaching over VND 3,360 billion, reflecting the success of its strategy to develop digital services and enhance payment convenience for customers. TPBank has accelerated the development of digital services, from lending and insurance to payments, attracting a large number of users and contributing significantly to fee income.

Credit Growth of 20%

By the end of 2024, TPBank's credit outstanding, including customer loans and corporate bonds, reached VND 261,500 billion, reflecting more than 20% growth compared to the previous year, surpassing the average growth rate of the banking sector. In addition to creating favorable conditions for customers to easily access loans, TPBank has been offering several attractive interest rate packages for both individual and corporate customers.

The bank's credit portfolio covers a wide range of sectors, including government priority industries and core economic sectors such as construction, telecommunications, energy, pharmaceuticals, and import-export. TPBank also pays special attention to small and medium-sized enterprises (SMEs) and women-led businesses. In the green credit sector, TPBank is ready to support businesses with green projects through a VND 5,000 billion loan package, offering 0% interest for the first three months.

Customer Base Reaches Over 14 Million

In 2024, TPBank continued to demonstrate the appeal of its digital banking products and services by attracting an additional 2.1 million new customers, bringing the total customer base to 14.1 million, achieving a milestone of 10 million new customers in just 4 years.

Non-term deposits (Casa) reached nearly VND 54,000 billion, a 14.44% increase compared to 2023, ranking among the banks with the highest Casa growth rates in the system.

TPBank expanded its network of branches and transaction offices, particularly accelerating the implementation of its digital transformation campaign at counters and expanding the number of LiveBank automatic transaction points—operating 24/7—to over 400 locations, attracting a large volume of deposits from the public. Total mobilized funds reached VND 374,000 billion, exceeding the target by 14%.

Strict Risk Management, Efficient and Cost-effective Operations

TPBank continued to implement strong risk management, maintaining a non-performing loan ratio under 2%.

The Capital Adequacy Ratio (CAR) of TPBank as of November 2024 was 14%, well above the minimum Basel III requirement of 10.5%, showing that the bank is always prepared to face risks and maintain long-term financial stability.

The Cost-to-Income Ratio (CIR) of TPBank dropped from 41.28% in 2023 to 34.78% in 2024. The bank stated it had implemented effective cost control measures and improved operational efficiency through decisive actions across its system.

Brand Value Increased to 461 Million USD

In 2024, TPBank was once again ranked in the Brand Finance Top 100, with its brand value increasing by 8% to 461 million USD, maintaining its position at 23rd in the Vietnam 100 2024 rankings by Brand Finance. The bank continues to be one of the leading banks in Vietnam in terms of reputation and quality, ranked among the Top 4 Most Stable Banks in Vietnam for 2024 according to The Asian Banker. Additionally, TPBank is ranked in the Top 10 reputable banks in Vietnam and 5th among private banks according to Vietnam Report.

With a contribution of VND 2,419 billion to the state budget in 2023, TPBank became one of the top 10 private banks contributing the most to the budget.

First Report on Sustainable Development

In addition to positive business results, TPBank also released its Sustainable Development (SD) Report for the first time in 2024, highlighting its strong commitment to transitioning to a green bank and contributing to the country's sustainable and shared prosperity. This is the first year that TPBank has published a report on its sustainable development achievements.

The bank has made sustainable development one of its top priorities in its long-term strategy, with ESG (Environmental, Social, and Governance) practices being the most practical tool TPBank has implemented to pursue its sustainable development goals, contributing to the country's overall prosperity.