Increased revenue from settled debts, TPBank's pre-tax revenue in Q2 increased by 37%

According to the announced financial statements for the second quarter of 2022, Tien Phong Commercial Joint Stock Bank (TPBank, HOSE: TPB) reported a 37% increase in pre-tax profit over the same period last year, reaching nearly VND 2,165 billion, thanks to an increase in revenue from settled debts. delete, compensate by source of risk.

In the second quarter alone, TPBank's main activities grew by 20% over the same period, obtaining 3,035 Input error rate. The OUT of revenue all grew in the same period. Profit from operating services increased to 65%, collecting nearly VND 681 billion, mainly thanks to payment activities of nearly VND 774 billion, 2.5 times higher.

Foreign exchange business increased by 12%, reaching more than 179 billion dong, of which revenue from trading in spot foreign currency and gold increased by 69%, reaching nearly 403 billion dong. Notably, other active keywords were 4 times higher than in the same period, collecting more than 218 billion dong, thanks to the collection of account debt that has been cleared, offset by risk sources of more than 310 billion dong, 4 times higher.

This, TPBank set aside more than 645 billion dong for credit risk provision expenses, a slight increase of 5%, so the bank reported a pre-tax profit of nearly 2,165 billion dong, up 37% over the same period. In the first 6 months of the year, TPBank spent nearly VND 1,401 billion for credit risk provisions, an increase of 40%. As a result, the bank reported in advance tax of nearly VND 3,788 billion, up 26%.

If so, with the plan of 8,200 billion dong of pre-tax profit set for the whole year, TPBank has realized 46% after only the first half of the year.

As of June 30, 2022, TPBank's total assets increased by 6% compared to the beginning of the year, to more than VND 310,772 billion. In which, deposits at the State Bank decreased by 20% (to VND 14,590 billion), deposits at other credit institutions decreased by 26% (VND 26,523 billion), customer loans increased by only 7% (VND 151,083 billion).

As for source capital, customer deposits increased by 12% compared to the beginning of the year, to 156.337 billion dong; deposits of other credit institutions decreased by 17% (44,097 billion VND)…

In terms of debt quality, TPBank's overall bad debt at the end of Q2 was VND 1,285 billion, up 11% compared to the beginning of the year. In which, debt with the possibility of losing capital increased to 51%. As a result, the bad debit rate on the Debit loanalay increased slightly from 0.82% to 0.85%.