Tien Phong Commercial Joint Stock Bank (TPBank) has released the business results in the first quarter (Q1) of 2019 and is one of the first banks in Vietnam to announce these results.
According to the bank’s financial statement, by the end of Q1, its total operating income reached 1.886 trillion dong, up by nearly 700 billion dong compared to Q1 2018. In particular, the pre-tax profit reached 853 billion dong, up by 66 percent over the same period of 2018.
As of March 31st 2019, the total assets of TPBank reached nearly 140 trillion dong, up by nearly three percent compared to 2018. Its equity was 11.3 trillion dong. In addition, TPBank has always strictly complied with regulations on Capital Adequacy Ratio (CAR) of the State Bank of Vietnam (SBV), meeting the Basel II standards with CAR of over 10 percent.
One year after being listed on the stock market, the operation of TPBank is becoming more sustainable, particularly in the structure of capital mobilisation. In the first three months of the year, the bank’s total mobilisation reached more than 125 trillion dong, up by 14 trillion dong (equivalent to nearly 13 percent) over the same period of 2018. In particular, the mobilisation from market 1 reached nearly 89 trillion dong, equivalent to 71 percent of the total mobilisation in the whole quarter.
TPBank’s credit activities continued to grow stably but still ensured the credit growth limit assigned by the SBV with outstanding loans on market 1 reaching 93.6 trillion dong. The bank’s credit quality was controlled strictly with bad debt ratio of about one percent.
Year 2018 is considered an effective year of TPBank’s business with many indicators exceeding the targets. In addition to the outstanding business results in 2018 and a good start in Q1 2019, the bank is likely to achieve profit of over three trillion dong this year.
