Tien Phong Commercial Joint Stock Bank (TPBank TPB) has announced the business results in the first six months (H1) of 2019. Closing H1, the total pre-tax profit of TPBank reached 1.620 trillion dong, up by 596 billion dong, equivalent to a 150 percent increase compared to the same period of 2018, completing 50.6 percent of the target set by the bank’s Board of Shareholders.
Notably, the bank’s income from services sharply rose to 605 billion dong, nearly doubled the same period of 2018.
This level of profit was recorded after the bank fully provisioned for risks as prescribed. In addition, TPBank also provisioned for the special bonds of Vietnam Asset Management Company (VAMC) at 224 billion dong to achieve the target of settling all the debts sold to VAMC.
In the end of June, the total mobilisation of TPBank reached nearly 130 trillion dong, up by more than 11.3 trillion dong compared to the beginning of the year. The bank’s outstanding credit was 95.4 trillion dong, up by 11.2 trillion dong compared to the beginning of the year. Its bad debt ratio was controlled at around 1.47 percent.
TPBank said that its card-related products and services have been growing strongly since the beginning of the year. In the first quarter of 2019 alone, the number of credit cards at TPBank increased by six times compared to the whole market. Accordingly, Visa Vietnam credit organisation recognised TPBank as one of the top three banks in credit card growth.
In 2019, TPBank aims to achieve pre-tax profit of 3.2 trillion dong, up by 41 percent compared to 2018; total assets of 158 trillion dong, and charter capital of 10 trillion dong. The bank also sets a target of mobilising more than 142 trillion dong and outstanding credit of more than 101 trillion dong, with bad debt ratio controlled below 1.5 percent.
