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TPBank strengthens its position as a reputable and quality bank

On April 26, 2022, Tien Phong Commercial Joint Stock Bank (TPBank – HOSE: TPB) successfully held the 2021 Annual General Meeting of Shareholders (AGM). Do Minh Phu – Chairman of TPBank’s Board of Directors said that in 2021, TPBank has overcome many challenges and pressures from the market, overcome many limitations and exceeded business targets. material business was approved at the beginning of the year. TPBank is aiming for a comprehensive development orientation, becoming a multi-purpose commercial bank, operating effectively and sustainably according to international standards, not only raising the bank’s position but also proactively adapting and willing to pay attention to the needs of customers. for the new strategic phase.

Impressions of 2021

Taking the lead in early application of international standards, TPBank achieved outstanding business results in 2021. At the end of the year, TPBank’s total assets reached VND 292,827 billion, an increase of nearly 42% compared to the beginning of the year. ; chartered capital increased to more than 15,818 billion dong, of which equity capital reached 25,987 billion dong. TPBank’s pre-tax profit reached VND 6,038 billion, an increase of nearly 40% compared to 2020. Total deposits reached VND 262,385 billion. In particular, the bad debt ratio is controlled very low, only 0.81%.

Besides, the bank also fulfills its responsibilities to the community, actively exempts interest rates, shares difficulties with businesses and people; Accompanying the Government in the fight against Covid-19.

Outlook for 2022

With impressive development milestones and achievements in 2021, this year, before a high consensus rate, the General Meeting of Shareholders approved the business plan of 2022 with the target profit before tax increased by 36% compared to 2021, reaching 8,200 billion VND. At the same time, TPBank sets a target of total assets of 350,000 billion dong, an increase of 20% compared to the end of 2021. Total deposit value is 292,579 billion, equivalent to an increase of 12%, of which customer deposits increased by 15%. and reached over 201 trillion dong. Outstanding debt is expected to reach VND 188,800 billion, within the allowable limit of the State Bank.

As one of the banks with a low bad debt ratio in the system, in 2022, TPBank continues to aim to maintain this ratio at a low level of less than 1.5%.

Also at the conference, TPBank informed about the dividend by bonus shares for shareholders and the program for employees (ESOP) with a total rate of 34% to increase charter capital. With the plan to issue more than 532 million shares, the charter capital after the increase will reach over VND 21,142 billion, close to USD 1 billion in conversion.

TPBank’s stock dividend also follows the direction of the State Bank in recent years to not pay cash dividends. With good capital base, liquidity strength, good profitability, continuous expansion of a sustainable customer base, TPB continues to be recommended by reputable securities companies at a high target price, above 44,693 VND per share in 2022.

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To achieve these goals, Mr. Do Minh Phu said the bank will continue to be consistent with the digitalization strategy, proactively anticipate future trends, build a big data warehouse and apply data analysis capabilities. data into the digital journey to stay one step ahead of the market in digital transformation.

At the same time, TPBank continues to promote multi-service business, develop a diversified and high-quality customer base, optimize operating costs, ensure efficient business and safe credit quality in 2022. “, added Mr. Do Minh Phu.

According to the newly announced financial report, by the end of the first quarter of 2022, TPBank’s total assets stood at over VND 300 trillion, an increase of 40% over the same period. Total operating income reached over VND 3,600 billion, up nearly 30% compared to the end of the first quarter of 2021, in which, net interest income from services accounted for more than 14% of total revenue, reaching over VND 510 billion. Total deposits increased by nearly 40% compared to March 31, 2021, reaching over VND 270 trillion, with deposits from economic organizations and individuals accounting for 69.4%. Total outstanding loans to economic organizations and individuals reached nearly 178 trillion dong, up 29% over the same period last year. Profit before tax in the first quarter of TPBank reached 1,623 billion dong.

With very positive results over the past time, TPBank has received many prestigious awards from prestigious domestic and international organizations such as the Best Bank in Vietnam (The Asset); The Best Digital Bank and Digital Ecosystem in Vietnam (The Asian Banker); Sao Khue Award; Outstanding Retail Bank, Typical Digital Transformation Bank, Innovative Product and Service Bank (IDG Vietnam); Innovative Enterprise (AIBP)…

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