TPBank posts 41 percent surge in profits
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The bank said a surge in net interest income and a cut in operational expenses has boosted its Q1 performance.
Its net interest income grew 30 percent in the period, while operational expenses dropped 10 percent, according to the bank’s financial statement.
It said that its pre-tax profit growth was average compared to other lenders’ growth rates of 50 percent or even over 100 percent during the same period.
For example, the increase in Q1 pre-tax profit was 135 and 110 percent respectively for the state-owned VietinBank and Military Commercial Bank (MBBank). Private lender ACB, meanwhile, saw a 61 percent increase in its Q1 pre-tax profit.
TPBank’s Q1 revenue was up 15.2 percent year-on-year to VND2.78 trillion.
By March end, both its outstanding loans and capital mobilization increased 4 percent to VND124.3 trillion and VND120 trillion, respectively. Non-performing loans were at 1.19 percent.
The bank has set a target of VND5.5 trillion in pre-tax profit for 2021, a year-on-year increase of 25 percent.
Questions & Answers
Q.What were the main factors contributing to TPBank's Q1 performance boost?
What were the main factors contributing to TPBank's Q1 performance boost?
The bank reported that a significant increase in net interest income, which grew by 30 percent, and a 10 percent reduction in operational expenses were the primary drivers behind its improved Q1 performance.
Q.How did TPBank's profit growth compare to other banks mentioned for the same period?
How did TPBank's profit growth compare to other banks mentioned for the same period?
TPBank's pre-tax profit growth of 41 percent was considered average. Other lenders like VietinBank and MBBank saw increases of 135 percent and 110 percent, respectively, while ACB experienced a 61 percent rise.
Q.What is TPBank's financial target for the entirety of 2021?
What is TPBank's financial target for the entirety of 2021?
TPBank has set an ambitious target of VND5.5 trillion for its pre-tax profit in 2021. This represents a projected year-on-year increase of 25 percent from its previous year's performance.
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