Tien Phong Commercial Joint Stock Bank (TPBank) reported pre-tax profit of VND707 billion (US$31.1 million) in 2016, posting an increase of 13 per cent year-on-year.

Its total assets reached more than VND105.8 trillion last year, increasing 39 per cent from the previous year and surpassing 16 per cent of the set target.

With the positive result, the bank’s return on equity reached 12 per cent. It posted total mobilised capital of VND97.5 trillion, 41.5 per cent higher in comparison with 2015 and 15 per cent higher than the set target.

TPBank said its credit witnessed high growth to reach VND47 trillion. It continued to focus on individuals and small-and-medium-sized enterprises. Its bad debts were only 0.51 per cent, which was much lower than the target of less than two per cent.

In August, TPBank announced that International Financial Corporation (IFC) was its new shareholder after making a quasi-equity investment of VND403.1 billion in dividend preferred shares. With the deal, IFC acquired nearly 5 per cent stake in the bank, bringing TPBank’s total chartered capital to VND5.84 trillion.

For the first time, the bank received the B2 rating from Moody’s Investors Service – the highest level among joint stock commercial banks in Viet Nam. It was also awarded the Best Auto Loan in Viet Nam 2016 from Asian Bankers.

The bank has set a target to become one of the country’s leading digital banks while improving transparency and professionalism. — VNS