Tien Phong Bank or TPBank, trading under the ticker TPB on the Ho Chi Minh Stock Exchange, is a Vietnamese commercial bank.
In the first half of 2024, TPB’s total operating income rose by 17.8 percent, reaching US$360 million and profit before tax increased by 10.3 percent reaching US$150.7 million.
TPBank’s net interest income increased by 14.2 percent, aligning with the broader trend seen across banks like VPBank, HDBank, and VietinBank, which also experienced significant growth in net interest income. This increase was driven by a stable macroeconomic environment and recovering credit demand, contrasting with 2023’s challenges when deposit interest costs exceeded lending income.
Non-interest income increased by 29.6 percent in part driven by a 58.3 percent growth of securities investment. This was consistent with a 10.2 percent increase in the VN Index during the first half of 2024, on the back of an 11.5 percent rise in first-quarter profits among HoSE-listed companies and a rebound in export and manufacturing activities.
Disclosure: The author does not have any financial interest in TPB stock.