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TPBank profit higher than expected

Jan 10th at 10:49
10-01-2014 10:49:52+07:00

TPBank profit higher than expected

The Tien Phong Joint Stock Commercial Bank (TPBank) generated VND362 billion (US$17.24 million) in pre-tax profit in 2013, which is 15 per cent higher than the target set for the year.

Deposits from the public grew 160 per cent, while lending expanded 190 per cent year-on-year, the bank said. Bad debts accounted for less than 2 per cent of the total outstanding loans.

The results were better than expected. At the start of 2013, the plan was to raise deposits to VND19 trillion (up 105 per cent from the previous year), increase lending to VND13.5 trillion (up 122 per cent) and limit the bad debt ratio to below 3.5 per cent.

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