TPBank set profit target of VND2.2 trillion in 2018
TPBank set pre-tax profit in 2018 of VND2.2 trillion (US$96.2 million), up 82.42% compared to 2017, said in the bank`s document prepared for annual general meeting.
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![]() TPBank set profit target of VND2.2 trillion in 2018.
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During the 4 years period from 2012 - 2016, TPBank's total assets have been maintained high growth rate of 40% per year, taking its worth in 2012 from VND15.1 trillion (US$661.3 million) to VND105.7 trillion (US$4.6 billion) in 2016, a 7-fold increase.
Total capital mobilization in 5 years reached VND49.7 trillion (US$2.17 billion), equivalent to a growth rate of 72% and reaching VND69 trillion (US$3 billion) as at December 31, 2015.
In 2017, TPBank has exceeded its financial targets set by the shareholders with profit at VND1.2 trillion (US$52.5 million), 155% higher than the year plan. Its total assets worth over VND124 trillion (US$5.43 billion), while bad debt is kept at 1.08%
TPBank on March 23 announced its intention to list shares on the Ho Chi Minh Stock Exchange (HoSE) on the second quarter of 2018.
In the Over-the-counter (OTC) market, TPBank's share is traded around VND30,000 (US$1.32) apiece.
Following the equitization plan, TPBank will issue 87.63 million shares, equivalent to 15% of its current charter capital. Specifically, TPBank expects to sell the maximum of 55.29 million shares (8.23% charter capital) to foreign investors, and 32.34 million shares to domestic investors.
Last December, Finish independent fund management company PYN Fund Management also completed its acquisition of a 4.99% TPBank's stake for US$40 million, marking the largest investment it has made in Vietnam.
The deal also marked the Asia-focused PYN Elite Fund's first investment in a Vietnamese bank. With a total portfolio value of EUR417 million (US$515.3 million), PYN Elite Fund is now the third largest foreign investment fund in Vietnam, according to TPBank.
In addition to TPBank, 8 other banks are expected to list their shares in 2018, namely Techcombank, MaritimeBank, SeABank, OCB, ABBank, SaigonBank, Nam A Bank and Viet A Bank.
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