TPBank targets 11% increase in pre-tax profit

Vietnamese private lender TPBank has set a pre-tax profit target of VND8.7 trillion ($370.37 million) in 2023, a year-on-year increase of 11%.

In documents to be submitted at its upcoming annual general meeting of shareholders, the bank, listed on the Ho Chi Minh Stock Exchange as TPB, also plans to raise total assets to VND350 trillion ($14.9 billion), up 7% from 2022.

Its charter capital is expected to increase by 39% to over VND22 trillion ($936.5 million), while total deposits, outstanding loans and bonds are estimated to hit nearly VND307 trillion ($13 billion) and VND215.75 trillion ($9.18 billion), rises of 6% and 18%, respectively.

The bank has also set its non-performing loan (NPL) ratio at below 2.2%, and capital adequacy ratio (CAR) at 12.6%.

At the meeting, slated for April 26 in Hanoi, TPBank will elect a board of directors and supervisory board for the 2023-2028 term.

The board of directors will include six members, including one independent member; while the supervisory board will have three members, comprising two full-time members.

Despite facing huge challenges, TPBank reached a pre-tax of over VND7.8 trillion ($332 million) in 2022, an increase of 30% from the previous year. Its total assets rose 12% year-on-year to VND329 trillion ($14 billion).

On the stock market, TPB closed the Tuesday session at VND22,800 ($0.97).