Tien Phong Commercial Joint Stock Bank (TPBank) has been listed among the leading 70 Best Retail Banks in Asia by magazine The Asian Banker.

The Vietnamese bank was also named the best Digital Bank at The Asian Banker Vietnam Country Awards 2020.

The rankings are the result of judgments made by The Asian Banker International Excellence in Retail Financial Services Programme.

The assessment is conducted between January and March annually and is based on the magazine’s market leading balanced scorecard methodology.

Despite the global economic slowdown caused by the spread of the novel coronavirus (COVID-19) pandemic, TPBank still managed to generate a profit of VND3.021 billion before tax during the first nine months of the year, with a bad debt ratio of less than 2%.

A leading digital bank, TPBank has devised flexible business solutions in the context of the ongoing COVID-19 pandemic, allowing it to manage risks and maintaining sustainable growth over the last three quarters. 

Consequently, by the end of the third quarter, the total operating income of TPBank had reached VND7.103 billion, representing an increase of 22.79% from the same period last year.

Meanwhile, compared to the same period from 2019, operating expenses increased by a mere 19.64%, a figure lower than the growth rate of the bank's revenue. In addition, TPBank’s cost-to-income (CIR) ratio has endured a significant decline, with these results leading to a pre-tax profit of VND3.024 billion for TPBank, an annual increase of 25.78%. Indeed, this is equivalent to 74.33% of the year plan as approved by shareholders.

TPBank's position as one of the most efficient and safest banks in the system can be seen by their return on equity (ROE) and return on assets (ROA) of 22.63% and 1.80%, respectively.