Private lender TPBank has recorded a 41 percent increase in its Q1 pre-tax profit to VND1.42 trillion ($61.8 million). 

A TPBank branch in HCMC. Photo courtesy of TPBank.

The bank said a surge in net interest income and a cut in operational expenses has boosted its Q1 performance.

Its net interest income grew 30 percent in the period, while operational expenses dropped 10 percent, according to the bank's financial statement.

It said that its pre-tax profit growth was average compared to other lenders' growth rates of 50 percent or even over 100 percent during the same period.

For example, the increase in Q1 pre-tax profit was 135 and 110 percent respectively for the state-owned VietinBank and Military Commercial Bank (MBBank). Private lender ACB, meanwhile, saw a 61 percent increase in its Q1 pre-tax profit.

TPBank’s Q1 revenue was up 15.2 percent year-on-year to VND2.78 trillion.

By March end, both its outstanding loans and capital mobilization increased 4 percent to VND124.3 trillion and VND120 trillion, respectively. Non-performing loans were at 1.19 percent.

The bank has set a target of VND5.5 trillion in pre-tax profit for 2021, a year-on-year increase of 25 percent.