THE STATE BANK OF VIET NAM MINISTRY OF EDUCATION & TRAINING

BANKING UNIVERSITY OF HO CHI MINH CITY

SUBJECT: COMMERCIAL BANK MANAGEMENT

ID CLASSS: MAG310_231_9_TA_L12

SUPERVISOR: Nguyễn Trung Hiếu

GROUP 2 MEMBERS:

Phan Ngọc Phương Trang – 050609212271

Nguyễn Lê Quỳnh Tâm – 050609212178

Ngô Kim Tâm – 050609211273

Phạm Thị Thủy Tiên – 050609211475

Ho Chi Minh City, November 2023.

 TABLE OF CONTENTS
LIST OF FIGURES...........................................................................................................3

LIST OF TABLES.............................................................................................................4

LIST OF ABBREVIATIONS............................................................................................5

TASK DIVISION...............................................................................................................6

CHAPTER I: OVERVIEW OF TIEN PHONG BANK.................................................7

1.1. General introduction............................................................................................7

1.2. Formation and Development history..................................................................7

1.3. Service products...................................................................................................8

1.4. Visons and Missions...........................................................................................10

CHAPTER II: ANALYZING THE ORGANIZATIONAL STRUCTURE AND

ASSETS AND LIABILITIES OF TIEN PHONG BANK............................................11

2.1. Analyzing the Organizational structure of TPBank.......................................11

2.2. Analyzing the Asset and Liabilities in the Balance sheet of TPBank............16

2.2.1. Assets.............................................................................................................16

2.2.2. Liabilities.......................................................................................................19

CHAPTER III: ANALYZE DATA OF TIEN PHONG BANK....................................22

3.1. General...................................................................................................................22

3.1.1. Dividends.........................................................................................................24

3.1.2. Risks.................................................................................................................24

3.1.2.1. Business Results.............................................................................................24

3.1.2.2. Asset situation................................................................................................25

3.1.3. Basic business situation of TPBank..................................................................26

3.2. Liquidity.................................................................................................................27

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 3.3. Credit......................................................................................................................31

3.4. Operational risks...................................................................................................37

3.5. Capital....................................................................................................................41

3.6. General comments and assessments on the TPBank’s Governance situation. 44

REFERENCES................................................................................................................46

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 LIST OF FIGURES

Figure 1: The Organizational Structure of TPBank

Figure 2: Tien Phong Bank Mid-Year Financial Report 2022

Figure 3: Mid-Year Financial Report 2022 of TPBank

Figure 4: Operational results report of Tien Phong Commercial Joint Stock Bank

Figure 5: ROE of banks in Vietnam in 2022

Figure 6: ROA of banks in Vietnam in 2022

Figure 7: Bad debt ratio of banks

Figure 8: TPBank's profit growth chart after 10 years

Figure 9: Financial Report of TPBank

Figure 10: TPB's Loan-to-Deposit Ratio (LDR) for the period 2018 – 2022

Figure 11: Top 10 banks with the highest customer deposit growth in 2022

Figure 12: Income Structure of TPBank Over the past 9 months across different years

Figure 13: Credit Growth of TPBank compared to the industry

Figure 14: Coverage ratio of non-performing loans and credit provision costs of TPBank

Figure 15: Interest rates of deposits from customers at the end of the year

Figure 16: Interest rates of deposits and borrowings from other CIs at the end of the year

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 LIST OF TABLES

Table 1: Analyze the interest rate sensitivity of TPBank as of December 31, 2021

Table 2: Analyze the interest rate sensitivity of TPBank as of December 31, 2022

Table 3: Capital Adequacy Ratio

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 LIST OF ABBREVIATIONS

CAR Capital Adequacy Ratio

ROE Return On Assets
ROA Return On Equity
NIM Net Interest Margin
TPB Tien Phong Bank

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 TASK DIVISION
Ordina
l
Full name Tasks %
numbe
r
1.1 General introduction
2.1 Analyzing the Organizational
1 Phạm Thị Thủy Tiên structure of TPBank 100 %
3.2 Liquidity
3.5 Capital
1.2 Formation and Development
history
2 Nguyễn Lê Quỳnh Tâm 2.1 Analyzing the Organizational 100 %
structure of TPBank
3.3 Credit
1.3 Service products
2.2 Analyzing the Asset and Liabilities
3 Ngô Kim Tâm 100 %
in the Balance sheet of TPBank
3.4 Operational risks
1.4 Visons and Missions
2.2 Analyzing the Asset and Liabilities
in the Balance sheet of TPBank
4 Phan Ngọc Phương Trang 100 %
3.1 General
3.6 General comments and assessments
on the TPBank’s Governance situation

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 CHAPTER I: OVERVIEW OF TIEN PHONG BANK
1.1. General introduction

 Organization Name: Tien Phong Commercial Joint Stock Bank

 Date of establishment: 05/05/2008
 Headquarters address: TPBank Building, 57 Lý Thường Kiệt Street, Trần Hưng Đạo
Ward, Hoàn Kiếm District, Hà Nội City.
 Telephone: (84.24) 3768.8998
 Fax number: (84.24) 3768.8979
 Website: https://tpb.vn

Tien Phong Commercial Joint Stock Bank (TPBank) inherits technological expertise and
financial strength from ít strategic shareholders including DOJI Gold & Gems Group,
FPT Group, Vietnam National Reinsurance Corporation (Vinare), SBI Ven Holding Pte.
Ltd (Singapore), IFC International Finance Company (under World Bank) and PYN Elite
Fund.

1.2. Formation and Development history

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 May 2008: Tien Phong Commercial Joint Stock Bank received the Establishment
License from the State Bank of Vietnam.
 August 2008: Launched the MiniBank 24/7 automatic banking system.
 December 2013: TPBank launched a new brand identity and received a certificate of
merit for outstanding achievements in restructuring from the Prime Minister.
 2014: TPBank became the first bank to launch eBank version based on HTML5
technology with the feature of unifying both Mobile Banking and Internet Banking
versions across the country.
 2017: TPBank launched a series of high-tech products in banking services such as the
24/7 LiveBank automatic transaction system in February 2017, virtual assistant T'aio
serving customers in July 2017.
 2017 and launched the QR payment application - TPBank QuickPay in October 2017.
2018: In April 2018, TPBank officially listed 555 million shares on the City Stock
Exchange. Ho Chi Minh. 6 months later, TPBanhk's shares were traded on margin and
the bank's charter capital at that time was 8,566 billion VND.
 December 2020: Additional listing of more than 215 million shares, the total number
of shares on HOSE increased to 1,072 million shares.
1.3. Service products

Types of products and services

 TPBank Visa CashFree
Debit card  Thẻ ATM Smart 24/7
 TPBank Visa Plus
 TPBank Visa Platinum
 TPBank Mobifone Visa Platinum
Credit card  TPBank Visa Gold
 TPBank Vietnam Airlines Visa Platinum;
 TPBank Visa FreeGo
Insurance  Home Insurance
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  Health care Insurance
 Life Insurance
 Car Insurance
 LiveBank – E-banking
 Savy
Digital Banking  TPBank Quickpay
 TPBank SoftPOS
 Digital Banking App TPBank
 Payment account
 Super Zero Account
Account
 Centralized account management
 Beautiful digital account
 Lend valuable documents.
 Commercial loans
 Housing loans
 Housing maintenance loan
 Automobile loans
Cho vay
 Using mortgage loans
 Loan with valuable documents.
 Mobile loans - based on
 Medium - and long-term investment loans under the project
 Borrowing from car dealers
Business  Account management
customers  Corporate deposits
 Guarantees
 Foreign exchange services

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  Corporate cards

1.4. Visons and Missions

With the slogan “A deeper understanding”, TPBank wants to put customers at the heart of
our business, basing on customer needs to build leading service quality. Understand to
share; understand to accompany customers, to create the best and the most suitable
products and services, to bring the highest added value to our customers. This is also the
compass for TPBank’s sustainable development.

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 CHAPTER II: ANALYZING THE ORGANIZATIONAL STRUCTURE AND
ASSETS AND LIABILITIES OF TIEN PHONG BANK

2.1. Analyzing the Organizational structure of TPBank

Figure 1: The Organizational Structure of TPBank

(Source: TPBank)
General Meeting of Shareholders: is the highest authority of TPBank, including all
shareholders with voting rights. The tasks of the General Meeting of Shareholders is to
decide on the plan, production, operation, operation and investment tasks through the
report of the board of directors on production and operation activities, discussion,
adopting and supplement the bank’s articles of association, adopting the development
strategies, electing and dissolving the Board of Directors and the Supervisory Board; it
decides the Organizational Structure of the Bank at the same time.

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Board of Directors: is the administrative body of TPBank, has full authority on behalf of
TPBank to make decisions related to the purposes and interests of TPBank, except for
issues falling under the authority of the General Meeting of Shareholders.
Chief Executive Officer: is part of the supervisory structure of senior management at
TPBank, specializing in performing supervisory tasks according to the provisions of law
such as: internal control, management risk management, internal assessment of capital
adequacy and internal audit.
Board of DirectorsCommittee: as an institution established by the Board of Directors,
providing advice to the Board of Directors in TPBank, its main task is to implement
plans, formulate business strategies, ensure effective, safe, and correct development
goals, including: Executive Committee Exco, Strategy Committee, Human Resources
Committee, Risk Management Committee, Asset/Liabilities Supervisory Committee,
Investment and Credit Supervisory Committee
 Strategy Committee: has the function of building and implementing financial
investment plans
 Human Resources Committee: The function of the Board of Directors is to serve
as an executive committee based on the bank’s operational scale and development
strategies.
 Risk Management Committee: established by the Board of Directors, its
responsibility is to assist the Board of Directors to formulate procedures and
policies related to the cooperative operation and Management of TPBank within
its scope of authority, and to assist in deciding to approve the risk treatment plan
within the scope authorized by the board of directors and its functions.
 Asset/Liabilities Supervisory Committee: has the function of managing the
structure of the bank’s balance sheet structure. At the same time, it is responsible
for building and monitoring financial and credit indicators consistent with the
banking business strategy in each period.

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  Investment and Credit Supervisory: deciding on the credit policy and credit risk
management of the entire banking system, and approve the deposit limits at other
financial institutions.
Executive Board: the organization responsible for managing and operating the daily
operations and affairs of a bank. Responsible for implementing Resolutions and
Decisions of the Board of Directors and the General Meeting of Shareholders. The
Chairman of the Executive Board is Mr. Nguyễn Hưng, has been the Chief Executive
Officer for nearly 30 years and has senior management experience in the field of Finance
and Banking.
Administrative Support Division: including Finance and Accounting Division (FA), Risk
Management Division (RM), Credit Management (CR), Legal Division (LC), Debt
Settlement and Collection Division (DR), Internal Control & Compliance Center (ICC),
Credit Monitoring Corporate Clients & Debt Collection Division (CM).
With the aim of managing, monitoring, analyzing, and evaluating the potential risks of
the credit portfolio of branches; maintaining and applying the credit rating system in
portfolio management.
Focal points to research and propose to leaders to approve limits, adjust limits, structures,
and credit limits for each industry, each group and each customer. Supervise debt
classification and withdraw risk reserve, submit to the director a plan to reduce bad debts
of the branch and customers and a plan to restructure customer debts according to
regulations.The coordination center coordinates with relevant departments to conduct
collateral asset evaluation.
Business Division: including Direct Sales Division (DS), Retail Banking Division (RB),
Corporate Banking Division (CB), Financial Market Division (FM), Investment & Big
Corp Banking Division (IB)
Being responsible for the following tasks:
Managing sale targets, marketing and customer management, corporating customer care
based on product execution, and making the operation plan of the branch.

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Being responsible for credit marketing, including: establishing, expanding and
developing customer systems, introducing credit products, providing services to
customers, caring for and accepting customer requirements and feedback.
Classifying the debt balance, analyzing the overdue debt, finding out the reasons and
putting forward the correction trend.
Managing (complete, supplement, store, and utilize) credit records according to
regulations.
Collecting, analyzing, managing, collecting, storing, keeping secret, providing
information and receiving credit reports according to the scope of duties.
Conducting economic analysis according to industry, technical and economic specialty
and customer directory, choosing safe loan measures and achieving high results.
Operational Support Division: including Operations Division (OP), Human Resources
Division (HR), Information Technology Division (IT), Public Relations Brand
Management and Marketing Center (PRM).
Being responsible for the following tasks:
Developing monthly and quarterly work plans for the branch, and being responsible for
regularly monitoring the implementation of plans approved by the branch manager.
Directly implement salary system, insurance system, labor management, supervise the
implementation of labor rules and collective labor agreements.
Saving legal documents related to banks and financial institution documents of Tien
Phong Commercial Joint Stock Bank. Directly manage the seals of branch offices and
carry out administrative work, and manage staff records under the management branch,
complete records and regimes for retired and leave staff according to regulations of the
State and banking industry.
Carrying out emulation and reward work of the branch and performing other tasks
assigned by the Director.
Southern Headquarter: is the Southern Representative Office of TPBank, with the task
of representing the Head Office to easily coordinate, manage, and monitor TPBank’s
branches and business activities in the South of Vietnam. Southern Headquarters is also

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responsible for creating and maintaining positive relationships with the local community.
Including carrying out social activities, supporting the community, and maintaining a
positive image of the bank in the area.

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2.2. Analyzing the Asset and Liabilities in the Balance sheet of TPBank
The Balance sheet consists of two parts: Assets and sources that form assets, also known
as capital. From the accountant’s point of view, Assets are resources controlled by
enterprises that can generate future economic benefits. Capital represents the source of
assets. The source of assets can be the owner's contribution or borrowed capital
(liabilities). Therefore, we have a balanced accounting relationship:
TOTAL ASSETS = TOTAL CAPITAL
More detailed:
SHORT-TERM ASSETS + LONG-TERM ASSETS = LIABILITIES + EQUITY
2.2.1. Assets
Including short-term and long-term assets:
Short-term assets:
Cash equivalents and other short-term assets that reflect the total monetary value and can
be converted into money can be sold or used within a period of not more than 12 months,
or used in the normal business cycle at the time of reporting.
Long-term assets:
Refers to assets with payback period or service life exceeding 12 months at the time of
reporting, such as long-term accounts receivable, fixed assets, investment in real estate,
long-term financial investment and other long-term assets.
Long-term assets rarely change their value patterns in the whole transaction process,
because such assets are more difficult to convert into cash than short-term assets. They
are considered as illiquid assets.
Cash and cash equivalents: are a basic component of a Bank's financial statements,
including many important elements for that organization's financial operations. It
includes: cash on hand, bank deposits (non-term) and cash in transit and cash equivalents
of the business.
Furthermore, it includes loans extended to other financial institutions in the interbank
market, along with mandatory reserve requirements and excess reserve balances held at
the State Bank of Vietnam. . For prudent management, banks are required to allocate

16
provisions to mitigate potential risks associated with their interbank asset portfolios. Most
interbank asset portfolios are classified according to the banking book, including deposits
with a term of less than 3 months and loans with a maturity of more than 3 months.

Figure 2: Tien Phong Bank Mid-Year Financial Report 2022

(Source: TPBank.vn)
Investment securities:
Available-for-sale investment securities: The liquid portion To better protect against cash
needs, banks maintain a highly liquid asset called secondary reserves issued or referred to
as “Available Investment Securities” in regulatory reports held by the Ministry of
Finance. This investment portfolio usually includes short-term government securities,

17
State Bank bills, debt securities issued by domestic credit institutions (called FI bonds),
corporate bonds and securities. capital. Secondary reserves act as intermediaries between
cash assets and loans, serving as an additional source of income.
Held-to-maturity investment securities: include bonds, valuable papers and other
securities held primarily for profit to maturity. This category includes different types of
bonds such as government bonds, government-guaranteed bonds, local government
bonds, bonds issued by domestic economic organizations, bonds issued by domestic
economic organizations. domestic credit institutions issue.
Provision for investment securities risk: provision for loss of value that may occur due to
decline in prices of securities held by the enterprise and provision for loss that may occur
due to decline in value of other investments of enterprises into economic organizations
receiving capital contributions (excluding foreign investments).
Customer loans: are the most important assets in the Bank's balance sheet. Including:
loans and leases, accounting for a significant portion from half to nearly ¾ of the total
asset value. Loans include loans to domestic financial institutions and individuals; Bills
and securities can be transferred; leasing finance; and lending capital to foreign
organizations and individuals. Loans can also be classified according to different
classifications, including expiration date (short-term and long-term), credit quality (such
as standard loans, tracker loans…) or by industry and type of business.
According to Circular 11/2021/TT-NHNN on asset classification, risk reserve levels and
methods of establishing risk management reserves in the operations of credit institutions
and foreign bank branches, Loans are classified as follows:
 Group 1 (Qualified debt) includes: Debts that are current and are assessed as having
the ability to fully recover both principal and interest on time; Debts that are
overdue for less than 10 days and are assessed as having the ability to fully recover
overdue principal and interest and fully recover the remaining principal and interest
on time.
 Group 2 (Debts requiring attention) includes: Debts overdue up to 90 days; The debt
whose repayment term is adjusted for the first time is still within the due date.
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  Group 3 (Substandard debt) includes: Debts overdue from 91 days to 180 days.
 Group 4 (Doubtful debt) includes: Debts overdue from 181 days to 360 days.
 Group 5 (Potentially lossable debt) includes: Debts that are overdue for more than
360 days.
Fixed assets: includes the net value of real estate and equipment adjusted for
depreciation. Banking institutions typically allocate a small portion of their assets
(usually less than 2%) to physical assets such as buildings and equipment needed for
routine operations. The majority of Bank assets are financial liabilities, such as loans and
investment securities, not physical assets. However, these fixed assets come with
associated operating costs, including depreciation costs and property taxes, thus creating
operating leverage. This leverage allows the agency to increase its operating profits by
increasing sales and receiving more revenue than the associated costs from these fixed
assets. Because the ratio of fixed assets to other assets is limited, banks mainly rely on
financial leverage, using loan capital to maximize profits and compete effectively with
other industries. different in attracting capital.
Intangible assets: this category includes land use rights, copyrights, patents and other
intangible assets that make up a small percentage of the balance sheet.
All other assets: the category includes investments in subsidiaries, customer liabilities
related to outstanding promissory notes, income from loans earned but not yet collected,
net deferred tax assets, excess receivables mortgage services for houses and many other
assets.
2.2.2. Liabilities
Liabilities are current obligations of an enterprise arising from past events and
transactions that the enterprise must pay from its own resources.

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 Figure 3: Mid-Year Financial Report 2022 of TPBank

(Source: TPBank.vn)
Liabilities of the government and state bank of Vietnam: This item includes
borrowing from the State Bank through OMO open market rediscount loans to
compensate for liquidity. There is no deposit from the state treasury because this money
is only kept at Big4 and from Big4 will be lent to other banks. This item is used to handle
the liquidity ratio. Deposits and loans from credit institutions and other financial
institutions: This item includes demand deposits (in VND) and term deposits (in VND
and foreign currencies). In addition, it also includes loans from domestic credit
institutions, foreign banks, and foreign bank branches in Vietnam for trade financing
purposes. As for deposits from other credit institutions, it is for the purpose of handling
the ratio of outstanding credit to the bank's mobilized capital.

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Customer deposits: This section includes demand deposits, term deposits, specialized
capital deposits and deposits in VND and foreign currencies. This item accounts for a
significant portion of the business's liability portfolio.
Funding capital, investment entrustment, and loans to credit institutions at risk:
This item represents capital received from domestic organizations and individuals in
VND and capital received directly from international financial institutions. in foreign
currency
Issuing valuable papers: TPBank valuable papers include certificates of deposit and
bonds, the bank issues valuable papers for 2 main purposes. Firstly, to ensure liquidity,
secondly, issuing medium and long-term bonds will be included in tier 2 capital, which
will then be included in the CAR coefficient, increasing capital safety. For the purpose of
liquidity, it is to handle the SFL ratio through CD issuance (typically a securities
company).
Other debts: This item includes interest and fees payable such as interest payable on
deposits, interest payable on investment capital, interest payable on valuable papers,...
and other debts. Paying other debts includes paying employees, corporate income tax
payable, taxes, funds payable,...

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 CHAPTER III: ANALYZE DATA OF TIEN PHONG BANK
3.1. General

Figure 4 : Operational results report of Tien Phong Commercial Joint Stock Bank
(Source: TPBank.vn)
The global economy in general and the Vietnamese economy in particular will encounter
numerous challenges in 2022. At the same time, there are wars and political unrest
throughout the world, rising global inflation, steadily rising interest rates, and rising
USD. The Vietnamese economy is also dealing with these issues. It was negatively
impacted not just by the COVID-19 pandemic but also by numerous unfavorable shifts in
the market. In the above economic conditions, a business, company or bank needs to have
specific and comprehensive strategies and vision to overcome those difficulties. In 2022,
with its efforts, TPBank recorded earning before interest and tax 7,828,888 billion VND
(an increase of about 30% compared to 2021). This profit also comes from increasing
guarantee services with trade finance to increase income from costs.

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 Figure 5: ROE of banks in Vietnam in 2022

Figure 6: ROA of banks in Vietnam in 2022

(Source: Batdongsanbiz.vn)
As of December 31, 2022, Tien Phong Bank's total assets were recorded to have
increased by more than 12% compared to 2021 (reaching nearly VND 329,000 billion
VND). In 2022, the bank's total operating income will be recorded at more than 15,600
billion VND (an increase of more than 15.5% compared to 2021). Net profit from
services was recorded at about 2,700 billion VND (an increase of approximately 75%
compared to 2021). In addition, Tien Phong Bank's total mobilization in 2022 recorded
many great advances when reaching VND 289,000 billion (an increase of more than 10%
compared to 2021). The return on total assets index reached 2%, showing that Tien
Phong Bank has effectively used its capital. TPBank has gained the trust and recognition
of customers as a strong financial institution. The bank has also attracted large capital
mobilized from the population. Focusing on technology and aiming at Digital Banking
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has greatly contributed to the bank's profits over the past 10 years. In 2022, the return on
equity (ROE) is 22.41%, continuing to lead in the commercial banking system.
3.1.1. Dividends
TPBank released a list of shareholders on March 21 to pay 25% in cash, equivalent to
2,500 VND/share. The intended payment time is April 3. Accordingly, TPBank plans to
pay a 25% dividend in cash. The source of payments to shareholders will be from
undistributed profits remaining until 2021, after setting aside funds from audited financial
statements. The expected dividend payment time is the first quarter of 2023.
With nearly 1,582 billion shares in circulation and no treasury shares, it is estimated that
shareholders will be paid about 3,955 billion VND in dividends by TPBank. According to
TPBank, accumulated surplus funds and remaining profits by the end of 2022 recorded
more than 13,364 billion VND. Meanwhile, after the funds were set aside for more than
VND 5,486 billion, profits have not been distributed until 2021.
3.1.2. Risks
3.1.2.1. Business Results
The fourth quarter of 2022, TPBank's loan interest income increased by 27.3% compared
to the same period, in addition, the bank witnessed a sharp increase in mobilization
interest costs of 68.7%, this caused income to increase. Net interest income of the fourth
quarter decreased slightly by 1.1% compared to the same period in 2021.
The bank's non-credit operating departments in the fourth quarter of 2022 showed
negative results. Specifically, the bank's net profit from service activities is 66.61%
compared to Quarter 4/2021. Meanwhile, net profit from foreign exchange trading
activities decreased by 69.14%. As for securities investment activities, it has suffered a
loss of nearly 174 billion VND.
Tien Phong Bank's credit risk costs, which have been set aside in the fourth quarter of
2022, have decreased significantly by 445 billion VND (equivalent to -79.53% compared
to with the same period in 2021).
3.1.2.2. Asset situation
By the end of the fourth quarter of 2022, Tien Phong Bank's total bad debt had increased
to over 1,357 billion VND from the start of the year. Group 3 (substandard debt) saw a
24
decline of 24.6%, while Group 5 (potentially lossable debt) saw an increase of almost
70%. TPBank's bad debt ratio at the end of Q4 was 0.84%, down from 0.91% at the end
of Q3 and 0.83% at the start of the year. Furthermore, TPBank's bad debt coverage
provision ratio dropped to 135% at the end of Q4 from 142% at the end of Q3 and 153%.
In the fourth quarter of 2022, the bank's net income from lending activities was
negatively impacted when the bank's deposit interest rate increased rapidly, causing the
target to decrease by 1.1% compared to 2021. On the other hand, , TPBank's profit after
tax in the fourth quarter of 2022 increased by more than 15% compared to the same
period last year because the bank's credit risk provision costs have further decreased with
support from income from operations service.

Figure 7: Bad debt ratio of banks

(Source: MBS Research)

Compared to the previous quarter, loans and asset quality in Q4/2022 have recorded
better improvements. However, at the beginning of 2022, the bank's bad debt ratio
decreased sharply at the end of the fourth quarter, recording 0.84%. In addition,
considering the general level, TPBank still holds a good position in the bad debt ratio.
Since then, profit results have been positively supported because the bad debt ratio is at a

25
good level, which is the basis for TPBank to deeply reduce credit risk provision costs in
2022.
3.1.3. Basic business situation of TPBank

Figure 8: TPBank's profit growth chart after 10 years

(Source: TPBank)

(Source: Commercial banks in Vietnam, VNDirect Research)

26
In 2022, Tien Phong Bank will have a yield on earning assets increase by 11.1%.
Specifically, TPBank has a credit increase of 14.3% compared to 2022. TPBank's loan
growth is led by the retail lending segment, which increased by 23.1% compared to 2021
(accounting for about 58% of the bank's total outstanding loans).
In addition, TPBank's customer deposits have grown nearly 40% compared to 2021. This
leads Tien Phong Bank to rank first in this growth rate. Specifically, in addition to 80%
of term deposits, there is a new amount of demand deposits when TPBank has sharply
increased the number of customers trusting it as the main transaction bank. In the first 11
months of 2022, there was a 38% increase in the number of customer accounts of this
bank. TPBank achieved such results thanks to its strategies, especially focusing on digital
banking and increasing customer experience.
3.2. Liquidity
Liquidity is the ability of a company to convert its assets into cash quickly without
significant loss in value. It is crucial for meeting short-term financial obligations, such as
paying suppliers, employees, or creditors. Insufficient liquidity can lead to cash flow
problems and may result in missed payments, damaged relationships, and even
bankruptcy. Therefore, maintaining an optimal level of liquidity is vital to ensure the
smooth operation of a business.
The cash inflow and outflow of TPBank in 2022 amounted to 34,266,754 billion VND,
indicating an increase in the bank's reserves (enhancing liquidity for assets).
The increase in the bank's reserves can be attributed to two scenarios:
Firstly, the bank may proactively increase reserves to address potential sudden liquidity
needs in the upcoming period. In this case, the bank will weigh the cost of holding such
high reserves against the cost it might incur to meet future liquidity demands.
Secondly, the bank might be compelled to increase reserves due to a low lending
capacity, leading to an excess reserve situation and capital immobilization. This situation
could result in a reduction in the bank's income. Management needs to take measures to
reduce asset liquidity by increasing sponsorships or decreasing mobilization in such
cases.

27
 Figure 9: Financial Report of TPBank

(Source: TPBank.vn)

A higher ratio of Liquid Assets to Customer Deposits indicates that the bank can easily
convert its assets into cash, ensuring the ability to meet short-term payment obligations.
According to the analytical data, TPBank is leading in this criterion with a ratio of Liquid
Assets to Customer Deposits reaching 32%.
Loan-to-Deposit Ratio (Gross LDR): This ratio measures the abundance of liquidity; the
higher the ratio, the more optimized the bank's capital mobilization. Therefore, a lower
ratio is considered better. According to VnDirect statistics, TPBank remains the most
positive performer with a ratio of only 54.6%, while other banks commonly range from
70% to 80%.
Liquid Asset to Total Asset Ratio: Similar to criterion 1, a higher ratio allows the bank to
quickly meet short-term payment obligations.
Short-term Loans to Net Loans Ratio: Analysts suggest that a higher ratio is preferable,
but TPBank only achieves a little over 23%.
Non-term Deposits to Customer Deposits (CASA - Demand deposit/Customer deposits):
A higher ratio indicates less pressure on the bank to mobilize long-term capital to meet
lending demands. With 80% of term deposits, the amount of non-term deposits (CASA)
increases as more customers choose "Bank tím" as their primary transaction bank.
28
Non-individual Deposits to Customer Deposits: From a market perspective, experts
observe that a higher ratio of deposits from organizational customers leads to more stable
capital mobilization for the bank. Therefore, a higher ratio implies better payment
responsiveness for the bank.
The TPBank Board of Shareholders has approved the decision to distribute dividends at a
rate of 25% in cash, with an approval rate of 77.69%. TPBank plans to pay dividends at
the rate of 2,500 VND per share, estimating the total payout to be around 3,955 billion
VND. The source of funds for the dividend payment will be drawn from the undistributed
profits until 2021, following the allocation to the reserves as per the audited financial
statements.
As a result, TPB shares have shown positive performance, experiencing a growth of over
14% in stock prices, with an average trading liquidity of 176 billion VND per trading
session from the beginning of the year until now.
TPBank consistently ranks among the banks with the lowest Loan-to-Deposit Ratio
(LDR) in accordance with Circular 22 in the market, maintaining an LDR below 65%
over the past 5 years. In 2022, it reached 56%, the lowest in the banking system.
However, TPBank's pure LDR (market LDR 1) remained at around 100% throughout
2022, equivalent to the industry average. The main reason for the discrepancy between
Circular 22 LDR and pure LDR is attributed to TPBank's deposit portfolio, which
significantly relies on interbank market funds. While this source of capital enhances
TPBank's cash flow flexibility, it also poses risks in the face of policy changes or
macroeconomic fluctuations affecting the interbank market.
In 2022, TPBank significantly improved its liquidity, with the Circular 22 LDR at 56.0%
(+203 bps YoY) and the pure LDR at 81.6% (-1,829 bps YoY), the lowest among the
monitored banks. This improvement was driven by strong growth in customer deposits,
reaching 194.97 trillion VND, a 39.7% YoY increase. The momentum came from the
growth of new customer accounts (3.7 million new customers in 2022). The strong
liquidity position enables TPBank to proactively manage the cost of funds (COF) and
positions it to pursue high credit growth in 2023.

29
 Figure 10: TPB's Loan-to-Deposit Ratio (LDR) for the period 2018 – 2022
(Source: TPBank.vn)
According to Circular 08/2020/TT-NHNN amending Circular 22/2019/TT-NHNN, by
October 1, 2022, banks are required to reduce the maximum ratio of short-term capital for
medium and long-term loans to 34%. This could intensify pressure on banks with high
ratios of short-term capital for medium and long-term loans, as they need to mobilize
long-term funds, resulting in higher funding costs to meet long-term lending demands
and diminishing the competitive advantages of these banks.
Specifically, TPBank has outstanding loans for medium and long-term at 102,712 billion
VND, with capital for medium and long-term loans amounting to 72,889 billion VND.
This implies that TPB needs to utilize 14% of short-term capital for medium and long-
term lending. TPB has effectively met the "maximum capital used for medium and long-
term lending" requirement.
Most banks have plans to increase their charter capital in 2022 to boost medium and
long-term capital sources, minimizing the pressure to gradually reduce the ratio of short-
term capital for medium and long-term loans in the future. Additionally, banks are
exploring bond issuance as a means to diversify their funding sources. Bonds,
fundamentally a form of borrowing, have longer terms than savings deposits, and

30
bondholders are not allowed to withdraw funds before maturity like in fixed-term savings
deposits.
Regarding Basel III, there are currently no mandatory regulations applying the entire
standard to Vietnamese banks. However, TPBank has been a pioneer, implementing it
immediately after completing Basel II. By the end of 2021, the bank declared full
compliance with all Basel III requirements.
3.3. Credit
By the end of 2022, TPBank's total assets reached 328,600 billion VND, marking a
growth of over 12% compared to the same period in 2021. The pre-provision profit
before credit risk stood at 9,672 billion VND. Throughout 2022, the bank set aside 1,844
billion VND for credit risk provisions, including a general provision of 140 billion VND
and a specific provision of 1,704 billion VND.

As of December 31, 2022, the market capitalization amounted to 215,390 billion VND,
reflecting a 23% increase from 2021. Notably, customer's non-term deposits reached
35,180 billion VND, constituting 15.5% of the market capitalization. Foreign currency
deposits accounted for 6,924 billion VND, representing 3.2% of the market
capitalization.

TPBank efficiently utilized its capital sources, achieving a Return on Assets (ROA) of
around 2%. In challenging market conditions, the bank demonstrated accurate
calculations, effective risk management, proactive liquidity risk control, and strategic
shifts in capital structure by increasing market capitalization 1 while reducing
dependence on market capitalization 2. This approach resulted in a robust increase in
market capitalization 1, ensuring consistent liquidity. The Loan-to-Deposit Ratio (LDR)
for TPBank in 2022 was approximately 85%, lower than the industry average of 93%.
This signifies a strong balance between profitability and risk control, ensuring excellent
liquidity during market fluctuations.

31
According to the financial reports by the end of 2022, banks collectively raised over 8.3
million billion VND from customer deposits, marking a 10.7% increase compared to the
same period in 2021. Particularly impressive was TPBank, with a deposit growth rate of
nearly 40%, surpassing other banks. Notably, while 80% of the deposits were term
deposits, TPBank experienced a significant 38% increase in the non-term deposit
component (CASA) in 2022.

Figure 11: Top 10 banks with the highest customer deposit growth in 2022

(Source: Financial reports of banks, compiled by Van Tue)

According to the HSC report, TPBank continues to exhibit positive signs of growth, with
its credit expansion surpassing the industry average, attributed to maintaining a high
Capital Adequacy Ratio (CAR) at 13% and a well-balanced lending structure (Enterprise:
11%, SME: 30%, Retail: 59%).

TPBank's CAR stands at nearly 14%, nearly double the Basel II regulation requirement of
8%. In 2021, TPBank was allocated a credit growth target of 23.4% by the State Bank of
Vietnam, placing it among the highest in the market. This achievement was facilitated by
32
increasing equity capital to nearly 16,000 billion VND and maintaining a top-tier capital
safety ratio in the market. Despite the relatively high CAR, TPBank adopted a cautious
approach by setting a lower credit growth target of 18% compared to the previous year.
Interestingly, the bank maintained a high-profit growth target, indicating a strategic shift
in income structure for 2022, reducing reliance on credit activities and emphasizing
revenue diversification, particularly through increased earnings from non-interest
activities and services.

Figure 12: Income Structure of TPBank Over the past 9 months across different
years

(Source: TPBank, MBS Research)

At the end of the third quarter of 2023, TPBank reported an interest income of 2,963
billion VND, representing an 8% increase compared to the same period last year. The
primary reason for this growth was a significant reduction in deposit interest rates since

33
May 2023. Coupled with the bank's restructuring of profit-generating assets, including a
strengthening of lending to individual customers and interbank loans, which grew by
11.8% and 10.4%, respectively, compared to the beginning of the year. Concurrently,
there was a reduction in the proportion of corporate bonds and government bonds, with
decreases of 26.6% and 13.1%, respectively, from the beginning of the year.

Notably, the bank's non-interest income saw a substantial 22% increase, reaching 1,251
billion VND. This was mainly attributed to the effective performance of securities
investment activities, generating over 551 billion VND, a nearly 79-fold increase
compared to the same period in 2022. As a result, TPBank recorded a total operating
income of 4,214 billion VND, reflecting a 12% increase compared to the same period last
year.

However, credit risk provisions during the period increased fourfold, reaching 1,293
billion VND. The non-performing loan ratio for TPBank rose from 0.84% at the end of
2022 to 3% by the end of the third quarter of 2023. Additionally, the loan loss reserve
(LLR) ratio decreased from 135% in 2022 to 47% at the end of the third quarter of 2023 -
the lowest level in the past 10 years.

34
 Figure 13: Credit Growth of TPBank compared to the industry

(Source: TPBank, MBS Research)

The aforementioned factors have contributed to TPBank's net profit reaching only 1,263
billion VND in the third quarter of 2023, a 26% decrease compared to the same period
last year. Accumulated over the first 9 months of the current year, TPBank recorded a net
profit of 3,969 billion VND, representing a 16% decline compared to the same period last
year, achieving 57% of the annual profit target. As of the end of the third quarter of 2023,
TPBank's credit has increased by 7.2% compared to the beginning of the year.
Specifically, lending to individual customers has grown by 11.8%, while corporate bond
loans have sharply decreased by 26.6%. If compared to the second quarter of 2023, the
bank's credit has only increased by 0.4%. This also marks one of the quarters with the
lowest credit growth for TPBank.

The non-performing loan ratio on the total outstanding loans to customers in the third
quarter of 2023 for TPBank has risen to 3%, up from 2.2% at the end of the second

35
quarter of 2023 and 0.84% at the end of 2022. At the beginning of the year, TPBank's
Shareholders' Meeting approved the business plan for 2023, wherein the non-performing
loan ratio was set at 2.2%. It seems that the plan for loan quality this year has not been
ensured.

Figure 14: Coverage ratio of non-performing loans and credit provision costs of
TPBank

(Source: TPBank)

Non-Performing Loan (NPL) Group 2 increased by 0.26% compared to Q2/2023 and

surged by 119.5% compared to the end of 2022, constituting 3.8% of the total
outstanding loans at the end of Q3. The NPL ratio experienced a sharp increase, primarily
driven by substandard and doubtful debts, which rose by 8.5 times and 3 times,
respectively, compared to the beginning of the year. Notably, NPL Group 3, the category

36
requiring attention the most, surged by 748.3% compared to the beginning of the year,
reaching 3,266 billion VND. Meanwhile, debts with potential capital loss increased by
37.4% to 694 billion VND but decreased by 2.54% compared to Q2/2023.

In Q3/2023, TPBank allocated 1,295 billion VND to handle difficult-to-recover debts.

Therefore, it can be inferred that the peak of TPBank's non-performing loans may have
been reached in Q3/2023 and is expected to gradually decline. This optimistic outlook is
based on potential economic recovery, a reduction in debts handled by the Credit
Information Center (CIC), and the bank's use of provisions to manage non-performing
loans.

During Q3/2023, TPBank set aside 1,293 billion VND for credit risk provisions, bringing
the total credit risk provision expenses for the first 9 months to 1,976 billion VND. The
sudden and substantial increase in credit risk provision costs somewhat reflects concerns
about the bank's asset quality.

Although TPBank significantly increased provision expenses in Q3, four times higher
than the same period last year, and reduced the use of provisions to handle non-
performing loan risks compared to 2022, the Coverage Ratio of Non-Performing Loans
(LLR) decreased to 47% at the end of Q3/2023 (compared to 61% at the end of Q2/2023
and 135% in 2022). This is the lowest coverage ratio for non-performing loans in the past
10 years for the bank, despite credit provision costs surging by 3.5 times compared to
Q2/2023.

The Coverage Ratio of Non-Performing Loans is used to assess a bank's ability to

withstand risks related to non-performing loans. With a high provision ratio (usually
above 100%), a bank is more capable of coping with unusual risks associated with non-
performing loans but may also experience a reduction in profits.

3.4. Operational risks

3.4.1. Interest rate risk:

37
During operations, banks face many risks that negatively impact commercial banks'
income or capital due to fluctuations in factors such as interest rates, foreign exchange
rates, and stock prices. ,... These are factors that the bank cannot influence to change
directly according to the bank's wishes, but can only make trend forecasts, calculate the
level of influence to provide solutions. measures to minimize risks and minimize possible
loss. Among them, interest rate risk is one of the tools commonly used to measure market
risk and banks need to give top priority because of its great impact on banks.

According to Circular No.40/2018/TT-NHNN, Interest rate risk refers to the risk incurred
due to an adverse variation in market interest rates with respect to value of securities,
interest-bearing financial instruments, interest rate derivatives in the trading book of
banks and/or foreign bank branches.

To ensure and improve risk management capacity, including interest rate risk, TPBank
has implemented risk management methods according to Basel III and achieved certain
achievements when ranked highly by The Asian Banker. in the top 500 strong banks in
Asia. However, in the 2021-2022 period, the bank encountered many difficulties in
interest rate risks when the FED repeatedly raised interest rates due to the impact of the
COVID-19 epidemic, causing the bank's interest rates to trend downward. increase
accordingly. According to figure 14 and figure 15 quoted in the bank's financial
statements for 2021-2022, the bank has simultaneously increased lending interest rates in
VND up to 15.5% and foreign currency loans up to 7.58%, In addition, deposit interest
rates were also increased to 9.5% for term deposits in VND. This has caused the bank to
face many difficulties in its risk management process.

38
 Figure 15: Interest rates of deposits from customers at the end of the year

(Source: TPBank.vn)

Figure 16: Interest rates of deposits and borrowings from other CIs at the end of the
year

(Source: TPBank.vn)

3.4.2. Interest rate sensitivity gap

39
 Table 1: Analyze the interest rate sensitivity of TPBank as of December 31, 2021

(Source: The author calculates it themselves)

TPBank has been using the interest rate sensitive gap management strategy to limit
instability in the bank's interest income. Table 1 analyzes TPBank's interest rate
sensitivity status as of December 31, 2021, according to this analysis, TPBank had a
mixture of two states: sensitive to debt and sensitive to assets throughout the period.
Interest sensitivity gap for terms less than 1 month, from 3 to 6 months and from over 1
to 5 years has a negative value, meaning the bank will suffer losses when interest rates
increase and NIM decreases. This shows that loans and deposits can resume to enjoy
higher interest rates in case interest rates increase. In general, in 2021, TPBank will be
affected by interest rate risk in an asset-sensitive state when the Interest sensitivity gap
reaches more than 28,138,446 million VND (>0) and the Interest sensitivity ratio is
greater than 1 (in which Ratio of the difference between interest sensitive assets and
interest sensitive liabilities to the equity = 1.083>1) and will bear the risk when interest
rates decrease. Thus, when interest rates decrease to 1% during this period, the bank's
income will decrease to nearly 281,385 million VND. In addition, banks focus more on

40
lending than mobilizing capital, making interest income susceptible to fluctuations when
interest rates change. Realizing that, TPBank has continuously adjusted capital and
proposed appropriate strategies for the next year.

Table 2: Analyze the interest rate sensitivity of TPBank as of December 31, 2022

(Source: The author calculates it themselves)

In 2022, there will still be some overlap between the two, but most of the year will be
debt-sensitive and only return to asset-sensitive in the period after that. (ie from 1 year
onwards). In particular, the interest rate sensitivity coefficient in the item over 5 years has
a very large value, the loan is very large, while the item that brings value to debt assets
only has valuable papers and brings very high value. small. In 2022, the FED repeatedly
sharply increased interest rates in the market, forcing TPBank to increase interest rates
accordingly (figure 15, figure 16) but still had to meet the interest rate level requirements
set by the State Bank. This has negatively affected TPBank's NIM, causing the bank's
NIM to decrease by about 0.35% compared to 2021. Therefore, TPBank must come up
with strategies to balance cash flow, terms, and closely follow developments. market
changes in short-term interest rates, etc. to limit possible losses to the bank in the
following year.
41
3.5. Capital
In terms of capital, as of December 31, 2022, TPBank has publicly issued 1,581,755,495
common shares (with a face value of 10,000 VND per share) and has no preferred shares.
No common shares have been repurchased. TPBank is implementing measures/plans to
maintain the capital adequacy ratio, including allocating capital efficiently, optimizing
asset portfolios, and developing diversified products and services to enhance fee income
and manage customer risks competitively in the market.

Table 3 : Capital Adequacy Ratio

(Source: The author calculates it themselves)

The Capital Adequacy Ratio (CAR) for TPBank reached 12.65%, ranking fourth among
the banking group as of 1H2022. TPB belongs to the group of banks maintaining a
relatively safe Debt Payback Leverage Ratio / Equity – reaching 9.2 times as of 4Q2022,
lower than the average of the monitored banking group, which is 10.5 times. The safety
ratio of capital is also at a high level, with the CAR under Basel II reaching 12.65% as of
1H2022. TPB ranks fourth among the monitored banks, following VPB, TCB, and EIB.
42
This indicates that TPB is maintaining a robust reserve buffer for its operations, ensuring
a high capacity to be granted credit room in 2023.

Figure 16: CAR Ratios of Banks in 1H2022

In addition, TPBank is the first bank to adopt Basel III and IFRS 9 starting from 4Q2021.
The CAR ratio for TPBank in 1H2022 under Basel III reached 12.25%, meeting the
minimum CAR requirement of 8%. This marks the third consecutive year that the violet-
colored bank's ratio has exceeded 12%.
The most evident benefits of applying the new standards for TPBank include increased
management capacity, minimized operational risks, and, notably, enhanced resilience of
the bank amid the unpredictable economic conditions globally and domestically. This, in
turn, boosts customer confidence in depositing funds with TPBank.
TPBank continues to be among the banks with tightly controlled non-performing loan
(NPL) ratios, maintaining it below 1%. The coverage ratio for bad debts has consistently
been above 135% for several years, placing it among the banks with higher ratios.
Consequently, the credit risk provision expenses for the bank have recorded a significant

43
reduction of 36.61% compared to the same period, now standing at around 1,800 billion
VND in 2022.
The bank is also recognized as one of the efficient performers, with Return on Equity
(ROE) reaching 22.61% in 2021 and 21.5% in 2022, ranking high within the commercial
banking system.
When evaluating a bank's safety indicators, three commonly used ratios are the Loan-to-
Deposit Ratio (LDR), the Non-Performing Loan (NPL) ratio, and the Capital Adequacy
Ratio (CAR). Currently, the CAR is specifically calculated according to the provisions of
Circular No. 41 issued in 2016, regulating the capital adequacy ratio for banks, foreign
bank branches, adhering to the international Basel II standards.
Financial experts consider CAR as an indicator reflecting the relationship between equity
and risk-adjusted assets. Often referred to as a "buffer," a high CAR ratio helps the bank
mitigate the impact of risks, demonstrating proactive risk management and reflecting a
certain risk appetite and asset quality of the bank.
On the other hand, a higher CAR provides greater protection for depositors' assets, as
well as the bank's assets and shareholder interests. This value becomes more prominent
and essential in environments where hidden risks are exposed, especially in the current
global financial market turmoil, escalating inflation in many major economies, and
prolonged disruptions in the global supply chain.
3.6. General comments and assessments on the TPBank’s Governance situation
In recent years, TPBank has consolidated its role as a pioneer bank of digital technology,
applied digitalization in internal processes of banks, and improved and promoted the
development of customer experience. These business activities are under strict
supervision and strictly abide by legal provisions to ensure efficiency and transparency.
In the international market, TPBank ranks 61st among the top 500 banks in the Asia-
Pacific region and 143rd last year (published by Asian Banker Magazine).
The quality of assets will be adversely affected, as the plight of corporate bonds and real
estate continues. In addition, according to VNDirect's analysis report, when the cost of
capital rises, the central bank's sharp increase of 2% operating interest rate will have an

44
adverse impact on (NIM), while the loan interest rate is difficult to keep up. Therefore, on
the whole, with the slowdown of credit growth, the overall prospect of the banking
industry will be limited next year, and the increase of credit costs will be affected by the
tightening of monetary policy and economic instability.
In the stock market, the recent market volatility makes the bank's stock valuation very
attractive. Specifically, TPB shares are valued at 0. 98 times P/B 2023 (equivalent to the
average standard deviation of-2 years), although the growth potential of TPBank remains
good in the long run.
Recommendations:
Our team recommends TPBank should increase its competitiveness in order to survive
and continue to develop. In each bank, issues of risk management, profitability , and
financial capacity are extremely important factors in improving their competitiveness. In
today's integration trend, TPBank, in addition to increasing competition, must also
increase cooperation with domestic and international banks and credit institutions to learn
and grow.

45
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46
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hanh-ben-bi-cung-hang-trieu-khach-hang
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xuong.html

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