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Techcombank’s investment in Digital, Data and Talent delivers USD 1 billion+ pre-tax profit, despite COVID’s fourth wave

  • VND 23.2 trillion PBT – up 47.1% YoY
  • TOI up 35.4% YoY to VND 37.1 trillion
  • Strengthened sector-leading 50.5% CASA ratio and 3.7% ROA
  • Robust Basel II CAR of 15%
 FY21 saw TCB record a USD 1 billion+ pre-tax profit, despite COVID’s fourth wave, reinforcing the resilience and potential of our business models. TOI grew 35.4%, while our sector-leading CASA ratio reached 50.5%. Our relentless focus on transformation and technology investments, to meet the needs of our fast-growing customer base, drove an impressive 81% rise in the value of e-banking transactions.
We’re cautiously optimistic for Vietnam in 2022. Vietnam’s vaccination rate – one of the world’s best – will help us manage COVID in its many variants. Business sentiment is positive and cross-border travel is gradually being relaxed. Prudent risk management, cost optimisation, and investments in Digital, Data and Talent, position us well to capitalise on economic recovery.
Importantly, we will continue standing by our customers, especially in tough times like the past two unprecedented years.
Jens Lottner, CEO Techcombank
2021 income statement
  • Strong NII and NFI growth drove a 35.4% YoY uptick in TOI to VND 37.1 trillion. 
  • NII expanded 42.4% YoY to VND 26.7 trillion, primarily driven by a 5.6% NIM vs 2020’s 4.9%.
  • NFI1 grew 42.4% YoY to VND 7.8 trillion with contributions from all key fee segments.
  • IB service fees, NFI’s largest component, grew 32.8% YoY to VND 3.6 trillion, driven by 57.4% growth in bond distribution and 66.7% in other IB services –broadened products and services monetised our 30% larger customer base.
  • Bancassurance fees grew 88.4% YoY to VND 1.6 trillion – the strengthened Techcombank and Manulife Vietnam partnership helped grow APE in 4Q21 by 39.5% YoY; 104.5% QoQ post lockdowns.
  • Operating expenses rose 24.6% YoY to VND 11.2 trillion with CIR at 30.1% – as lockdown measures eased, IT investments and volume-driven marketing expenses grew, coupled with growing customer bases for Techcombank and TCBS.
  • The Bank advanced full provision for its restructured loan at the end of 2021, in lieu of amortisation over three years with a first year mandatory minimum requirement of 30%. This saw provision expenses grow 2.1% to VND 2.7 trillion.
2021 balance sheet
Total assets grew 29.4% YoY to VND 568.8 trillion at 31 December 2021:
  • Customer credit on single basis grew 22.1% YoY to VND 388.3 trillion – matching the State Bank of Vietnam’s credit quota
  • On consolidated basis, retail loans up 45.5% YoY to VND 161.7 trillion and credit to large corporates and SMEs (loans and bonds) grew 16.6% to VND 248.5 trillion
  • Customer deposits up 13.4% YoY to VND 314.8 trillion
  • Strong growth in other funding sources – e.g. syndicated loans up 136.6% YoY to VND 27.3 trillion; valuable papers up 20.7% YoY to VND 33.7 trillion
  • CASA ratio grew to 50.5% – CASA balance of VND 158.9 trillion – primarily led by a 30.8% YoY expansion of retail customers
  • Term deposits grew by 4.3% YoY to VND 155.9 trillion, reflecting balance sheet and funding optimization.
2021 liquidity and capital
  • 75.0% LDR offered ample liquidity and the ST funding to medium and long-term loan ratio reached 28.8% by year’s end, down from 32.6% at the end of 3Q21. 
  • Our 15.0% CAR at the end of 2021 was well above the Basel II Pillar I minimum requirement of 8.0%.
2021 asset quality
  • 4Q21’s NPL ratio was 0.7%, with a healthy coverage ratio of 162.9%, reflecting the Bank’s successful management of COVID uncertainties.
  • Restructured loans under our COVID-19 customer support program were VND 1.9 trillion (0.5% outstanding loans) down from 3Q21’s VND 2.8 trillion.
2021 subsidiaries
  • A solid performance by TCBS contributed to strong consolidated results, with revenues in 2021 up 59.4% YoY to VND 5.2 trillion and PBT up 41.5% YoY to VND 3.8 trillion.
  • In 2021,TCBS captured 38.9% of corporate bond brokerage and 4.6% of stock brokerage market share on the HOSE.
  • TCBF, an open-ended bond fund managed by TCBS, remained the largest domestic bond fund with VND 21.6 trillion assets under management at 31 December 2021.
Customer relief and community support
During the pandemic, we rescheduled around VND 11.8 trillion in loans with further interest reduction of VND 540 billion in 2021. To support those hardest hit by COVID’s fourth wave, Techcombank contributed  more than VND 400 billion for social activities, e.g donate COVID-19 Vaccine Fund, fund for hospital construction, medical equipment and other support to patients and their families. 
New customers
We ended 2021 with 9.6 million customers, having added approximately 1.2 million over the year. Retail customer transactions during FY21 via e-banking channels grew to 652 million, up 70.0% YoY. Their value grew 80.5% YoY to VND 9.1 quadrillion.
Techcombank’s new mobile app
Launched in November, our new cutting-edge tech app features a refreshed user interface by Vietnam’s largest design agency. Customer digital journeys have been redesigned based on interviews and surveys of over 4,200 customers. We logged hundreds of hours of co-creation usability testing.
Features include:
  • Easier payments – Customers can easily pay and transfer money using a personalised QR code or via their phone. A first-to-market billing hub lets customers forecast bills for better budgeting.
  • Wealth management – Techcombank savvy investors will get a more comprehensive savings and investment portfolio view with our partner TCBS.
  • Personalisation – Money Tracker and Payday Saver allow insights into spending habits and customers can now select their own background and theme.
New Chief Finance Officer (CFO)
Mr Alexandre Macaire was appointed CFO on 11 January 2022, following Mr Bang Trinh’s four-year tenure. Mr. Macaire joins Techcombank after 15 years at HSBC, where he held senior leadership positions in investment banking, capital management and finance. Most recently he was HSBC’s CFO for Wealth and Personal Banking Asia Pacific, a top-priority business division, where he helped scale up regional manufacturing and distribution capabilities and expand into new products and channels. Mr Macaire contributed to HSBC’s ambition to be the Asia Pacific’s Number 1. wealth manager.  He holds a maths and physics degree from Ecole Polytechnique and is a French National School of Administration (ENA) graduate.
Techcombank awarded Best Treasurer, Asia Pacific by Corporate Treasurer
In our first entry, Techcombank won Best Treasurer, Asia Pacific (Marquee Award). Our Treasury Department was recognised for the leading position and capability in the market and its contribution to the Bank’s operations and bottom line.
Other prestigious awards we won in 2021 include:
  • Best Bank in Vietnam - EuroMoney
  • Best Bank in Vietnam – FinanceAsia
  • Leading Partner Bank in Vietnam - Asia Development Bank.
Learn more about our results:
Techcombank will present 4Q21 financial results via two conference calls (please log in 15 minutes prior):

1. Institutional investors and analysts can join us at 14:45 on 25 January 2022 2. Retail investors (in Vietnamese only) can join us at 14:45 on 26 January 2022
View the webcast and presentation slides any time at (Investor Relations > Financials > Documents).
Your public relations contact:
Nguyen Thi Bich Thuy
PR – Marketing Division
Tel: +84 24 3944 6368 – Ext: 8494
Email: [email protected]
Your investor relations contact:

Investor Relations Department
Email: [email protected]

About Techcombank

Techcombank is listed on the HOSE as TCB VN. It was established in 1993 as Vietnam was transitioning from a centrally planned to a more market-oriented economy.
Techcombank is now one of Vietnam’s largest joint stock banks and a leading Asian bank. The Bank pursues a proven customer centric strategy, with a broad range of banking solutions and services to 9.6 million customers, through an extensive network of over 300 transaction offices. The Bank’s ecosystem approach, which is implemented across multiple key economic sectors, further differentiates Techcombank in one of the world’s fastest growing economies.
Moody’s rates Techcombank the highest among Vietnamese banks with a Ba3, Positive Outlook – the only bank constrained by the sovereign rating. S&P rates the Bank with BB – (Stable Outlook).
Techcombank awards include:
  • Best Bank in Vietnam – Euromoney in 2018 and 2021
  • Best Bank in Vietnam – FinanceAsia in 2020 and 2021
  • Leading Partner Bank in Vietnam 3Q21 – Asia Development Bank
  • One of the best Asian companies to work for – HR Asia, two consecutive years
  • ‘Best Payments Bank’ and ‘Most Recommended Transaction Bank’ in Vietnam – The Asian Banker
  • 2021 Best Treasurer, Asia Pacific (Marquee Award) – Corporate Treasurer.
APE – Annual premium equivalent
CAR – Capital adequacy ratio
CASA – Current account savings account
CIR – Cost-to-income ratio
FY2021 – Financial year 2021 
HOSE – Ho Chi Minh Stock Exchange
IB – Investment banking
LDR – Loan-to-deposit ratio
NFI – Net fee and commission income
NII – Net interest income
NIM – Net interest margin
NPL – Non-performing loan 
PBT – Profit before tax
Q1, Q2, Q3, Q4  – Quarter 1,2,3,4
ROA Return on assets
SME – Small and medium-sized enterprise
ST – Short-term
TCBS – Techcom Securities
TOI – Total operating income
VND – Vietnamese dong
YoY – Year-on-year
Balance sheet (VND billion) 4Q20 1Q21 2Q21 3Q21 4Q21 QoQ YoY
Total assets 439,603 462,823 504,304 541,635 568,811 5.0% 29.4%
Deposits from customers 277,459 287,446 289,335 316,376 314,753 -0.5% 13.4%
Credit growth2 (YTD) 23.3% 5.7% 11.2% 14.1% 22.1% n/a5 n/a5
CASA 46.1% 44.2% 46.1% 49.0% 50.5% 3.0% 9.4%
NPL 0.5% 0.4% 0.4% 0.6% 0.7%  16 bps  42 bps
Credit cost (LTM) 0.9% 0.8% 0.9% 0.7% 0.7%  0 bps  -25 bps
Coverage ratio 171.0% 219.4% 258.9% 184.4% 162.9%  -12 bps  -5 bps
Capital and liquidity              
Basel II CAR 16.1% 15.8% 15.2% 15.2% 15.0% -1 bps -7 bps
Basel II Tier 1 ratio 15.7% 15.4% 14.8% 14.7% 14.6% -1 bps -7 bps
ST funding to MLT loans3 33.9% 34.4% 39.1% 32.6% 28.8% -12 bps -15 bps
SBV LDR4 78.1% 79.2% 76.6% 76.7% 75.0% -2 bps -4 bps
Profitability (VND billion) 4Q20 4Q21 YoY   FY20 FY21 YoY
Net interest income 5,469 7,245 32.5%   18,751 26,699 42.4%
Non-interest income 2,397 2,914 21.6%   8,627 10,378 20.3%
Total operating income 7,866 10,159 29.1%   27,379 37,076 35.4%
Operating expenses (2,411) (3,392) 40.7%   (8,967) (11,173) 24.6%
Profit before tax 5,089 6,140 20.7%   15,800 23,238 47.1%
NFI/TOI6 18.9% 25.7% 682 bps   20.9% 21.6% 71 bps
CIR 30.7% 33.4% 274 bps   32.8% 30.1% -262 bps
ROA (LTM) 3.1% 3.7% 52 bps   3.1% 3.7% 52 bps
ROE (LTM) 18.3% 21.7% 342 bps   18.3% 21.7% 342 bps
NIM (LTM) 4.9% 5.6% 69 bps   4.9% 5.6% 69 bps
Cost of funds 2.8% 2.1% -72 bps   3.4% 2.2% -115 bps