For Techcombank, its vision to “Change banking, Change lives” is more than just words. In 2024, the bank turned this vision into a reality through strategic achievements that enhanced value for shareholders, customers and employees – and contributed meaningfully to the creation of a greater and greener Vietnam.
Techcombank achieved strong financial performance, hitting its full-year financial guidance despite an uncertain global economic environment.
Key success metrics included net interest income, which rose more than 28% year-on year (YoY), an increase in total assets by over 15% YoY, industry-leading growth in deposits of nearly 25%, and over 20% growth in its credit book, while also maintaining among the lowest non-performing loan ratios in the market.
This strong operational performance enabled the bank to sustain a growth trajectory of around 20%, deliver strong profitability and maintain a capital adequacy ratio (CAR) of over 15%, validating the strength of its business model.
A combination of its customer-centric approach and large strategic investments in data, digital and talent excellence, saw Techcombank receive accolades from the award judges for its “pioneering initiatives”, that have enabled it “to be ahead of the game on various fronts”.
Indeed, the bank ranked first in the Vietnamese banking industry across a range of strategic areas: for assets under management (AUM) in its fast-growing wealth management business; for its current account and saving accounts ratio (CASA), which reached 40.9%; for its market share in outbound and inbound transactions, which grew to 15%; and for total net fee income, which was higher than any other Vietnamese banks.
During the year, Techcombank’s investments in technology really began to pay-off. Its AI-ready data architecture, in-house AI capabilities and advanced digital banking platforms enabled it to accelerate the introduction of first-in-kind financial products and hyper personalised experiences for its millions of retail and business customers.
Techcombank’s customer base continued to grow rapidly in 2024, reaching 15.4 million, up by 1.9 million from the start of the year. The bank’s digital platforms enabled it to serve its growing customer base with no expansion of infrastructure or headcount.
The bank’s technology capabilities also enabled it to work seamlessly with partners to create an “ecosystem” that can support the needs of customers “beyond banking”. With partners, Techcombank is co-creating seamless customer journeys and new products in area such a real estate, wealth management and insurance.
As CEO Jens Lottner noted, Techcombank’s unique combination of product innovations, advanced technology capabilities, and growing ecosystem of partners, means it is well positioned to grow faster and more profitably as the Bank extends its reach into new areas of Vietnam’s growing economy.
The strength of Techcombank also enabled it to double down on its commitment to sustainability. Amongst various green initiatives, it provided green credit to fund sustainability projects and became the first private bank in Vietnam to introduce a Green Bond Framework and issue a green bond in line with International Capital Market Association standards.
In 2024, Techcombank demonstrated once again that it is Vietnam’s most pioneering bank and a strong partner in Vietnam’s economic success story.
