Techcombank | 2021 Annual Report


The momentum built during this period translated into strong headline results for the year:

Techcombank – Vietnam’s first private bank to reach a consolidated profit of





35.4% YoY

VND 37.1 trillion


47.1 % YoY

~ USD 1 billion


21.7 %


3.7 %


0.7 %


15.0 %

Steady operating income growth, contributed by both interest and fee income

Total Operating Income

VND billion

Net interest income (NII) revenue

42.4% YoY

All core fee-based products achieved strong double-digit growth

Total service income

VND billion

  • Investment banking services
  • Bancassurance
  • Card
  • Transaction banking
  • Foreign Exchange
  • Others
Bancassurance revenue

88.4% YoY

Healthy balance sheet expansion despite COVID-19

Total consolidated assets

29.4% YoY

VND 568.7 trillion

Deposits and valuable papers issuance

14.1% YoY

VND 348.4 trillion

Total equity

24.7% YoY

VND 93.0 trillion

Sources of funds

A strong increase in transaction volumes and value from retail and corporate customers was the key contributor to the breakthrough growth in CASA.

Besides focusing on CASA, we also completed the largest ever offshore syndicated loan in Vietnam, raising USD 800 million at a competitive cost compared to local financial markets.

CASA retail segment

30.8% YoY

CASA small to medium enterprise

24.7% YoY



setting a record for Vietnam’s banking sector.

Use of funds

At Techcombank, we reacted quickly to adjust our credit policy in line with changes in customer needs, switching our focus to retail lending as the segment recovered, especially in Q4 2021. This allowed us to maintain a steady credit expansion throughout the year and deliver an annual growth of 22.1%, in line with the quota granted by the State Bank of Vietnam (SBV).

Total equity grew

24.7% YoY

Capital Management

A high CAR provides a competitive advantage on funding costs and helps us actively manage the balance sheet in the best interest of our customers, shareholders and employees.

Techcombank’s consolidated CAR under Circular 41


at 2021 – end

Liquidity management

The liquidity management framework of Techcombank consists of SBV’s mandatory ratio limits as defined by Circular 22/2019/TT-NHNN and a set of internal liquidity management ratios developed in-house by the Bank.

The Board of Directors is responsible for the approval of our liquidity management policies and regulations. Liquidity risk management, measurement, monitoring, and forecast processes are overseen by our Risk Committee and the Asset and Liability Committee (ALCO).

The Risk Committee is an advisory body supporting the CEO in issuing the Bank-wide liquidity risk limit. The ALCO executes liquidity management policies, monitors compliance to limits, and provides warnings on limit thresholds regulated by the Risk Committee. In 2021, we rolled out a large-scale liquidity stress test based on a market-wide liquidity event, combined with Techcombank-specific stress scenarios. The test confirmed our resilience in the context of deposit withdrawals and limited interbank funding access. It also informed the update of our liquidity contingency plan (LCP).

Cost efficiency

Cost-to-income ratio


Cost-to-income ratio (CIR)

Although operating expenses rose from VND 9.0 trillion in FY20 to VND 11.2 trillion in FY21, a rise of 24.6% YoY, our cost-to-income ratio reduced from 32.8% in FY20 to 30.1% in FY21 as TOI grew at a faster rate of 35.4%.

Personnel expenses

Investing in our people is therefore a top priority for the Bank. We aim to unlock their full potential through training that gives them the skills required in a rapidly changing world. We also seek to increase their compensation to the extent allowed by improved business performance.

Personnel expenses

23.6% YoY

Publication, marketing and promotion expenses

In response to increasing competition from within Vietnam and from non-banking players, we continued to reward our customers with value-added services, leveraging data analytics and social media communication strategies for maximum effectiveness.

As part of the objective to return value to customers, we extended our transaction-based 1% cash back program. Techcom Securities (TCBS) did the same with iXu, a point system linked to trading turnover.

Marketing expense

75.9% YoY

mostly for cash back and iXu program

Depreciation costs of property and equipment

The adoption of digital banking services and digital ways of working was accelerated by the pandemic, making investment in technology an even more critical part of Techcombank’s 2021-25 strategy.

Techcombank’s Board of Directors will propose the approved 2022 business plan to shareholders at the General Meeting of Shareholders on 23 April 2022. It outlines:

(i) Credit balance*

VND 446,554 billion (growth of 15.0% or higher as per SBV’s approval)

(ii) Total deposits

To be based on actual credit growth, so as to optimise balance sheet management

(iii) Profit before tax

VND 27,000 billion (up 16.2% year-on-year)

(iv) Non-performing loans

lower than 1.5%

* The Bank’s credit balance and growth are calculated according to SBV’s regulations.