Chapter 1

CEO Report

“We foster a collaborative working style which is now also reflected in our office space and environment. The new offices allow for increased collaboration and cross-pollination of ideas.”


Jens Lottner


Dear Valued Shareholders, Customers, Partners and Techcomers,

In 2022, we continued to make good progress on our five-year strategy, aiming to realise our vision to “Change banking, Change lives”.

Despite adverse conditions impacting some of our key business lines, we recorded a resilient financial performance. Our mantra of putting customers first sustained our growth trajectory and again delivered market leading profitability.

Total operating income (TOI) and profit before tax (PBT) both grew around 10% in 2022, on top of a 25.8% TOI compound annual growth rate (TOI CAGR) and PBT CAGR of 50.0% between 2016 and 2021.

Our return ratios – return on equity (ROE) and return on assets (ROA) – remained among the highest in the industry. Our robust risk management framework saw us maintain strong asset quality and liquidity – including very healthy coverage and capital adequacy ratios.

The underlying strength of our business enabled us to continue to invest in our transformation based on the three pillars of Talent, Digital, Data.

Our customer-centric strategy allowed us to:

  • Grow deposits and valuable papers faster than the market at 12.8% year on year (YoY), nearly doubling market growth.
  • Acquire 1.2 million new customers
  • Maintain our non-performing loan ratio at a healthy 0.7%.
CEO Jens Lottner

Customer come first

In 2022, we continued to build on our philosophy of ‘customer-centricity’. We deepened our understanding of our customers and offered simple, easy and convenient solutions to meet individual’s needs at all stages of their financial lives.

Our Retail Banking Group launched new brand tiers focused on specific customer segments, including Inspire – Our first proposition aimed at the young, aspirational ‘Why not?’ generation.


We continued to enjoy a fast- growing customer base as we quickly adapted to refining business models, funding options and opportunity pools.


For the second consecutive year, we held the number one position for credit card payment volume and extended our leadership to all card types.


Capital market volatility this year, and its impact on customers, highlighted the need for more sophisticated wealth management offerings. Across the Bank we accelerated and completed revamping our distinct holistic advisory-led wealth management proposition.


Strategic progress

The second year of our five-year “Change banking, Change lives” strategy saw significant progress across our three foundational strategic pillars – Talent, Digital, Data. Our new compliance and risk management capability set new industry standards.

01 Talent
02 Digital
03 Data

Techcombank was the first bank to move so many systems onto the Cloud. This strategy, supported by best-in-class security protocols, is yet another example of how we contribute to changing the way customers bank.

Our plan for 2023

We expect to see a gradual improvement in financial market activities through 2023, supported by government interventions, rising affluence, increasing digitalisation and the large potential for mortgages, bonds, stocks and insurance.

Consequently, our strategy will continue to hold in our medium-term objectives remain unchanged. We are at an inflection point.

We spent the past two years building foundational capabilities through these investments, we are ready to shift gears and leverage our new-generation platforms to deliver industry leading offerings and solutions.

New capabilities will help us deliver on our priorities, including increasing CASA balances, improving fee income through revamped business models and diversifying our credit portfolio.

The Bank will become more agile, more customer and data focused. We’ll step up our efforts to:

  • Shift the way we work
  • Change the way we think about our customers
  • Improve how we design and deliver to their needs
With market conditions firmly in mind, we’ll focus on preserving the health of our credit book and enhancing risk and fraud management frameworks

Where we are comfortable with the risk, we will continue our deliberate expansion into retail and business banking credit.

Leveraging its digital marketing capabilities, we’ll create tailored offers that deepen customer relationships, increase loyalty and maximise marketing spend

We will leverage ecosystem partnerships to accelerate customer acquisition, using cutting edge technology capabilities – APIs – integrated into our digital channels.

The Bank will continue to diversify as we place an increasing focus on SMEs and MSMEs. We’ll continue to deepen digitalisation and bring them new tailored offerings, driving growth in our main operating accounts.

To expand fee-based income outside investment banking the Bank will continue focusing on credit cards, bancassurance, forex, cash management and corporate finance.

The way we interact with customers must be simple, intuitive, convenient and personalised. To achieve this, we’ll derive more real-time data insights to make sure we are never reactive, but always proactive, in addressing customer needs.

Techcombank will continue to focus on acquiring, developing and retaining the best /en/investors/annual-report/2022/talent at all levels. We’ll also continue investing in role-based learning and development programs and bite-sized online learning modules, to increase overall capability and productivity.

In closing...

I want to express my gratitude to our talented and dedicated staff who continued to put customers first while delivering another year of strong financial performance. I also appreciate the resilience of our shareholders who continue to stand by us in challenging times, and of course the important work of our regulators.

Everything the Bank does is focused on our vision to “Change banking, Change lives”, and I truly believe we are succeeding.

Finally, thank you to our customers for trusting us to be your Bank.

Warmest regards,

Jens Lottner,


Copyright © 2022 owned by Vietnam Technological and Commercial Joint-stock Bank (Techcombank)

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