Techcombank further solidified its leadership in Vietnam’s banking sector in 2023. This has been driven by its five-year transformation journey focusing on investments in digital, data and talent under chief executive Jens Lottner, who took the helm in 2020.
AfE 2024
The bank’s strong performance is evident in the numbers. Techcombank acquired 2.6 million new customers in 2023, a 100% increase over 2022, bringing its total customer base to 13.4 million. Total assets grew by 21.5%, with industry-leading deposit and credit growth at 26.9% and 19.2%, respectively.
Techcombank has established itself as a frontrunner in various sectors, including wealth management, card payment volume and the current account savings account (CASA) ratio, which stands at 39.9%, with CASA balances rising 37% year on year.
In 2023, Techcombank generated more fee income than any other bank in Vietnam, recording a 9.5% year-on-year increase. Notably, it was the only Vietnamese bank to report a decrease in problem loans in 2023. Despite a volatile global economy and ongoing uncertainty in Vietnam’s real estate and bond markets – two of the bank’s traditional strengths – Techcombank hit all its full-year financial guidance targets.
The bank’s key differentiator is its digital capability. Of the 2.6 million new customers acquired in 2023, 46.8% came through the bank’s digital banking platforms and 36.2% via partners’ ecosystems, putting the acquisition cost per customer on par with regional leaders.
The bank boasts a highly digitally engaged customer base, with 94% of transactions conducted online and approximately 50 logins to the mobile app per user per month. Techcombank’s apps have received the market’s highest customer ratings.