NCB exceeds all 2024 targets, achieves positive business growth

By the end of 2024, National Citizen Commercial Joint Stock Bank (NCB) had successfully surpassed all business targets set at its Annual General Meeting (AGM). The bank proactively implemented its restructuring plan as per the approved roadmap, steadily advancing towards its goals of safe operations and sustainable development.

National Citizen Commercial Joint Stock Bank (NCB) has just announced its business results for Q4 and the full year of 2024. Accordingly, NCB has actively expanded new business activities and achieved many positive results. At the same time, it successfully increased its charter capital to nearly VND 11,800 billion and aggressively implemented its restructuring according to the Restructuring Plan with a vision towards 2030, which had been approved by the competent authorities.

Step by step overcoming existing challenges, enhancing operational efficiency

The year 2024 marked a turning point in NCB’s restructuring journey as it became the first credit institution to complete and receive approval for its Restructuring Plan under the "Plan for Restructuring the Banking System in Connection with Handling Bad Debts for the 2021-2025 Period" according to Decision 689/QD-TTg of the Prime Minister and the guidelines of the State Bank of Vietnam (SBV).

An NCB representative stated that the bank promptly and decisively reclassified assets in accordance with the Restructuring Plan immediately after receiving approval in June 2024. Subsequently, NCB implemented comprehensive solutions in line with the Restructuring Plan roadmap, including actively recovering and handling outstanding assets, achieving 130% of the Restructuring Plan target; completing provisioning and reversing accrued interest right after successfully increasing its charter capital to nearly VND 11,800 billion in December.

Systematic, effective, and appropriate solutions that were aggressively deployed have helped NCB initially address existing issues and gradually improve operational efficiency. As of December 31, 2024—just six months after the initial implementation of the Restructuring Plan roadmap—NCB’s bad debt ratio recorded a significant decline, despite ongoing market difficulties. The provisioning, interest reversal, and capital costs for legacy assets following the Restructuring Plan roadmap also contributed to a negative profit result for 2024. However, NCB’s new business activities in 2024 delivered remarkable outcomes, with total operating income (TOI) after risk provisions from new business operations ("good bank") reaching VND 2,968 billion. After deducting all operating costs, profit from new business activities stood at VND 1,339 billion.

With a clear roadmap, comprehensive solutions, and strong determination across the entire system, under the guidance and supervision of the SBV and relevant authorities, NCB confirmed that it is effectively progressing through its comprehensive restructuring process. The bank ensures continuous, transparent, and safe operations, with all operational safety indicators complying with SBV regulations. The next steps in the approved Restructuring Plan roadmap will be swiftly implemented, with the goal of resolving outstanding assets completely and finalizing the Restructuring Plan by 2029.

Transformation through a New Strategy, Multiple 2024 Indicators Show Positive Growth

In 2024, by implementing a new strategy, collaborating with leading global and domestic technology partners, accelerating digital transformation, and enhancing financial products and services, NCB achieved many positive results.

Specifically, as of December 31, 2024, NCB had exceeded the targets set at the Annual General Meeting of Shareholders held in April 2024. Total assets reached VND 118,562 billion, a 23.2% increase from 2023 and 12% above the planned target. Total customer loans amounted to VND 71,175 billion, while total mobilized capital from market 1 reached VND 100,491 billion, exceeding targets by 10.6% and 16.8%, respectively.

These consistent positive growth figures throughout the year demonstrate the increasing quality of NCB’s products and services, earning widespread customer trust and preference. As of December 31, 2024, NCB had a customer base exceeding 1.346 million, equivalent to 117.05% of the annual target and a 34.6% increase compared to the end of 2023.

Additionally, NCB was officially approved by the SBV to amend its charter capital content in its Establishment and Operation License, increasing it from over VND 5,600 billion to nearly VND 11,800 billion, following the successful issuance of more than 617 million shares to domestic investors in the latest offering. The additional financial resources reflect the determination and strong actions of NCB’s shareholders and employees in the comprehensive restructuring journey, ensuring the bank operates safely, efficiently, and in full compliance with legal and regulatory requirements. At the same time, this helps NCB strengthen its market competitiveness. According to the roadmap, NCB will continue increasing its capital, with its charter capital projected to exceed VND 29,000 billion by 2028, bolstering financial resources and expanding medium- and long-term funding for business activities.

In 2024, NCB maintained and ensured compliance with all operational safety ratios as regulated by the SBV. As of December 31, 2024, the bank’s liquidity reserve ratio reached 17.27%, indicating a strong liquidity buffer capable of withstanding market fluctuations.

An NCB representative stated that despite facing significant challenges while simultaneously implementing both the comprehensive restructuring under Restructuring Plan (vision to 2030) and building a new version of NCB with ambitious growth milestones, the entire NCB system remains determined and united in action to achieve its goals. The initial achievements in 2024 serve as proof of NCB’s commitment to continuous self-improvement, aligning with its vision of becoming one of the most reputable, healthy, and efficient banks, offering the best financial services and solutions on the market.

Alongside its aggressive Restructuring Plan implementation, NCB has pushed forward with digital transformation since early 2024 as part of its strategic direction toward Hybrid Digital Asset Management. Over the past year, NCB continuously demonstrated its competitive strength and new market positioning through numerous milestones: First bank in Vietnam to enable bank account opening through the Ministry of Public Security’s VNeID electronic identification application, offering customers a simpler, safer, and more convenient method for opening accounts and using banking services. This initiative supports cashless payments and digital transformation in line with government directives. Successfully competed against nearly 380 domestic and international teams to secure a consolation prize in its first participation in the Data for Life 2024 competition, with a deeply foundational and highly applicable solution across various social sectors. Recognized for the second consecutive year as one of Best Companies To Work For In Asia by HR Asia Awards. NCB iziBankbiz, the bank’s digital banking platform for business customers, was honored in the Top 10 Trusted Brands in Vietnam within Banking, Insurance, and Securities, among others.