PVcomBank: Breakthrough in digital transformation, attracting millions of new customers

On April 18, in Quang Ninh, Vietnam Public Joint Stock Commercial Bank (PVcomBank) successfully held its 2025 Annual General Meeting of Shareholders (AGM). The meeting unanimously approved all important contents, including determining selective growth targets, focusing on improving operational quality, ensuring business efficiency associated with risk control, creating a solid foundation for sustainable development in the coming time.

Overview of PVcomBank 2025 Shareholders' Meeting (Photo: PVcomBank)

Exceeding business targets, many times reducing loan interest rates to support businesses

Over the past year, PVcomBank has always been proactive in closely following and promptly seizing market opportunities, maximizing internal resources and steadfastly pursuing a growth strategy associated with quality, safety and sustainable efficiency. Thanks to the correct orientation of the Board of Directors and the drastic implementation of the entire system, the Bank has completed and even surpassed the goals set by the General Meeting of Shareholders for 2024. The scale of operations continues to be expanded selectively and cautiously, ensuring stable and safe development in all aspects of operation.

Accordingly, PVcomBank recorded consolidated revenue of 113.4% and consolidated pre-tax profit of 116.8% compared to the annual plan. For the parent bank alone, revenue and pre-tax profit compared to the 2024 plan reached 113.5% and 187.8%, respectively. The bank implements strict risk management policies. Capital adequacy and risk management ratios always comply better than the regulations of the State Bank. The capital adequacy ratio (CAR) is guaranteed according to regulations. The bad debt ratio is strictly controlled below 3%. Debt handling and recovery solutions are implemented synchronously, drastically and effectively.

Regarding mobilization, PVcomBank always closely follows market developments to proactively manage appropriate interest rate policies. As of December 31, 2024, total capital mobilization from economic organizations and individuals reached VND 194,761.2 billion, a slight decrease compared to 2023, but the mobilization structure changed in a positive direction.

Specifically, the balance mobilized from the issuance of valuable papers increased from VND 19,188.6 billion at December 31, 2023 to VND 25,080 billion at December 31, 2024; the balance of demand deposits from economic organizations and individuals increased by 20% compared to 2023, reaching VND 11,521.6 billion. This helps the bank increase the stability of mobilized sources, balance the terms, meet the demand for long-term loans and increase PVcomBank's reputation in the market.

In addition, PVcomBank's online capital mobilization also increased by 22% compared to 2023, showing positive signs for the goal of expanding the mobilization channel, while creating a premise for the strong development of digital banking services in the future. With a flexible deposit management policy, the bank has sharply reduced the cost of paying interest on deposits, loans and issuing valuable papers by up to 23% compared to 2023, contributing to improving profits and enhancing competitiveness.

Mr. Dang The Hien, Deputy General Director of PVcomBank reported on 2024 business results and 2025 plan (Photo: PVcomBank)

In line with the Government's policies and the State Bank's management orientation, PVcomBank has always proactively accompanied and shared difficulties with customers through the implementation of a series of practical support solutions. In 2024, PVcomBank has twice adjusted the base lending interest rate down, while reducing the interest rate applied to preferential programs by 4-5%, especially for priority areas such as production and business and enterprises operating in the import-export sector.

This has contributed to promoting sustainable economic growth and supporting the business community to overcome difficulties. As of December 31, 2024, PVcomBank's credit balance reached VND 119,921.3 billion, a slight increase compared to the total outstanding balance in 2023.

In addition to effective business, the bank also actively participates in social security work through practical and meaningful activities such as: supporting people affected by typhoon Yagi; sponsoring funds to remove temporary and dilapidated houses for poor households and those in difficult circumstances...

Breakthrough digital transformation, attract millions of new customers

The number of PVcomBank customers has reached 3.3 million customers in 2024. In the context of the financial and banking market In today's fiercely competitive environment, the fact that a mid-sized bank can add nearly 1 million customers in just one year is a clear demonstration of its ability to effectively exploit the partner ecosystem.

This achievement also reflects the continuous efforts to improve the quality of products and services, continuously innovate, digitally transform and apply advanced technologies to the experience journey, in order to bring the best service to customers. Not only that, the bank also proactively researches and understands the needs to build comprehensive financial and non-financial solutions, suitable for each customer segment.

Number of PVcomBank customers over 5 years 2020 - 2024 (Photo: PVcomBank)

This impressive result is thanks to PVcomBank's outstanding advantages, especially its well-invested digital platform, contributing to improving user experience and promoting the development of modern financial products.

In line with the digital transformation trend in the banking industry, PVcomBank is promoting the digitalization process comprehensively and drastically. As one of the pioneering banks to deploy payment account opening and direct debit card issuance services on the Ministry of Public Security's VNeID application, PVcomBank has marked an important step forward in the digital transformation journey and improving customer experience.

Connecting the banking ecosystem with the national database through the VNeID platform not only helps optimize security, but also simplifies administrative procedures, improves service quality and brings practical benefits to both people and businesses.

In addition, with the PVConnect digital banking platform, customers can experience more than 200 outstanding features - from online international money transfer, cashback shopping, card limit adjustment, automatic bill payment to performing non-financial transactions via Video Call... These utilities not only contribute to improving convenience but also demonstrate PVcomBank's commitment to accompanying customers on the journey of modern and smart financial digitization.

For institutional customers, in 2024, PVcomBank launched PVConnect Biz - a superior digital banking platform with many advantages such as: applying AI to enhance recognition, helping transactions to be faster and more accurate; improving transaction processing efficiency through a multi-channel banking system that meets international standards; improving the ability to monitor automatic services from the system, monitoring and preventing risks...

Meeting scene (Photo: PVcomBank)

In the comprehensive digitalization journey, PVcomBank not only focuses on customer experience but also focuses strongly on modernizing and automating internal operating processes. PVcomBank is one of the pioneering credit institutions participating in implementing technical adjustments for money transfers according to NAPAS's 2.0 standards. In addition, the bank has been cooperating with strategic partners who are the world's leading technology companies, specifically: launching the project to deploy the Customer Data Platform (CDP) with partner AWS, digitizing processes using IBM's CP4BA platform, etc.

With the achieved results, PVcomBank was honored by The Asian Banking and Finance as "Best Digital Transformation Bank", "Bank with effective digital products for small and medium enterprises"...

The Board of Directors believes that 2025 is a year predicted to have many opportunities and challenges intertwined for the global economy as well as Vietnam. For PVcomBank, inheriting the achievements, in 2025, the bank will continue to restructure according to the approved roadmap, aiming for sustainable growth and improving operational efficiency. Regarding the 2025 business plan, PVcomBank sets a target of consolidated revenue and pre-tax profit of VND 19,949 billion and VND 111 billion, respectively.

To realize the goal, PVcomBank continues to focus on solutions: Optimizing business efficiency, including developing customer base and expanding market share through cooperation, increasing CASA ratio, focusing on debt handling and collection...; building technology infrastructure; improving risk management; improving service quality; developing human resources.

At the end of the Congress, the reports of the Board of Directors, the Executive Board, the presentation on the 2025 business plan and the 2024 financial report, along with a series of other presentations, were approved by shareholders with an almost absolute rate.

Sunshine

Source: https://congthuong.vn/pvcombank-but-pha-chuyen-doi-so-thu-hut-trieu-khach-hang-moi-383768.html