OCB Achieves Strong Business Growth and Efficient Cost Control, Profit Increases by 19.1% in 2023

OCB's capital mobilization in 2023 has grown by 23.4% compared to 2022, while credit has also grown by over 20%. In the service sector, OCB's card has experienced a breakthrough growth with the number of cards issued almost doubling compared to 2022 and a strong growth for 3 consecutive years.


OCB Bank has recently published its financial report for the fourth quarter of 2023.

Strong growth in core business activities

According to the recently released financial report for 2023, as of December 31, 2023, OCB’s total assets reached 239,454 billion VND, a 23.4% increase compared to 2022. Total market funds reached 168,112 billion VND, a 22.4% increase compared to the same period. Market debt 1 increased by 20.5% compared to 2022, reaching 148,005 billion VND, achieving 100% of the annual plan. Among them, customer loans reached 144,849 billion VND, surpassing the target by 101%, a 20.9% increase compared to the previous year thanks to the active deployment of a series of preferential loan packages with simplified procedures. Particularly, OCB is one of the few banks that have a higher credit growth rate compared to the industry average.

Shareholders’ equity increased by 16.4% compared to the same period, reaching 29,411 billion VND. 2023 was also a remarkable year for OCB as it successfully increased its charter capital to 20,548 billion VND (an increase of 6,849 billion VND). With the successful growth of charter capital, OCB officially became one of the banks with the largest charter capital in the system, as well as one of the banks with the strongest growth in charter capital this year.

Total revenue increased by 11.6% to 9,525 billion VND, of which interest income reached 7,291 billion VND, a 4.9% increase. This growth rate partly reflects the overall situation of the industry, as in 2023, the interest income of many banks decreased compared to the same period due to the slowdown in credit growth and the weak capital absorption of the economy. In addition, the real estate market remains difficult, with the banking industry facing challenges in not only stimulating capital flow but also increasing bad debts, resulting in banks having to increase provisions.

OCB maintains growth in core banking activities

Non-interest income has also rebounded compared to 2022, increasing by 40.9% to reach 2,234 billion VND. Specifically, revenue from services reached 882 billion VND, with OCB OMNI digital banking and Card services standing out. In particular, the total number of OCB OMNI users increased by 28% compared to 2022; the number of transactions carried out in 2023 increased by 60.9% compared to 2022; the total amount of deposits increased by 23% compared to the same period.

The card services sector has experienced a breakthrough growth in the past 3 years, with the total number of cards issued increasing by 348% compared to 2020, and an expected 93% increase in debit card products compared to the same period in 2022. The transaction volume of credit cards, credit card debt, and total revenue all recorded positive growth compared to 2022, with growth rates of 97%, 31%, and 64% respectively.

These factors have contributed to OCB’s pre-tax profit reaching 5,227 billion VND, a 19.1% increase compared to 2022. In addition, OCB actively reduced costs to lower interest rates for customers, resulting in a Cost-to-Income Ratio (CIR) of only 33.3%, compared to 36.3% in 2022. Therefore, OCB is recognized as one of the few banks that have performed well in business and cost management in 2023, despite the difficulties faced by banks in the overall business context.

Furthermore, thanks to its strong risk management, debt recovery, and effective control of overdue debt and bad debt, OCB has continuously maintained its bad debt ratio within the regulated limits of the State Bank of Vietnam.

Actively accompanying customers

2023 was evaluated as a volatile and challenging year for the Vietnamese economy due to various factors. In addition to optimizing financial products and services, OCB proactively proposes numerous specific and practical solutions to turn challenges into opportunities through preferential interest rate policies.

Specifically, according to OCB’s leaders, for customers who have been less affected and are still operating well, OCB is willing to implement programs to support them in reducing interest rates and costs, helping them continue to operate and thrive, and even quickly meet their increasing credit needs. As for customers facing difficulties, with no ability to repay their debts, at risk of becoming bad debts or needing restructuring, OCB continues to consolidate old debts and support debt resolution in a way that enables customers to implement new business plans and repay new loans while accumulating funds to repay old loans. In this group, OCB even has a very flexible policy to help customers develop and expand their scale.

“Compared to the period with the highest interest rates in 2023, customers have now seen an average interest rate reduction of about 50%. For example, at the beginning of the year, the average interest rate for customers was 12%, but now it can be as low as 6 – 7%,” added the representative of OCB’s leaders.

The average interest rate for customers has reduced significantly at OCB

In addition to focusing on resolving issues and accompanying customers, in 2023, OCB was highly recognized for its strict compliance with Government and State Bank of Vietnam regulations and its significant contribution to the state budget. Specifically, OCB has consistently ranked among the top 30 largest taxpayers in Vietnam in recent years. This clearly demonstrates OCB’s business principles in complying with Vietnamese laws, especially tax regulations. This is also the guiding principle for all of the bank’s activities, aiming for stable, sustainable, and transparent growth.

Meanwhile, growth indicators, asset scale, and risk management are constantly ensured. Therefore, in November 2023, OCB continued to be included in the list of the Top 500 strongest banks in Asia-Pacific.

Targeting to double the customer base in 2024

According to OCB’s leaders, in 2024, OCB expects to double its customer base by changing its products and services, actively deploying digital transformation, and introducing new digital products to the market, while continuously improving asset quality and upgrading risk management systems to ensure tighter lending criteria and credit quality, aiming for sustainable development.