“Trade and Development Bank” JSC, registered in the 1^st classification of “Mongolian Stock Exchange” JSC presented operational and financial results for the first half of 2024.  

Financial results:

• As of the first half of 2024, our bank’s assets have grown to 12.6 trillion MNT, with the loan portfolio expanding to 6.0 trillion MNT, and customer current accounts and deposits reaching 9.1 trillion MNT. Compared to the end of 2023, these figures represent increases of 4%, 13%, and 0.3% respectively.

• Additionally, the bank reported a profit of MNT 174.1 billion during this period, marking an 89% increase compared to the same period last year. This significant growth is attributed to a substantial rise in net interest income and fees and commissions.

• The bank’s return on assets (ROA) and return on equity (ROE) reached 2.9% and 25.9%, respectively, reflecting our increasing profitability. These figures represent gains of 1.7 and 15.2 percentage points over the figures at the end of 2023.

• Finally, our bank’s tier 1 capital adequacy ratio stands at 15.2%, and the liquidity ratio is 43.5%.

Key highlights:

• The “Britto” ecosystem is now successfully established, and we’ve expanded the “Mongolians with Savings” campaign. Our market share for VISA cards has grown from 13.9% in 2021 to 29.2% in the first quarter of 2024. Additionally, during the reporting period, participation in the “Mongolians with Savings” campaign saw a 49% increase in new customers compared to the same period last year.

• We continue to enhance our offerings with more efficient digital solutions across corporate, small and medium business, and retail segments.

• Our market share for sent international settlements rose to 42.1% in the reporting period, marking a 3 percentage point increase from the end of 2023.

• The balance of green loans saw a 38% increase compared to the end of 2023.

• We are launching the “Temenos Transact 24” core banking system and the “Temenos Infinity” digital banking platform.

• 86% of salary loans were processed digitally, with the ratio of digital to physical transactions standing at 98:2.

• We have introduced agent banking services to enhance customer access and convenience.

• In cooperation with CU and GS 25 chain stores, we enabled card ordering from their 700+ branches.

• We successfully organized the “Trade Finance Forum 2024,” facilitating discussions on advancements in trade financing.

• We have utilized 87% of the funds raised from our IPO.

• We successfully organized Annual shareholderы meeting.

• Bank established Sustainability Committee within the Board in February 2024, pioneering in Mongolian financial sector to establish designated Committee with the purpose of supporting and advising Bank’s usual business into sustainable and environmental practices and integrating sustainability goals into banking operations. 

• We have increased employee salaries by up to 30 percent to reward performance.

• The “Boundless Dreams” project continues successfully.

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