Wednesday, June 28, 2017 - 5:44:21

Techcombank to raise charter capital by 5 trillion VND

VNA Print

The Techcombank shareholders’ annual meeting on April 15 (Photo: Techcombank)

Hanoi (VNA) – The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will raise its charter capital by 5 trillion VND (220 million USD) to nearly 14 trillion VND (616 million USD) this year through selling shares.

The decision was made at the shareholders’ annual meeting on April 15.

Ho Hung Anh, Chairman of Techcombank’s board of directors, said the charter capital needs to be increased to help the bank improve its financial strength, size and competitiveness.

In 2017, Techcombank aims to hit consolidated pre-tax profit of 5.02 trillion VND (220.88 million USD) and total asset value of 279.017 trillion VND (12.27 billion USD), up 26 percent and 19 percent from a year earlier respectively.

It also wants 31-percent growth in mobilised capital to 227.133 trillion VND (9.99 billion USD) and another 16-percent rise in outstanding loans to 181.067 trillion VND (7.96 billion USD) by the end of this year.

The bank also hopes to keep the rate of bad debt at less than two percent.

In 2016, it posted pre-tax profits of 3.997 trillion VND (175.86 million USD), soaring by 96.2 percent from the previous year and 13 percent from targets.

Techcombank mobilised 173.449 trillion VND (7.63 billion USD) and recorded outstanding credit of 159.01 trillion VND (6.99 billion USD) by the end of last year, up 21.9 percent and 24.8 percent year on year.

The bad debt rate was cut to 1.57 percent from 1.67 percent in 2015.-VNA
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