Techcombank eyes consolidated pre-tax profit of 863 million USD hinh anh 1Transaction at Techcombank (Photo: VNA)
Hanoi (VNA) - The Technological and Commercial Joint Stock Bank (Techcombank) has set a target of posting consolidated pre-tax profit of 19.8 trillion VND (863.76 million USD) this year, a year-on-year surge of 25.3 percent.

It also targets credit growth of 12 percent or higher and deposit growth of at least 14.7 percent, while keeping bad debts under 2 percent.

More than 6 million bonds worth 10,000 VND each will be issued under an employee stock ownership plan (ESOP). Techcombank’s charter capital is then to surpass 35.1 trillion VND.

The bank posted a pre-tax profit of 15.8 trillion VND in 2020, an increase of 23.1 percent against 2019.

As of the end of December, its total assets had risen 14.6 percent from the start of the year to nearly 440 trillion VND.

Mobilised capital hit 289.78 trillion VND last year, up 22.1 percent year on year, while outstanding loans were valued at 318.03 trillion VND, up 23.3 percent.

Its capital adequacy ratio stood at 16.1 percent, higher than the 8 percent stipulated by the State Bank of Vietnam. Bad debts contracted to 0.5 percent from 1.3 percent, after overdue outstanding debts of 3.36 trillion VND were handled.

According to Brand Finance, Techcombank’s brand value rose 30 percent last year to 524 million USD, from 401 million USD a year earlier.

It also leapt 57 places to 270th in the world’s 500 most valuable banking brands in 2021./.