Business

Techcombank posts huge jump in profit

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) posted pre-tax profit of more than 10.66 trillion VND (458.38 million USD) in 2018, up 31 percent year-on-year and surpassing its target by 6.61 percent.
Techcombank posts huge jump in profit ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – The Vietnam Technological and Commercial JointStock Bank (Techcombank) posted pre-tax profit of more than 10.66 trillion VND(458.38 million USD) in 2018, up 31 percent year-on-year and surpassing itstarget by 6.61 percent.

The bank ranked second in the domestic banking system in profit, only after theJoint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) whichgenerated a profit of more than 18 trillion VND (774 million USD), TechcombankGeneral Director Nguyen Le Quoc Anh said on January 24.

Its total operating income represented a 10 percent year-on-year increase tomore than 16.97 trillion VND (729.71 million USD), credit growth rose 20percent, and bad debts fell to 1.8 percent.

The bank advised the issuance of some 60 trillion VND (2.58 billion USD) worthof corporate bonds to meet capital demand of enterprises in the year, up 82percent against 2017.

Notably, Techcombank took the plead in online payments and bancassurance, thearrangement between a banks and an insurance company allowing the insurance firmto sell its products to the bank’s clientele. -VNA
VNA
#Techcombank #pre-tax profit #domestic banking system #Vietcombank #Techcombank General Director Nguyen Le Quoc Anh #online payments #insurance company #Vietnam #VietnamPlus #Viet Nam News
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