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.
Illustrative image (Photo: VNA)Hanoi (VNA) – 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.
The bank ranked second in the domestic banking system in profit, only after the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) which generated a profit of more than 18 trillion VND (774 million USD), Techcombank General Director Nguyen Le Quoc Anh said on January 24.
Its total operating income represented a 10 percent year-on-year increase to more than 16.97 trillion VND (729.71 million USD), credit growth rose 20 percent, and bad debts fell to 1.8 percent.
The bank advised the issuance of some 60 trillion VND (2.58 billion USD) worth of corporate bonds to meet capital demand of enterprises in the year, up 82 percent against 2017.
Notably, Techcombank took the plead in online payments and bancassurance, the arrangement between a banks and an insurance company allowing the insurance firm to sell its products to the bank’s clientele. -VNA
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Noi Bai, Da Nang named in world’s top 100 airports
Hanoi capital’s Noi Bai International Airport and the Da Nang International Airport in the central city of the same name have been listed among the world’s top 100 airports in 2024 by the UK–based aviation consultancy Skytrax.
