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