Illustrative image (Photo: Techcombank) Hanoi (VNS/VNA) - Vietnam Technological andCommercial Joint Stock Bank (Techcombank) has reported big earning gains inJanuary-September to keep performing well amid the challenges caused by theCOVID-19 pandemic.
Techcombank reported a total pre-tax profit of 10.7 trillionVND (462.6 million USD) and a total revenue of 19.3 trillion VND in the pastnine months, up 20.9 percent and 33.5 percent year on year.
The post-tax profit in the nine-month period was up 20.6percent to 8.6 trillion VND. At the end of September, return on assets (ROA)ratio was 3.0 percent and the capital adequacy ratio (CAR) was 16.7 percent.
“Our robust capital and funding positions have enabled us tosupport our customers and weather the difficult operating environment thisyear,” Techcombank CEO Jens Lottner said in a statement.
“As we look towards the end of 2020 and beyond, we arecautiously optimistic that the impact of COVID-19 has peaked and that provenpreparedness of the Government, together with the collective experience of thebusiness and broader community, will allow us to manage and mitigate risksshould there be another breakout,” he said.
“Importantly, the long-term drivers for growth are intact,and we remain focused on the consistent execution of our strategy andinvestments in digitalisation to improve our customer experience,” he said.
Techcombank announced its total operating income grew 33.5percent on-year to 19.3 trillion VND in nine months and net interest incomerose 28.4 percent on-year to 13.3 trillion VND.
In addition, nine-month net fee and commission income jumped65 percent on-year to 3.1 trillion VND. The bank said that the figure accountedfor 16.2 percent of the total revenue, boosted by bond underwriting activityduring nine months.
Operating expenses totalled 6.3 trillion VND ending September30, up 27.1 percent on-year while the cost to income ratio was cut by 1.7percentage points to 32.8 percent.
In the third quarter of 2020, Techcombank continued to writeoff its non-performing loans. Risk provision in the first nine months jumped3.6 times to 2.2 trillion VND from last year’s number.
At the end of the third quarter, total assets were 401.5trillion VND, up 9.2 percent on-year and 4.6 percent year-to-date. Total creditextended to customers as of September 30 increased by 14.4 percent on-year and8.3 percent year-to-date to 279.4 trillion VND.
The non-performing loan ratio (NPL) was 0.6 percent onSeptember 30, down 0.3 percentage points from the previous quarter and down 1.2percentage points from last year.
The bank explained bad debt write-off and ongoing prudentrisk management were the important factors towards lower bad debt ratio.
Total deposits were 252.6 trillion VND at the end ofSeptember while non-term deposits totalled 97.5 trillion VND and time depositswere worth 155.1 trillion VND.
The three figures were up 9.2 percent, 22.2 percent and 2.4percent year-to-date, respectively, reflecting the “success in optimising itscost of funding.”/.
Techcombank reported a total pre-tax profit of 10.7 trillionVND (462.6 million USD) and a total revenue of 19.3 trillion VND in the pastnine months, up 20.9 percent and 33.5 percent year on year.
The post-tax profit in the nine-month period was up 20.6percent to 8.6 trillion VND. At the end of September, return on assets (ROA)ratio was 3.0 percent and the capital adequacy ratio (CAR) was 16.7 percent.
“Our robust capital and funding positions have enabled us tosupport our customers and weather the difficult operating environment thisyear,” Techcombank CEO Jens Lottner said in a statement.
“As we look towards the end of 2020 and beyond, we arecautiously optimistic that the impact of COVID-19 has peaked and that provenpreparedness of the Government, together with the collective experience of thebusiness and broader community, will allow us to manage and mitigate risksshould there be another breakout,” he said.
“Importantly, the long-term drivers for growth are intact,and we remain focused on the consistent execution of our strategy andinvestments in digitalisation to improve our customer experience,” he said.
Techcombank announced its total operating income grew 33.5percent on-year to 19.3 trillion VND in nine months and net interest incomerose 28.4 percent on-year to 13.3 trillion VND.
In addition, nine-month net fee and commission income jumped65 percent on-year to 3.1 trillion VND. The bank said that the figure accountedfor 16.2 percent of the total revenue, boosted by bond underwriting activityduring nine months.
Operating expenses totalled 6.3 trillion VND ending September30, up 27.1 percent on-year while the cost to income ratio was cut by 1.7percentage points to 32.8 percent.
In the third quarter of 2020, Techcombank continued to writeoff its non-performing loans. Risk provision in the first nine months jumped3.6 times to 2.2 trillion VND from last year’s number.
At the end of the third quarter, total assets were 401.5trillion VND, up 9.2 percent on-year and 4.6 percent year-to-date. Total creditextended to customers as of September 30 increased by 14.4 percent on-year and8.3 percent year-to-date to 279.4 trillion VND.
The non-performing loan ratio (NPL) was 0.6 percent onSeptember 30, down 0.3 percentage points from the previous quarter and down 1.2percentage points from last year.
The bank explained bad debt write-off and ongoing prudentrisk management were the important factors towards lower bad debt ratio.
Total deposits were 252.6 trillion VND at the end ofSeptember while non-term deposits totalled 97.5 trillion VND and time depositswere worth 155.1 trillion VND.
The three figures were up 9.2 percent, 22.2 percent and 2.4percent year-to-date, respectively, reflecting the “success in optimising itscost of funding.”/.
VNA
