Techcombank reports pre-tax profit of over 554 million USD

 

Hanoi (VNA) - The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) earned pre-tax profit of over 12.83 trillion VND (554.7 million USD) and revenue of 21.1 trillion VND (910.38 million USD), marking increases of 31.5 percent and 24.7 percent year on year, respectively.

In its latest report, Techcombank said net interest income reached 14.3 trillion VND, up 25.2 percent year on year. Meanwhile, non-interest income rose by 23.4 percent to 6.8 trillion VND, accounting for 32.3 percent of total revenues.

The report showed that the provision expenses decreased by 50.3 percent supported by healthy asset quality and prudent risk management. Cost-to-income ratio of 34.7 percent was within the bank’s initial target. Return on assets of 2.9 percent was the best in the market and is consistent with Techcombank’s low risk, high return strategy.

Total assets increased 19.5 percent compared with the same period last year, reaching 383.7 trillion VND (16.6 billion USD) with credit growth expanding 18.8 percent.

Techcombank maintained ample liquidity with a loan-to-deposit ratio of 76.3 percent and short-term funds to medium-to-long-term loans ratio of 38.4 percent. 

Techcombank also maintained its position as the best capitalised bank in Vietnam with a Basel II CAR ratio of 15.5 percent, nearly double the Basel II Pillar I minimum requirement.

In 2019, Techcombank added 1.1 million net new customers to bring the total customers served by the bank to 7.3 million. Customers using e-banking services increased from 56 percent to 76 percent year on year. Transaction volume and value through Techcombank’s mobile channels increased to 172 million, up 217 percent compared with the same period last year and 2.58 trillion VND (up 244 percent year on year), respectively, thanks to the ongoing convenience and preference for the bank’s digital solutions./.