Hanoi (VNA) – The Vietnam Technological andCommercial Joint Stock Bank (Techcombank) will raise its charter capital by 5trillion VND (220 million USD) to nearly 14 trillion VND (616 million USD) thisyear through selling shares.
The decision was made at the shareholders’annual meeting on April 15.
Ho Hung Anh, Chairman of Techcombank’s board ofdirectors, said the charter capital needs to be increased to help the bank improveits financial strength, size and competitiveness.
In 2017, Techcombank aims to hit consolidatedpre-tax profit of 5.02 trillion VND (220.88 million USD) and total asset valueof 279.017 trillion VND (12.27 billion USD), up 26 percent and 19 percent froma year earlier respectively.
It also wants 31-percent growth in mobilisedcapital to 227.133 trillion VND (9.99 billion USD) and another 16-percent risein outstanding loans to 181.067 trillion VND (7.96 billion USD) by the end ofthis year.
The bank also hopes to keep the rate of bad debtat less than two percent.
In 2016, it posted pre-tax profits of 3.997trillion VND (175.86 million USD), soaring by 96.2 percent from the previousyear and 13 percent from targets.
Techcombank mobilised 173.449 trillion VND (7.63billion USD) and recorded outstanding credit of 159.01 trillion VND (6.99billion USD) by the end of last year, up 21.9 percent and 24.8 percent year onyear.
The bad debt rate was cut to 1.57 percent from1.67 percent in 2015.-VNA
VNA