Techcombank posts double digit growth in profits

By Quynh Trang   January 22, 2020 | 06:41 am PT
Techcombank posts double digit growth in profits
A woman walking by a Techcombank office in Hanoi. Photo by AFP.
Techcombank has reported a 20 percent year-on-year surge in 2019 consolidated pretax profits to more than VND12.8 trillion ($552.8 million).

The nation’s largest private lender by assets said in its latest financial report that the profit increased as credit risk provision halved to VND917 billion ($39.6 million) last year.

While the bank’s credit activities continued to develop, its takings from other services remained the same as in 2018 at approximately VND3.25 trillion ($140.5 million).

The bank saw a 15 percent increase in total revenues to around VND21 trillion ($909.9 million). By the end of 2019, Techcombank’s total assets were worth VND383.7 trillion ($16.5 billion), up 20 percent year-on-year.

The bank's bad debt ratio decreased from 1.75 percent at the beginning of the year to 1.3 percent. 

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