Techcombank profits sharply up

By Dat Nguyen   January 28, 2021 | 03:30 pm GMT+7
Techcombank profits sharply up
Inside a Techcombank branch. Photo courtesy of Techcombank.
Vietnam’s largest private lender, Techcombank, reported a 23 percent rise in pre-tax profit last year to VND15.8 trillion ($683.62 million).

It remained the third most profitable bank in the country behind state-owned Vietcombank and VietinBank.

Its revenues rose 28 percent to VND27 trillion, nearly 70 percent of its interest income. The rest mostly comprised income from fees and securities investment.

Provisions were up 2.8 times to over VND2.6 trillion as businesses, hit hard by the Covid-19 pandemic, struggled to repay loans.

Credit grew at a whopping 23 percent against the country’s average of 10.14 percent.

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