Techcombank profits soar nearly 60 pct

By Quynh Trang October 21, 2021 | 07:01 pm PT

Inside a Techcombank branch. Photo courtesy of Techcombank

Vietnam’s top private lender, Techcombank, reported a 59.6 percent rise in pre-tax profits for the first nine months of 2021 to VND17.1 trillion ($737.1 million).

Loans outstanding were up nearly 16 percent for the year at VND321 trillion.

The bank's bad debt ratio was 0.57 percent, higher than at the beginning of the year but still much lower than the average industry rate.

Its current account and saving account (CASA) ratio grew by 49 percent, among the highest in the industry, thanks to a six-fold rise in margin deposit.

Provisions for bad debts were down 9 percent.

In the third quarter alone, pre-tax profit climbed by 40 percent year-on-year to VND5.56 trillion, mostly from interest income, service fees and securities investment.