Techcombank profits sharply up
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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.
Questions & Answers
Q.How did Techcombank's profitability compare to other banks in Vietnam last year?
How did Techcombank's profitability compare to other banks in Vietnam last year?
Techcombank reported a pre-tax profit of VND15.8 trillion, making it the third most profitable bank in Vietnam. It was behind only the state-owned Vietcombank and VietinBank.
Q.What were the main sources of Techcombank's revenue last year?
What were the main sources of Techcombank's revenue last year?
The bank's revenues increased by 28 percent to VND27 trillion. Nearly 70 percent of this revenue came from interest income, with the remainder mostly from fees and securities investment.
Q.Did Techcombank increase its provisions last year, and if so, why?
Did Techcombank increase its provisions last year, and if so, why?
Yes, Techcombank's provisions were up 2.8 times to over VND2.6 trillion. This increase was due to businesses struggling to repay loans after being severely affected by the Covid-19 pandemic.