Techcombank profits soar
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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.
Questions & Answers
Q.What was Techcombank's total pre-tax profit for the first nine months of 2021?
What was Techcombank's total pre-tax profit for the first nine months of 2021?
The bank reported a pre-tax profit of VND17.1 trillion ($737.1 million) for the first nine months of 2021. This figure represents a significant 59.6 percent increase compared to the previous period.
Q.How did Techcombank's bad debt ratio compare to the industry average?
How did Techcombank's bad debt ratio compare to the industry average?
Techcombank's bad debt ratio stood at 0.57 percent. Although this was higher than at the start of the year, it remained considerably lower than the average rate across the banking industry.
Q.What was the main reason for the growth in Techcombank's CASA ratio?
What was the main reason for the growth in Techcombank's CASA ratio?
The bank's current account and saving account (CASA) ratio grew by 49 percent, reaching one of the highest levels in the industry. This notable increase was primarily driven by a six-fold rise in margin deposit.
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