Techcombank’s 3Q2014 profit gallops
Techcombank’s 3Q2014 profit gallops
Techcombank just reported its rapid profit growth in the last three quarters, with pre-tax accumulated profit soared 55.1 per cent on year to VND 1,163 billion ($54.9 million), accounting for 98.5 per cent of the targeted profit in 2014.
The bank ascribed its “stable profit growth” in the third quarter of 2014 to continued focus on customers services, developing highly competitive products to fulfill the increasing needs of customers, especially for personal and household segmentations, and initiatives to improve efficiencies and cost control management.
Techcombank’s total assets stood at VND170 trillion ($8 billion), up 7.5 per cent from the end of 2013. Its NPL ratio reduced to 2.96 per cent against the end of last year, while customers’ deposits amounted to VND121,733 billion ($5.74 billion), and lending reached VND71,489 billion ($3.37 billion). Its net fee and commission income to total operating income ratio increased to 17 per cent as of Q3/2014 compared to 12 per cent one year earlier.
The lender said besides enhancing partnerships with existing corporate customers to maximize business opportunities, benefiting its customers, it also paid much attention to customers’ needs, providing innovative products that are highly competitive, simple, flexible, and suitable with personal and household segmentations, helping the bank to increase the outstanding balance in these segments to 11 per cent against the end of 2013.
Techcombank reported that it had took significant steps to de-risk its balance sheet with prudent provisioning policies with robust underwriting criteria, resulting in improved asset quality. The bank’s Capital Adequacy Ratio (CAR) in September 2014 was 14.98 per cent, well in excess of the central bank’s regulatory requirement of 9 per cent.
Techcombank said it would continue to focus on robust and sustainable development through efficiency improvement, innovate and roll out outstanding products and services designed to maximise convenience and financial benefits for its customers.
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