Techcombank posted US$352 million pre-tax profit
Techcombank posted US$352 million pre-tax profit
Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) reported a pre-tax profit of more than VND8 trillion (US$352 million) in 2017.
Techcombank took the fifth position in terms of highest profit in the banking sector.
This has been the third consecutive year in which Techcombank’s pre-tax profit doubled that of the previous year in the 2015-17 period. Each employee at the bank created VND1 billion of profit last year.
The bank on Tuesday announced that it totally resolved its bad debts sold to Viet Nam Asset Management Company (VAMC) in 2013. Its return on equity (ROE) in 2017 surged by 30.7 per cent from the previous year, while return on asset (ROA) also continued to increase by 2.69 per cent.
The capital adequacy ratio (CAR) last year was at 12.68 per cent, which was much higher than the stipulated 9 per cent level of the central bank.
The bank’s total outstanding loans by the end of last year were VND181 trillion, posting a 15.9 per cent year-on-year increase.
Ngo Hoang Ha, deputy director of the Techcombank’s financial department, said with the results, the market has recognised the bank with the highest profitability index.
“The indices have not only been high in comparison with the avarage level of Vietnamese banking system, but also with other regional countries’ level," Ha said.
Le Thi Bich Phuong, director of the bank’s retail department, said 2017 was a successful year for Techcombank. The bank disbursed some VND26 trillion in the primary real estate market, accounting for 20 per cent of the total market.
She said Techcombank is focused on a customer-centred strategy. The bank officials also said they would collect opinions from shareholders for listing on the stock exchange in 2018.
Last year, it was voted by The Asian Banker as the top two banks in Viet Nam with long-term profitability. It was also ranked by Standard & Poor as one of the leading private banks in Viet Nam.
Techcombank has striven to become one of the leading banks in Viet Nam in 2020.
