Techcombank makes in top 3 most profitable private enterprises 2019
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is one of the most profitable private companies in the whole country.
According to a list compiled by Vietnam Report of Profit500, the bank comes in third place, behind Vingroup and Vinamilk.
Techcombank is also the only new enterprise in Viet Nam’s Top 9 in 2019 (including state-owned and FDI companies), together with big names like PetroVietnam, Samsung, Viettel and Honda.
The list, released in September, is based on objective and independent evaluation and weighted scoring, with evaluation criteria of profitability (ROA, ROE, ROR), profit before tax, and revenue.
Profit500 aims to honour companies that can become important drivers for Viet Nam’s economic growth, and to introduce Vietnamese brands to the local and international business community.
Techcombank is recognised as top bank in terms of operational efficiency with 15 consecutive quarters of continuous growth. In the first half of 2019, the bank’s profit before tax hit VND5.7 trillion (US$244.6 million) and VND9.1 trillion in total operating income (TOI) – a record high in terms of semi-annual performance of the bank and ranking second in the banking sector.
NPL ratio as at end of second quarter was as low as 1.8 per cent. Its capital adequacy ratio (CAR) ratio of 15.6 per cent at the end of June, nearly double the regulatory requirement of 8 per cent according to Basel II principles.